Payleven

Payleven: Pocket Chip&Pin

Payleven

Cash may well be king as far as investment goes but it’s becoming a downright nuisance in day to day life. Ever handed someone a wad of coins, hard legal tender, yet had to apologise for all the “shrapnel”. Ever struggled to make change? Not wanted to split a 20? Or wandered the streets searching for an ATM? Cash is ubiquitous yet clearly a crazy anachronism in much of modern life.

Payleven hope to change much of that, having developed the first internationally available mobile Chip & PIN solution that enables anyone to take card payments with their Smartphone or tablet. Whilst clearly targeted at more small businesses than the general populace to start with, it’s a step on the road to cashless transactions.

“Not accepting card payments can cause huge problems for UK small businesses in terms of lost sales and unpaid invoices. No matter whether you’re a merchant with a corner shop, a market stall holder or an electrician at a customer’s house. Payleven is the smart way to get paid- it’s mobile, convenient, secure and low-cost with no monthly fees or contracts.”

Ian Marsh, Payleven UK CEO & co-founder

Payleven works via a small bluetooth Chip&Pin device. The interface is chunky and feels like an overweight calculator. But it’s not overly heavy and feels like it could easily be stored in the front of a traders apron at a market. It’s certainly smaller than the giant things they wheel out at restaurants and comes with reassuringly solid rubber keys. It won’t make or break the device, but it puts me at ease popping my card into a device that feels robust. You change the device via micro USB and it hooks up to any Bluetooth tablet or smartphone with the minimum of fuss. There’s a card slot at the bottom for taking payments. The card reader is associated with your merchant account for security reasons so you can’t change them round on the fly – probably very useful for fraud.

Taking payments is quick and easy – it’s just like traditional Chip&Pin except between individuals. This gives Payleven the edge over American rivals Square as the system complies with Visa’s stringent Chip&Pin regulations – a big deal as according to Payleven Visa transactions represent about 80% of all UK debit and credit card transactions. You track payments via the app, which links back to your online account. Payleven is EMV(Europay, Mastercard and VISA) Level 2 approved and compliant with the Payment Card Industry Data Security Standard’s (PCI-DSS) highest 3.1 level certification. In addition no sensitive data is stored on either on the Chip&PIN device or smartphone/ tablet, and all data traffic is fully encrypted.

Payleven charges purely on a pay-as-you-go basis with no monthly fees, instead charging users a flat 2.75% fee. Depending on your business model this could work out cheaper than working with Square, who charge a substantial monthly fee. The barriers to entry with Square in a way much lower – the Square reader is sent to you free and is a more lightweight device that works directly with your phone/tablet. Payleven’s card reader carries an £89 price of admission. But the lack of monthly fees, added compatibility via Chip&Pin and widespread availability in the UK make it a winning proposition in Europe at least.

For more info check out Payleven