Amplify Business Pitch Competition

Amplify Business Pitch Competition

All contestants:
MOBI-PAL.com
Location: 262 E. Allenhurst St., Los Angeles, California, United States United States
Founded in: 2010
Stage: Alpha (prototype)
Number of employees: 1-5
Funding history:
- Date: 11/2010, Seed: $500 k
Short URL: vator.co/mobi-pal-com-1
Followers (41)
Vatorx1

MOBI-PAL.com

"Who's Your MOBI-PAL?"
Startup/business
Los Angeles, California, United States United States
http://www.MOBI-PAL.com
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Company description

You can manually sign up or use your Facebook or LinkedIn profile.  MOBI-PAL uses the AUTOMATED MOBILE TELLER™ (AMT) system which is a program or a web based application that turns your mobile device into a mobile ATM Cash/Debit card.   The overall view of what MOBI-PAL does is it electronically functions as an ATM.  We here at MOBI-PAL.com have termed it the AUTOMATED MOBILE TELLER™ (AMT) system.  We would be establishing the platform for a virtual automated mobile teller.  On the merchants side he would receive a authorized store # and could be given the option to license the AUTOMATED MOBILE TELLER™ (AMT) system, as you would a physical ATM machine.   The merchant would realize a portion of the transaction fee either by percentage or flat fee (of which we receive 50% of as licensing).   The difference is the merchants register would now become the actual cash dispenser.  Mobi-Pal never gathers any information from the consumer’s financial institution it only facilitates the withdrawal through use of an institution based card in the form of cash only transaction, the information from these cards would be loaded up on the platform.   A barcode and transaction number is then issued as electronic tender no dollar amounts are shown to the merchant via the consumers mobile device.   MOBI-PAL was created to provide the on-the-go buyer a platform to buy goods and services online and offline without the added rhetoric of digging in a purse or wallet.  Now the consumer can access our web base portal via mobile device and securely access their account and pay the participating merchant for goods and services.  Through the use of certain technologies this particular program can run outside of the browser although a web based program.

 

The AUTOMATED MOBILE TELLER™ system will allow level 4 merchants the ability to accept debit/credit payments right in their establishments without waiting for the consumer to go to the ATM machine, or installing some expensive new hardware.  No more lost sales because the merchant does not accept credit cards, because his monthly sales volume is not high enough.


Team
  • LaTonya Higgins
    LaTonya Higgins | Team member
    When making the decision to create MOBI-PAL.com I decided to create something that could and would be used by a demographic much like myself where life is lived pretty much on the go, it had to solve a global problem as well.  I always start ...
Business model

The MOBI-PAL.com AUTOMATED MOBILE TELLER SYSTEM, follows the business model of the ATM machine it only processes cash transaction without the use of plastic cards and 2D BARCODES.  There are a total of three different models of transactions to this system:

-DEBIT-CASH-PAL2PAL (All transactions PCI Compliant)

What is unique about MOBI-PAL is it was built keeping next generation technologies in mind.  The systems requires no hardware installation and can be used by any merchant and any person, mobi-pal can even except peer to peer payments.   This is all done using a simple barcoding system.  No information from the users account is ever revealed other than the requested amount  which is only revealed to the user/consumer, the merchant identifies the transaction by scanning a 2D Barcode with another mobile phone using the merchants end application.  We will require a 17%+5cents charge per every transaction 20.00 and below, licensees add their fee to that cost, all transactions 20.01-up are 50% of licensees fee , all transactions 5000.01 and above are 10% and all transactions are made available to the user via the MOBI-PAL

 

Competitive advantage

We would be creating a new platform for doing business, strictly as a virtual ATM, which would now be termed AUTOMATED MOBILE TELLER (AMT).

What is unique about MOBI-PAL is it was built keeping next generation technologies in mind.  The systems requires no hardware installation and can be used by any merchant and any person, mobi-pal can even except peer to peer payments.   This is all done using a simple barcoding system.  No information from the users account is ever revealed other than the requested amount  which is only revealed to the user/consumer, the merchant identifies the transaction by scanning a 2D Barcode with another mobile phone using the merchants end application.  We will require a 17%+5cents charge per every transaction 20.00 and below, licensees add their fee to that cost, all transactions 20.01-up are 50% of licensees fee , all transactions 5000.01 and above are 10% and all transactions are made available to the user via the MOBI-PAL.