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Enter Symbol
or Name

Fundamental Applications Corp
Symbol FUN
Shares Issued 17,779,871
Close 2015-09-21 C$ 0.82
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Fundamental's Foro to add credit payment option to app

2015-09-21 12:27 ET - News Release

Mr. Richard Whitehead reports


Fundamental Applications Corp.'s wholly owned subsidiary Foro Technologies Inc. has begun the process of defining and implementing the monetization strategy for its Foro Student Marketplace app. Credit-card-based payment will be added as a payment option within the product.

Foro is a smart-phone-based classifieds-style marketplace designed exclusively for students with a simple value proposition of making transactions easier and safer for students to complete. In line with the established nature of online classifieds, Foro connects buyers and sellers within the platform who then meet to exchange cash for goods. Large-scale cash transactions are inherent to risk, and to make this transaction method safer and reduce the reliance on cash, Foro Technologies plans to offer credit card payment as an option in Foro. Monetization comes from the company appropriating a very small percentage of every credit card transaction as a fee for brokering the exchange.

"Keeping Foro free for students is very important to our business," commented Richard Whitehead, chief executive officer of Fundamental Applications. "Monetization is the next natural step in Foro's development, and offering credit card as an optional payment method adds practical value to our users. The minimal fee structure for its use will be non-consequential for the transactions where using a credit card makes sense. Implementation of this initiative is more than pure software development because it requires both technical and client support to ensure a quality user experience. As such, rollout will be executed strategically over the coming months."

The credit card processing transactional business model will ultimately represent a very small percentage of the earnings potential of the Foro Student Marketplace. It does, however, represent an immediate path to monetization in a method that adds value to the user experience. Foro Technologies plans to keep its Student Marketplace free for students to download with a freemium usage option. The bulk of revenue by percentage will be from non-traditional advertising strategies, leveraging big data and a new promotional strategy the company has coined the gamification of product placement. Timelines for launch of this new feature will be announced once a payment processing gateway supplier has been secured and implementation has been properly scoped.

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