Payment Club, a subscription-based POS service provider, has raised $7m in its latest financing round.
The investment was led by its co-founders in partnership with Unified Payments. Payment Club’s co-founders supplied $2m to the round, while Unified Payments partnered with its own institutional investor to deploy a $5m credit facility to the round.
Launched in 2017, the platform has created a POS service to aid small and medium sized businesses across the US. A subscription is used to replace the typical fees given to businesses when accepting card payments through POS terminals. A range of POS types and membership plans are available.
Through this funding, the company will look to expand across the US, and hire up to 100 membership advisors. Alongside this, it will also look to establish show rooms where business owners can experience the products and get details on the products.
Payment Club president and co-founder Anthony Kutscher said, “Utilizing a transparent subscription-based pricing model combined with the latest technology solutions, Payment Club can provide positive options to frustrated merchants and streamline their payment processes.”
Earlier in the week, Japanese payments solution Paidy received an investment from Visa alongside the formation of a partnership designed to improve payment options in Japan.
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