How would your wallet look like with fewer or none paper receipts? Lighter, definitely. But you can’t throw all of those away, since many have to be kept when you return items or when you want to figure out a way to make some savings. Fintech startup Flux realized that when they started thinking of solutions to free your pockets of paper receipts. Now, they’re finally ready to debut a software platform capable of linking digital receipts to your bank statements and banking app #softwaremagic
This week, the startup is showing off their pilot in East London, hoping to attract retailers, banks and adepts of eco-friendly solutions for our daily lives. Their software platform can make item level receipts digital form the get-go, so they go from a merchant’s point-of-sale (POS) system to a user’s bank account. “We think it’s insane that today we can go from using 21st Century technology of contactless payments to 100BC tech of paper receipts,” explains CEO Matty Cusden-Ross. I can’t say I disagree.
Therefore, the Flux solution aims to get rid of paper clutter by digitising receipts and organizing them all in one place – a user’s mobile banking app. Business users will find the whole idea very appealing since they always need to file expenses after work trips. The process is pretty straightforward, as Cusden-Ross explains it:
“We connect retailers via a software plug-in to their point of sale and to the consumer via an integration to their mobile banking app. Flux automatically links receipts to your bank card as you pay. Receipts are stored in the same place your transactions live today, your bank statement. Just open up your bank app and you’ll find all the receipts as well as any loyalty right there, it’s seamless and intuitive”.
Yep, the solution makes loyalty programs more accessible and thus, attractive, to users. On the other hand, it helps merchants preserve and gain loyal customers. So far, Flux’ project was enabled by merchants EAT and Bel-Air and digital-only bank Monzo. We’ll have to wait and see if it appeals to other retailers and banks, especially since they’re just one of the several companies invested in making paper receipts obsolete.