Local Entrepreneurs develop social payment network - NBC12 - WWBT - Richmond, VA News On Your Side

Local Entrepreneurs develop social payment network


A group of Henrico entrepreneurs hopes to change the way you pay by turning your cash digital. They've started a business called PaidThx!

The idea primarily hinges on the use of a smart phone to pay money. The app designers say they envision it as a great tool for church-goers to make donations or for friends to pay each other back without quick access to cash.

"We've digitized your cash and checkbook," said Thomas Eide, CEO and President of PaidThx!. "It's right on your mobile phone now."

You can open the product on your phone, or a computer, and it will show a list of your contacts from your phone and social media.

"I can select how much I want to send," said Ryan Ricigliano, VP of User Experience, showing us how he navigates the application. "So I can either type in the amount I want to send to him or I can use quick send amounts."

The application allows you to select "quick" buttons in the amount of $1, $5, $10, or $20. Or, you can enter your own specific dollar amount. Below that, the user can put a short note about what the money is being sent for.

There will also be a "do good" tab so you can donate to nonprofits or a friend raising money for a cause.

"So I click send money and then you're at our confirmation screen," said Ricigliano. "Our confirmation screen here is unique, we call it a PINSwipe."

The security feature shows a series of dots. The user swipes across a combination of them to confirm the money that needs to be sent.

Leaders with the company say you won't have to worry about your banking information being taken from your phone, or stolen because someone gets too close.

"Everything is out on servers," said Eide. "The same servers that your online bill pay, your online banking is. So it's the same security as your online banking."

The application will keep a stream of your spending for reference and the designers say you can send money to anyone. The recipient does not have to have the same bank or be signed dup with PaidThx! for the money to send.

Plus, the application is free.

"We think you shouldn't have to pay fees, exorbitant fees to use something like this," said Chief Operation Officer, Rob Kirchner. "It should be free and simple."

The PaidThx! team plans to launch this product in the Richmond area first, but anyone can try the product once it launches. To sign up to be one of the first, log on here.

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