Fintech startup lopay challenges 'big three'

In the final days of 2021, fintech startup lopay boldly entered the payments scene with a message from its CEO, Richard Carter, to industry leading SumUp, Zettle and Square. 'We knew the time was right to break the stranglehold the big three had over this sector," Carter said in a Dec. 23, 2021, statement. "And that's what we're doing. The ethos behind lopay is simple: everyone should have more control over the money they earn and access the rates they deserve."

Carter claimed the instant app, just launched in the United Kingdom, will shake up the industry with "ground-breaking transaction rates," while giving participating merchants more control over the money they earn and freedom to choose when and how they get paid. A sliding rate scale offers a 0.79 percent weekly rate; 0.99 percent next-day rate and 1.79 percent instant rate, rewarding those willing to wait, he stated.

Wake-up call

Carter further noted small and midsize business owners had little say over current transaction rates structures until lopay developers came up with a new, democratized alternative to an outdated payment system. Finally, merchants will have more flexibility and choice in their payment terms, which are more than 50 percent lower than rates offered by companies like SumUp and Zettle and can be adjusted at any time, he stated.

Carter pointed out that lopay's game-changing control over payment processing extends beyond the company's low, adjustable rates and includes clear reports, tipping functionality, automatic email receipts and the ability to give refunds. "There are no monthly fees or long-term commitments either," he said. "lopay works through enhanced QR technology—the customer simply scans the code presented by the merchant and pays via either Apple or Google Pay—or via a free lopay card reader."

BYOD

Carter emphasized that the lopay digital payment app is designed to let independent and small businesses accept payments via their own iOS and Android mobile devices; they are not required to use proprietary POS equipment or the free card reader peripheral for accepting Chip and PIN payments. Participating lopay merchants can receive instant funding seven days a week, and there are no spending limits or minimums, which makes this an ideal solution for micro merchants, startups and seasonal business owners, he added.

Carter went on to say that lopay works with many types of businesses, from individual contractors to clubs, charities, and enterprises. A list of restricted merchant category codes is available on the company's website. If you want to take payments anywhere, anytime, lopay is here for you; you can create QR codes for your customers to scan and pay in seconds or simply send an instant payment link over text, email, or social media, he said.

Speaking to lopay's mission, Carter said the company is all about making sure merchants get as much back as you can, and lopay's built-in loyalty app will do the same for their customers with an app that is easy to use and rewards that are easy to redeem. Additional information is available at www.lopay.com.

The Green Sheet Inc. is now a proud affiliate of Bankcard Life, a premier community that provides industry-leading training and resources for payment professionals. Click here for more information.

Notice to readers: These are archived articles. Contact names or information may be out of date. We regret any inconvenience.