Corduro

Corduro was started in 2008 and launched in 2010. Our vision: establish unique technology that enables organizations to effectively connect payments and people (memberships/relationships) at a reasonable cost…

In 2010, we secured Google as our Series A lead around real-time optimization of payments, creating a 30%+ benefit for customers in processing fee reductions while keeping margins to support a healthy business. The intellectual property is owned by Corduro and is a tribute to our team’s 20+ years in the payment industry. Our optimized payment network is an established solution that spans across numerous markets, leveraging our ability to route payments anywhere, anytime to the least cost provider.

In early 2011, we narrowed our marketing efforts to one very specific sector that has a serious challenge that we can solve. They represent a large community themselves and also open the door to a much larger community by extension. Our experience tells us this is the best place to start and offers us an immediate entry into the highly sought-after mobile payment industry.

Our initial launch was focused on price by offering low cost services with our payment gateway. Our mobile launch is focused on solving a strategic problem: what is the best mobile strategy to engage our community? Specifically, they want to establish an ongoing real world face-to-face relationship with their community and Corduro allows them to do this in a very unique and compelling way. It’s impactful, simple to use and engages their community in a fresh, low friction and high touch way.

Corduro’s PayMobile™ platform provides a unique ability for people to support, pay or donate to their favorite volunteer or member organizations such as universities, fraternities, PTO’s, alumni associations, sports organizations, clubs, charities, foundations, political organizations, etc. Collectively these non-profit organizations represent approximately $200 billion of individual contributions and payments – a large market, getting a completely new way of doing business face-to-face via a mobile experience.

Our early conversations have proven this is a hugely successful strategy and gives us entry into all payment processing not just mobile. Conversations of the mobile strategy, volunteer empowerment, and simplifying a myriad of complex payment systems quickly move to the question, “Can we use you for our online stuff also?” – Answer: Yes and we save you money too!

We have our plate full now with opportunities having landed major universities and non-profits such as Habitat for Humanity. We are just now learning how involved these organizations are in retail also. Retail is not our focus at this point, but we clearly see how the NPO’s rely on support from retailers and that we can help them play a part there also. A simple example everyone would understand is how the cashier at the grocery store is trained to ask if you would like to give a $1 to support Prostate Cancer research… at least that’s the one I always remember just turning 50!

We have just introduced the PayMobile™ app in a few local tests and see how people interact in a fun face-to-face way. The donation results have been outstanding and because of that we have more than tripled our client base in three months!