Rick Krampe
Winter Park, FL (USA)
Role(s):
Founder/Owner/Principal
Coin Free
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Startup
Location:
Winter Park
Industry:
Technology/Web
Year Founded:
2010
Number Employees:
1-10 people
Business Stage:
Growth (not profitable)
Entity Type:
"C" Corporation
Description:
Coin Free, a Florida based company with:
1. A management team with 150 years of combined experience in mobile technology and the niche markets our products target;
2. VAR status with Chase Paymentech, a unit of J.P. Morgan Bank.
3. Three patents on its field tested, Bluetooth based mobile wallet system called the VUWI;
4. Current LOI’s for over 14,000 units to be delivered in 2013 representing $3.7 million in sales, recurring annual revenues of $1.3 million, achieving our breakeven milestone;
5. With a SAAS business model that can generate $800k per 1,000 units sold in gross profits with an additional gross profit of $120k in recurring annual revenues;
6. With a software asset base of 3.1 million dollars;
7. With seed funding to date of 1.3 million from confident investors;
8. With a niche market advantage critical to a successful mobile wallet application;
Coin Free’s VUWI attaches to new and existing vending machines, POS and restaurant systems, and hotel check in desks to allow consumers to use their Bluetooth enabled cell phones to make secure credit card purchases using their phone (credit card # NOT STORED on phone). We provide a framework for Vendors to accept mobile payments, upload data, deliver product information, and offer free custom promotions to VUWI customers. All this and VUWI still has the lowest capitalization and monthly operating cost in the industry
VUWI is a mobile payment approach using Bluetooth and the existing credit card infrastructure both of which are already in use by the average consumer. VUWI also moves the requirement for network connectivity for cashless payment acceptance to a user's mobile phone. By doing so VUWI reduces the monthly connectivity costs for vending devices and small merchants by 50% or more.
Experts have stated “(URL removed) mobile payments to succeed they must provide added benefits for merchants who must pay for them and consumers who must adopt them.” VUWI is directed at two markets, Vending & Hospitality. VUWI brings significant “value added benefits” to both merchants and consumers.
Vending includes unattended Kiosks, Snack & Soda Vending machines, Gaming devices, Laundry machines, CNG & other Gas pumps. The Snack & Soda machines alone represent an 83 billion dollar industry with over 11 million devices. Forester Research says half will adopt cashless in the next couple of years, only 2.2% of the devices currently accept cashless. VUWI advantages, it cuts merchant’s monthly cost to accept cashless by 50% and provides consumers vending without credit cards or correct change and 1% cash back.
Our second market, Hospitality, which includes sit-down restaurants, hotels and resorts, is a 580 billion dollar vertical marketplace with the largest credit card fraud and theft problem in the country.
This market lets us use a PUSH/PULL marketing strategy. For restaurants, PULL comes from the customer’s desire for, pay-at-table-security, while PUSH will come from the Operator’s need to limit employee liability. For hotels and resorts, PULL will come from the customer’s desire to have a “Secure Room Key” not to their physical room but to their “Room Charge Bill” eliminating false room charges and arguments with hotel staff, while again PUSH will come from the Hotel Operator’s need to limit liability by eliminating employee handling of credit cards, eliminating false room charges, eliminating merchant bank charges on guest purchases from vending, gaming and laundry devices while adding the potential of new phone based revenue streams for business account budgeting services and messaging services that VUWI can provide.
This is your Opportunity to invest in a Secure, mobile wallet Solution, deployable NOW with first mover advantage, scalable, with a long term RECURRING revenue stream and a projected % EBITDA.