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Leaf is a new mobile payment system

June 30, 2012

A new company is hoping to change the payment prossessing industry works by introducing a new credit card terminal.

A new company is hoping to change the payment prossessing industry works by introducing a new credit card terminal.

The new product called Leaf allows businesses to process payments from credit cards and send a receipt to a customer electronically. It also gives companies a chance to get data from shoppers to analyze how sales efforts are going.

In a recent interview with BostonInno.com, Leaf co-founder Aron Schwarzkopf said that both customers and merchants would be able to benefit from the highly sophisticated system.

“We put brains on your credit card,” Schwarzkopf said in an interview with the source. “And if you’re a business, we put a brain on your credit card machine.”

Schwarzkopf worked with MIT graduate Castro Galnares to develop the program and launch it in Boston. The payment system does not charge fees to retailers for transactions, instead it asks them to donate money to charity.

Other brands are introducing mobile merchant services products to help increase profits. Placecase recently introduced ShopAlerts Wallet, which will use location-based software to help users save money.

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