Should We Converting Your Phone Into a Payment Terminal?
TLDRIn this screencast, Edd's Matthew McDonald introduces a new project aimed at converting smartphones into payment terminals. The tool, still in prototype, is designed to streamline and secure the payment process, eliminating the need for traditional, often costly and cumbersome payment terminals. McDonald demonstrates a simple interface with a focus on ease of use, allowing users to input payment amounts via sliders or a keyboard. The system generates a unique QR code for each transaction, which can be scanned by the customer's phone to complete the payment instantly. The solution supports multiple currencies and aims to facilitate merchant transactions without requiring customers to install additional apps. The video concludes with a successful test payment using Stripe, emphasizing the convenience and potential of this innovative payment method.
Takeaways
- 📱 The project aims to convert a smartphone into a payment terminal, eliminating the need for traditional, clunky, and expensive payment devices.
- 🕒 The speaker is currently working on the project and testing it in real-time, emphasizing the secure and streamlined nature of the tool.
- 🍴 The tool is particularly useful in scenarios like restaurants where customers can pay without leaving their seats, enhancing convenience.
- 💳 The speaker mentions that most people have cars (a metaphor for smartphones), and the tool will support multiple currencies for payments.
- 🚫 There's no need for customers to install an app to make or receive payments, which simplifies the process.
- 💡 The tool is designed to be a merchant transaction solution, reducing the costs associated with traditional payment terminal contracts and setups.
- 📊 The interface includes a simple amount input with a slider for quick entry, which could be particularly useful for transactions under $100.
- 🔗 A unique QR code is generated for each payment, which can be scanned by the customer's phone to complete the transaction.
- 🔒 The payment process is secure and uses the customer's existing payment preferences, such as credit card information, for a seamless experience.
- 📈 The tool aims to facilitate real-time payments and make it as easy as possible for customers to pay, which can improve business efficiency.
- 🌐 An internet connection and a browser are all that's needed to process payments with the phone-turned-terminal, showcasing the technology's potential.
Q & A
What is the main purpose of the tool being developed by Matthew McDonald?
-The main purpose of the tool is to convert a smartphone into a payment terminal, allowing for secure, streamlined, and fast payment processing without the need for additional hardware.
What is the advantage of using a smartphone as a payment terminal over traditional payment terminals?
-The advantage is that smartphones are already widely used and carry a lot of technology, eliminating the need for extra hardware. They are also more portable and easier to carry around compared to traditional payment terminals.
How does the payment process work using the proposed tool?
-The user enters the payment amount on their phone, which generates a unique QR code. The customer then scans this QR code with their phone, which takes them to a payment processing platform like Stripe, where they can complete the payment using their stored payment preferences.
What is the significance of the customer not needing to install an app for transactions?
-This simplifies the process for the customer, as they can make payments directly through their browser by scanning a QR code, without the need to install and manage additional apps on their device.
Why is Matthew considering a slider interface for entering payment amounts?
-The slider interface is being considered for convenience, especially for amounts under $100, allowing for quick input without having to use an on-screen keyboard.
What is the benefit of having a payment solution that doesn't require a physical bank setup or contract?
-This eliminates the recurring costs associated with traditional payment terminals, which can range from $100 to $200 per month, and also removes the need for clunky hardware that may be inconvenient to carry around.
How does the tool support multiple currencies?
-The tool is designed to be multi-currency supported, allowing users to process payments in different currencies by simply entering the amount in their local currency.
What is the potential impact of this tool on small businesses or individuals selling goods?
-The tool can make it easier for small businesses and individuals to receive payments by removing barriers and making the payment process more convenient and accessible.
How does the tool aim to improve the payment experience for both the seller and the buyer?
-The tool aims to simplify the payment process, making it faster and more convenient for both parties. For sellers, it provides a ready-to-use payment terminal in their smartphone. For buyers, it allows for quick payment through a scanned QR code without the need for additional apps.
What is the current status of the tool according to the video script?
-As of the time of the recording, the backend of the tool is complete, and the frontend is coming together. It is still a prototype, but the developer is actively working on it and plans to launch it in the future.
What is the potential benefit of this tool for sales representatives who are out in the field?
-Sales representatives can use the tool to receive payments on the go directly from their smartphones, which can streamline their sales process and make it easier to close deals without having to return to a physical location to process payments.
Outlines
🚀 Introduction to the New Payment Tool Project
Matthew McDonald, from Edd's, introduces a screencast update about a new payment tool he's developing. He's working on it in real-time and plans for a future launch. The backend is secure and efficient, and the frontend is in progress. He appreciates the feedback received and clarifies that the tool is aimed at facilitating merchant transactions without the need for customers to install an app. The concept is inspired by the convenience of paying at a restaurant table without having to go to a counter, and the goal is to convert a smartphone into a payment terminal, eliminating the need for additional hardware and reducing costs associated with traditional payment terminals.
💡 Demonstrating the Mobile Payment Terminal Interface
Matthew demonstrates the user interface for entering payment amounts on the phone, which includes sliders for quick input under $100 to avoid using the keyboard. He discusses the convenience of the system for sales reps in the field and the creation of a unique QR code for each payment. The demonstration includes scanning the QR code with a phone, which takes the user to Stripe to complete the payment using stored payment preferences. The process is seamless, with the seller receiving a real-time notification of the payment on their phone, and the customer seeing a success screen on their end. The tool aims to simplify and streamline the payment process for both merchants and customers.
📅 Upcoming Updates and Goodbyes
Matthew wraps up the video with a note about having a busy schedule but still finding time to share this update. He doesn't have any specific plans for the night but hints at possibly releasing something for his audience. He thanks viewers for joining and encourages them to stay tuned for future updates, promising to connect soon with more information.
Mindmap
Keywords
💡Payment Terminal
💡Mobile Payment
💡QR Code
💡Stripe
💡Prototype
💡Merchant Transaction Solution
💡Multi-currency Support
💡Real-time Payment
💡Customer Experience
💡Secure
💡Feedback
Highlights
Matthew McDonald is developing a tool that converts a smartphone into a payment terminal.
The tool aims to streamline and secure the payment process without the need for additional hardware.
A unique payment QR code is generated for each transaction, simplifying the payment process for customers.
The system supports multiple currencies and is designed to be user-friendly for quick input of transaction amounts.
The payment terminal prototype allows for easy sliding input for amounts under $100.
The tool eliminates the need for a separate payment terminal, reducing costs and inconvenience.
Using the smartphone as a payment terminal can save businesses $100 to $200 per month in bank fees.
The payment process is fast and real-time, with instant confirmation on the seller's phone.
Customers do not need to install an app to make payments, simplifying the process further.
The tool is designed to be ready to receive payments at any time without the need for charging or carrying extra devices.
A test payment is demonstrated, showing the ease of use and the immediate confirmation of payment.
The tool is designed to minimize barriers between the customer and the payment process.
Matthew McDonald appreciates the feedback received and is working on incorporating it into the tool.
The tool is still a work in progress, but a test run demonstrates its potential effectiveness.
The video update provides a sneak peek into the functionality and user interface of the payment terminal tool.
The tool is expected to be launched soon, with more updates to come.
Matthew McDonald emphasizes the importance of making the payment process as easy as possible for customers.
The payment terminal tool is a response to the need for a more convenient and cost-effective payment solution for businesses.