App Design Challenge Submission

Transcription

1 App Design Challenge Submission 1. Name of the app 2. A description of the concept or idea for the app Founded on the motivation of positive disruption, Tantrum Street exists to develop products and solutions that alleviate challenges in our lives caused by commonly assumed boundaries. Beginning with the one thing nearly every person does on a daily basis conduct a transaction Tantrum Street is focused on leveraging new technology to revolutionize the relationship between merchants and consumers. Cartwheel Register, the app announcing our entrance into the mobile transaction space, creates a new intersection where the security and convenience of a mobile lifestyle meets the reality of everyday purchases thus challenging a boundary which previously defined the online transaction against the brick-and-mortar merchant. Cartwheel Register is a free smartphone app for merchants that lets them set up a store and accept payments securely without any additional hardware. Not even a swiper. Furthermore, Cartwheel Register accesses and distills big data into a simple tool that will help merchants sustainably grow their businesses with unprecedented marketing and loyalty capabilities. We've also integrated a more secure way for consumers to pay merchants using Cartwheel Register, through Skip Wallet - our cloud-based mobile wallet. Skip Wallet will let consumers pay without sacrificing any financial information and will conveniently store receipts in the cloud, to be searched or retrieved at any point in the future. Skip Wallet takes the best facets of payment systems used around the world, from maintaining reward points attached to credit cards, to higher security via tokenization and PIN-based transactions. Skip Wallet provides unmatched freedom for consumers to go about their day in transactional harmony. Best of all, while smartphones are indeed incredible, a phone is not required to pay with Skip Wallet. Simple. Secure. Cartwheel Register and Skip Wallet are the mobile wallet ecosystem everyone has been waiting for. 1

2 3. How is the app innovative and how does it contribute something new to the marketplace? Innovations and Contributions for the Merchant Increase profits Cartwheel Register expands merchants customer base by easily and immediately accepting credit cards and our mobile wallet, Skip Wallet. Moreover, merchants pay only 2.6% per scan or Skip with Cartwheel Register. Merchants can now get rid of the unnecessary and expensive equipment, take advantage of our sales and consumer analytics, and leverage our technology so they can truly register growth. Proprietary, smartphone camera technology Payments are sleek and hassle free with our unique scanning technology. Replace swiping with a more secure way to pay by scanning credit cards with a smartphone s camera. No card data is stored on the device and, best of all, no dongle is necessary! Additionally, Cartwheel Register lets the merchant use their smartphone camera to scan bar codes, which makes populating and categorizing item management simple, and speeds customer checkout for larger volume retailers. Benefit from unparalleled convenience and scalability Whether a merchant sells 10 or 100,000 items, Cartwheel Register can meet whatever their needs may be. Create custom categories, scan items, or manually enter items with ease. If a merchant sells the same item as other local merchants, our Product Database will display the range of prices, which enables merchants to make better informed decisions about their own pricing strategy for example, the low-cost leader. Plus, there is an option to add a custom description and photo for each item, which is shown on the customer s receipt. The merchant and their employees can even roam the sales floor with their iphone or ipad and checkout customers from anywhere. Cartwheel Register is so intuitive to use employees won t need training and everyone will love the new payment process when long lines and wait times are eliminated. Sales and consumer analytics Keep track of every customer transaction and instantly view sales history with Cartwheel Register. Our technology allows merchants to quickly review, search, and sort their sales history and retrieve particular transactions. Our analytics help merchants learn which items customers buy most frequently, when they buy them, and even how far they travel to shop at the store. Previously unavailable to all but the most sophisticated merchant, now all Main Street merchants are able to use this valuable information to truly get to know their customers and gain the upper hand on the competition. Fully secure and compliant Cartwheel Register is PCI DSS 2.0 Level 1 compliant 1 and our world-class, cloudbased security provides safety every step of the way. Our live monitoring programs analyze every transaction even comparing these across the global set of transactions occurring at any given point and can stop fraud before it even takes place. We take security a step further by continuing to track the entire transaction process to detect any suspicious behavior from card scan to safe deposit in the merchant s bank account. Cartwheel Register provides the highest standards of security because protecting merchants is our top priority. 1 PCI Report of Compliance in process, expected completion September

3 Additional Cartwheel Register features: Transaction rates can be reduced to as low as 1% via our tiered pricing structure, thus helping merchants reduce their average transaction costs, and beat those charged by our competitors, by 300%. There is huge potential and scalability for all of our technology features, as they can be taken individually and turned into an a la carte Software Development Kit, which can then be embedded in to any mobile app. Our persistence to focus and deploy software, not hardware, allows for universal compatibility on all major smartphones and tablets. Further, software updates can be pushed out immediately to our entire user base something impossible for hardware-based solutions. Platformized server architecture allows third party integrations to enhance future growth opportunities. Web browser-based reporting for both Tantrum Street and individual merchants displays metrics, history, and location-based visualizations to view activity within the store and across our whole ecosystem. Innovations and Contributions for the Consumer Cartwheel Register is the onramp to adoption and awareness of a full mobile transaction ecosystem that will be spearheaded by our upcoming consumer app, Skip Wallet. With integration into both Cartwheel Register and existing, enterprise point-of-sale systems (like at a multiple-location or national restaurant), a Skip Wallet user will have the ability to: Use the same mobile wallet to pay local merchants as well as national enterprises. Pay at restaurants, bars, gas stations, and stores without providing any credit card information. Avoid waiting for checks at restaurants or in queues at stores. Split bills with contacts or social networks based on line-item details, even days after the meal. Pay with a username and PIN and leave their wallet and phone at home. 4. Cartwheel Register promotes financial capability and/or financial access Benefits for merchants using Cartwheel Register: Cartwheel Register fixes an age-old issue with credit cards. Typically, the process for an individual proprietor to negotiate a credit card merchant services agreement is time-consuming, convoluted, and largely opaque to the merchant. The actual or effective rates for accepting credit cards as a form of payment tends to be nearly 4% of revenues and above, which even depends on outside factors such as the mix or types of cards that consumers use in any given month. However, most merchants think they are paying a discount rate of % of sales. This creates major budgeting surprises and forecasting headaches not to mention, robs merchants of revenue they fought hard to win. Analytical reporting on customer demand can help merchants sales and marketing efforts. Merchants will now have greater insight into their consumers buying habits and will be able to manage their business more effectively. Local merchants will know how much is going to be deposited in their bank accounts the next day, and can dissect and understand sales data in ways typically reserved for major retailers. We provide a promoted offers process for merchants to send highly targeted deals to existing and new customers to drive additional business into the merchant s store. Cartwheel Register can be set up instantaneously, and it is free, thus allowing the merchant to start taking transactions immediately without having to buy an expensive POS system, waste precious time negotiating credit card contracts, or trying to identify the proper demographic channel to advertise their business. 3

4 Various parties involved in today s transactions know certain pieces of information the credit card companies know total transaction amount, location of transaction, date and time, while the merchant gains access to line-item detail but doesn t know where a customer goes next. Until Cartwheel Register, neither party had the complete picture or understanding about a consumer s wants and needs determined by their purchasing behavior. Benefits for customers shopping at Cartwheel Merchants: Customers can continue using credit cards the way they always have but we introduce them to the future. Customers using Skip Wallet will be capable of purchasing products at any merchant using Cartwheel Register by simply typing a username and five-digit PIN, which provides multiple layers of security and freedom. Card stripe damaged from wear-and-tear? Phone out of batteries? Merchant swiper malfunctions? None of these common frustrations matter anymore. In addition to being able to pay with your Skip Wallet account you can also access your receipts at any time, stored securely on our cloud servers and saving some of the 9.6 million trees and 250 million gallons of oil required each year solely to produce receipt paper. There are even links to serious health conditions caused from the BPA found in thermal receipt paper. Never hand your credit card to a merchant again! According to Visa, nearly 50% of credit card theft occurs at hospitality locations such as restaurants and bars. Our cloud-based mobile transactions let you pay without sacrificing any financial information, and credit card identity theft becomes a thing of the past. Cartwheel Register and Skip Wallet improve transactional behavior and increase access to high quality financial products and services: Cartwheel Register and Skip Wallet create an ecosystem in which line-item transactional detail is available to both parties and this unlocks tremendous value to monitor budgets, control spending, and provide ancillary products or services based on transaction history. Skip Wallet s features enable a Mint.com style of personal financial management, with the added fidelity of knowing exactly what, when, and where a specific item was purchased. This could conceivably be tied directly to price watch engines or budgeting software, including the use of geolocations to control spending. Want to provide your college child a grocery allowance, but not to buy beer? It s all built-in to Skip Wallet. Tantrum Street s server architecture and operational banking partners allow for the use of stored value cards, which families could utilize to promote wise spending habits to their children. For example, many parents of college students fail to adequately prepare their children for the dangers of credit card debt but with Skip Wallet, families could control and monitor spending while eliminating the dangers of over-spending. Beyond Small Businesses Cartwheel Register s Fund Raising Benefits: Universities, political campaigns, and charities will be able to create a customized version of the Cartwheel Register app for distribution on the app stores. This app becomes customized with the appropriate logo, look, feel and messaging to maximize their donation efforts and turns every person holding a smartphone (100 million in the United States, and 1 billion worldwide) into a donation portal. Anyone can simply download this customized app for free from the app stores instantaneously, and donate, right then and there. The scalability, ease, and freedom are unsurpassed and will accelerate all fund-raising efforts. 4

5 5. Feasibility of creating the app Tantrum Street has nearly completed development of Cartwheel Register and currently is testing an initial Alpha version. As noted above in part 3, there are proprietary pieces of software that Tantrum Street s development team is building, notably the proprietary optical character recognition (OCR) technology and consumer data analytics to build merchants businesses with unprecedented fidelity. While these technologies are groundbreaking, we have made tremendous progress and anticipate no reasons that will delay technological development. Cartwheel Register s Technology Feasibility 5

6 6. Potential for sustainability for the app 1 billion smartphone users globally, 104 million within the United States (comscore, February 2012) 95% of smartphone users in 30 countries have made a mobile purchase (American Express, December 2011) mobile payments posed to grow from $240 billion to $670 billion worldwide by 2015 (Jupiter Research, July 2011) The world is increasingly moving towards a mobile ecosystem, and the change is inevitable. The demand is here and it is most certainly growing. Cartwheel Register and Skip Wallet s cloud-based backend is carefully designed to harness this growing trend in mobile usage, and scale infinitely. Moreover, it encourages merchant adoption by offering a more fluid, more efficient business environment. When evaluating the potential for Cartwheel Register to attract users, arguably it can be seen as users demanding a product with such functionality. Moreover, as Cartwheel Register facilitates profitable merchant growth though cost-cutting innovation, it grows organically. Importantly, Cartwheel Register does not solely rely on the demand of users. This application has been built to help facilitate adoption, usability, and sustainability. User adoption, on both the merchant side with Cartwheel Register and on the consumer side with Skip Wallet, is accelerated through the applications availability on the app stores for free. Larger competitors are seeing transaction volume of more than $5 billion per year but that is only 0.5% of the market. There is plenty of room for our innovative solution, and we ve been paying close attention to our end users needs. Untapped potential and scalability for all of our technology features, which can be separated individually and turned into an a la carte Software Development Kit, and embedded in to any mobile app. Our persistence to be software, not hardware, based accelerates user adoption and allows for universal compatibility on all major smartphones and tablets. Platformized server architecture allows third party integrations to enhance future growth opportunities. 6