StraightPay, a payment and reward application announced its initial product launch to select customers in February 2014, with a complete roll out to the public by the end of March, 2014. The company was founded by 4 business owners in 2013 and received significant financial backing from a private Brooklyn investment group, enabling the company to launch an innovative platform for customers to pay for products and services. The StraightPay app is simple. A business establishes a StraightPay account, customers download the app and link it to their debit or credit card using Virtual Debit technology. The customer makes a purchase with their smartphone using the app and receives 10 percent cash back rewards, encouraging them to return to the business for future purchases. The business also uses StraightPay platform to send deals and promotions directly to their customers’ smartphones.
StraightPay is also 100 percent secure. StraightPay secures sensitive customer card data to a secure vault, where it is encrypted and tokenized. The token – not the sensitive card data – is the only thing placed and stored. And customer’s credit card numbers are never seen or stored by the merchant, so a credit card breach such as the one that recently occurred at a major retailer would never be possible.
StraightPay was co-founded by James Fucetola, Paul Fucetola, Joseph Cerreto, and John Apicella. “As business owners, we were determined to find a way to limit credit card fees and Pay It Forward to our customers. With the StraightPay app, we’re transferring the fees we previously paid to the credit card companies back to our customers through 10 percent cash back rewards. It’s a win-win for everyone involved.”
Paying it Forward: A portion of every purchase made through the StraightPay app goes to The Jason Kidd Foundation, dedicated to improving youth education by helping to provide technology programs as well as tutoring and mentoring services. “I am excited to have The Jason Kidd Foundation chosen as a beneficiary of the StraightPay Paying it Forward program.” Kidd says. “We depend on fundraising to keep our programs running and the StraightPay partnership offers us a new avenue to continue to help children succeed.”