Tabbedout, a new entry into the mobile payment market, announced that it has acquired an investment of $5.75 million fund its product development.
Tabbedout has an application that is available for Android and iPhone that enables an individual to encrypt credit card information on a device and pay a bill if a restaurant or bar is also using the system.
Tabbedout enabled individuals to view a bill on their wireless phone and then pay without having to swipe a credit card.
Here’s how Tabbedout works:
- The user downloads the Tabbedout application to their iPhone or Android device.
- Install the application and enter in your credit card information
- Visit a participating Tabbedout restaurant or store where you wish to do business
- When ready to pay, instead of using your debit or credit card, a user pulls up the Tabbedout application on the phone.
- Select the business
- Enter in your name to select your bill
- Approve payment wirelessly.
With the new funding Tabbedout hopes to expand to more states and restaurants, as well as develop a point-of-sale solution.