Dream Payments Boost Support for Retailers with New Chip-Card-Reader Devices
October 22, 2024
By: Michael Cheng
Dream Payments, a Toronto-based fintech startup, has set its sights on equipping business with low cost mobile card terminals.
“Dream has figured out a way to enable [chip card]-based payments on a mobile device that actually aligns well with our strategic imperative,” said Barry Campbell, vice-president of client management and marketing with Interac.
“We think [retailers] will be excited about it.”
The group is currently competing with large establishments in the space, such as Square and Ingenico. Many individuals based in Canada feel that the two lack the level of service that locals need for their business.
This is because Square’s system relies on card-swipers and can’t handle Interac payments. Furthermore, Ingenico’s pay-per-device options may be too costly for SMBs with tight budgets.
As a solution, Dream Payments’ launched a stand-alone chip-card-reader that caters specifically to Canadians. Manufactured by Bluebird, a leading Korean brand that specializes in data capturing products, the handheld device costs $99.99. Service fees for transactions made on the terminal include 25 cents for debit card transactions and 2.75 percent for payments made with a credit card.
Helping the group expand through a strategic partnership is Telus, a technology service provider. Through the agreement, the new reader will be made available in over 70 stores across Canada.
Earlier this year, Dream Payments closed a successful funding round of $6 million. Blue Sky Capital, Real Ventures, and Rouge River Capital were the primary institutional investors during the campaign.
“Dream is bringing to market a new approach to the payment industry that is a perfect fit for transforming the mobile payment market,” said Janet Bannister, General Partner of Real Ventures and newly appointed Director for Dream.
“The experienced team with the comprehensive payments platform and secure mobile technology combined with its go-to-market approach is poised for winning success.”
