Location: Cleveland, Ohio, United States United States
Founded in: 2016
Stage: Pre-launch
Number of employees: 1-5
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Cleveland, Ohio, United States United States
  • About
Company description

WES’s payment/investment system is independent of existing credit cards, debit cards, mobile pay solutions, or investment firms. Our system can perform 3-second anonymous debit payments using digital currency stored on NFC cards. Three pass authentication of the AES-encrypted cards replaces consumer identity authentication, thus protecting consumer identity by not involving it at all. Neither merchants or consumers are charged any transaction fees, and existing loyalty programs can be integrated into the WES app which also houses subscription premium features (real-time account freezing, auto-refill of account, handling multiple WES accounts, etc.). WES can also invest consumer money with every purchase (rounding up of every purchase to the nearest dollar, investing the difference in ETFs, and gaining revenue from a portion of the ROI). This counters a millennial fear of investing and--along with subscription premium features--replaces charging fees from merchants, making our system very attractive to merchants due to lack of fees and increased revenue from fast POS times. A mid-sized Little Italy QSR (quick service restaurant) estimated that slow POS times accounted for roughly $2000 in lost business per month and expressed interest in seeing a demo.