InPayTech (ASX:IP1) Executive Chairman Don Sharp and CEO Robin Beauchamp talk about the company's solutions for more efficient transmission of payments and data.
Carolyn Herbert: Hello I’m Carolyn Herbert from the Finance News Network and joining me from InPayTech is Executive Chairman, Don Sharp and CEO, Robin Beauchamp. Gentlemen, welcome.
Don Sharp: Thank you very much.
Robin Beauchamp: Thank you Carolyn.
Carolyn Herbert: Don to you first. Can you start by giving us an introduction to InPayTech?
Don Sharp: InPayTech was a new company that was formed to acquire the group called, Payment Adviser and it has a number of businesses. Basically it’s the clearinghouse for a company called ClickSuper, it has patents pending around the world. We’ve had them granted in Asia and in Japan, China and we’ve just got Singapore. So that’s great news. And we’ve got them pending in the US and Canada. So we’re excited today, because we’re actually going to be utilising these patents in a new product, which Robin will be talking to us about shortly.
Carolyn Herbert: Don, can you tell us about your recent capital raising?
Don Sharp: Yes, we recently issued a prospectus to list on the ASX and we’re looking to raise between $3 million and $5 million. We’re very excited that we actually got in excess of $5 million. And today, we’d like to announce that we’re scaling back those investors that oversubscribed. And those that have got 20,000 upwards are going to be scaled back 20 per cent. So that will leave us with five institutional investors, which we’re very excited about. They’re very good names, very supportive of our idea and company. And more importantly than that, we’ve got 420 shareholders who are retail shareholders. And we’re very excited about having them on board, to join in the company’s success going forward.
Carolyn Herbert: Now to you Robin. Can you tell us about your new product, Pay Vu?
Robin Beauchamp: PayVu addresses the problem that’s faced by many small business owners every month and that’s the payment of invoices and salaries. Pay Vu’s combination of Smartphone technology and Internet browser technology is a very powerful, and mobile solution to the problem. PayVu leverages the patent process that we’ve got for payment referencing, as well as our two other products, which are ClickSuper and Payment Adviser, to provide a complete solution for every payment type for the small business.
It covers payment types including invoices, salaries, tax and foreign currency. The issues of compliance and security are also very closely addressed. SuperStream contributions are managed through the network and Single Touch Payroll, when it’s introduced in June will also be included. The role of bookkeepers is also included in the process and accountants too. The application manages the communication between all of the parties that are involved in the transaction. So the recommendations could be reported to the payer and indeed, approved or declined at their will.
Pay Vu will give back hours of time to bookkeepers, accountants and their customers; the small business owner. It will have far-reaching effects on the way that the payments are made. In fact we believe it would see the removal of the need for clearinghouses completely.
Carolyn Herbert: So when are you planning to launch Pay Vu?
Robin Beauchamp: Pay Vu goes into a very limited Beta Test program on Christmas Eve and will emerge from that program, on the 31st of January when it will be available for download.
Carolyn Herbert: Robin thank you. Don Sharp, Robin Beauchamp thanks for your time.
Don Sharp: Thank you.
Robin Beauchamp: Thank you.