LatAm: Mexican Fintech launches new card reader with speedy access to funds

Mexican startup Clip has launched a new mobile card reader, Clip Plus, making it easier for small businesses to accept credit and debit card payments.

Following a focus group with business owners across Mexico, Clip’s latest device has been designed to address key pain points for small merchants. Crucially, the new device will allow merchants to access funds within 24 hours of the payment, making this the fastest turnaround time in the market. There will also be no monthly bank fees for the terminal, with Clip continuing to charge 3.6% commission per transaction plus VAT. The device itself will cost just 749 pesos.

As additional features, the new Clip Plus will incorporate Bluetooth technology to connect to the seller’s phone and a physical keypad to allow customers to enter their PIN.

Adolfo Babatz, CEO of Clip, believes that the launch will help cement Clip’s place in the market, revealing that the start-up is the second largest acquirer in the market by the number of businesses, behind BBVA. The launch is also likely to benefit consumers, with RFi Group data showing that a third of consumers cite payment method acceptance as a key consideration when making in-store payments.

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