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September 28, 2006

Dialing for toppings

By Jeff Lavery

Cyphermint creates mCommerce solution for pizza purveyors

Creating a pizza out of thin air may not be possible, but paying for one now is. Thanks to new software from Marlboro-based Cyphermint, the mobile phone has incorporated yet another ingenious feature: paying for a slice of pie.

On September 18, Chris’ Pizza in Marlboro was the guinea pig of an experiment in cyberspace called P2Pizza. When the delivery person arrived with an order for 3 pizzas and antipasto, payment was sent via the customer’s cell phone to an electronic account belonging to the pizza shop. The tip was calculated in, and the customer was sent an electronic receipt recording his purchase.
Marlboro-based Cyphermint has developed software that allows customers and pizza shop coowner like Michelle La-Flamme (above) to connect and pay over a mobile phone.
Dubbed mCommerce, Cyphermint aims to capture a market that may not always be near an ATM, but is sure to be holding a cell phone. Not just anyone can use the service, however - only customers with mobile web access need apply. The electronic payment software developer has built an industry around highly secure payment solutions, and hopes that brand-name pizza chains will deploy their services in cities like Boston and eventually nationwide. While creating a business plan compatible with the needs of the legacy pizza firms is still in development, using a local store like Chris’ showcased proof of concept, says St. Jones, vice president of marketing.
The end goal of Cyphermint is to create access for one of the most under-served client bases out there: individuals with no bank accounts or credit cards. With almost all online transactions requiring either a credit or debit card, the ability to use cash to conduct online transactions gives Cyphermint an abundance of customers, ranging from cash-strapped college students to young families just starting out, says Joe Barboza, president and CEO.
The Cyphermint product line includes the PayCash Now Card, a debit/gift card hybrid. The card offers gift card features like the ability to reload cash, while being accepted everywhere Visa debit cards are accepted. However, unlike a debit account, the PayCash Now Card does not require a bank account - another way the firm creates accessibility for consumers normally overlooked by merchants.
The card has even lead to an alliance with the Department of Housing and Urban Development (HUD) to give low-income residents and Section 8 housing recipients a way to pay bills electronically, and develop a history of on-time payments.
Developing software for secure electronic transactions has always been the bread and butter of the privately-owned New York corporation. The firm’s signature product is the PayCash system, an internet-based business to business and business to consumer offering that transforms kiosks and ATM machines into online shopping depots, and accepts cash payments for goods and services.
The 7-Eleven chain installed vCom kiosks in l,000 of its convenience store locations, preloaded with CypherMint’s PayCash software. The system allows users to make online purchases with vendors like 1-800-FLOWERS.COM while grabbing a Slurpee. The American Automobile Association and the Canadian Automobile Association both use PayCash kiosks in branch offices, offering visitors access to driving directions, information on theme parks, and the ability to renew their AAA membership.
With more services becoming web oriented, Cyphermint continues to aim at the bigger names in the retail industry to grow its client base and create more access points for consumers. For now, though, local businesses like Chris’ Pizza remain the best bet for building business.
"The large retailers move slowly," says Barboza. "I talked to Chris last week, and he was ready to go."
Jeffrey T. Lavery can be reached at
jlavery@wbjournal.com
 

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