Barclays Pingit offers entrepreneurs unlimited mobile payments
Free app allows businesses to make and receive mobile transactions
Entrepreneurs bogged down with chasing late payments have a new champion in Barclays Pingit – a convenient alternative to cash, cards, cheques and online transfers.
The free mobile phone app from the high street bank allows entrepreneurs to make and receive payments via a mobile phone number – reducing the transaction time from days to hours, or even minutes.
When the product launched in February transactions were capped at £5,000 a day; however, due to customer demand this cap has now been lifted, to allow unlimited payments by business users.
The technology has already attracted over 5,700 entrepreneurs, including Startups reader Gareth Waters, founder of Brand Cymru. He commented on our Facebook page:
“For my business, there’s three apps that I wouldn’t be without: Twitter, Instagram and Barclays Pingit.”
According to a 2010 survey by Barclays, business owners spend an average of two working weeks a year chasing late payments and are forced to write off £2,500 every 12 months.
Sue Hayes, managing director of business banking at Barclays, hopes Pingit can help relieve this, explaining that the app’s swift payment system “means business owners can get on with their day-to-day activities, instead of worrying about whether they’ve been paid on time.
“It’s clear that this is the future of payments.”