No More Need to Put Down the Plastic to Open a Tab

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March 6 (Bloomberg) –- Dash Co-Founders Jeff McGregor and Gennady Spirin discuss how their app lets you drink and dash. They speak with Alix Steel and Adam Johnson on Bloomberg Television’s “Street Smart.” (Source: Bloomberg)

This is a cool concept, but for those who have not seen it yet, explain how it works.

Absolutely.

You can walk in a -- into a restaurant and checked into that restaurant and see an itemized tab on your phone.

No more handing your card to a complete stranger, which is completely insecure.

You see things come up in real time and when you are ready to leave, you can press pay and you process the card in the integrated system with the restaurant.

Do i give my card to the bartender first?

Not at all.

When you download the app, you put your information into the app and it is electronically passed over to the point-of-sale system.

What kind of security do you have?

We store the car in a vaulted -- we actually tokenize the card.

What does that mean?

Really have a reference to the card.

We store with another processor that is pci compliant, which is the industry-standard for compliance.

In other words, there's a wall between your data, my data, and in effect to your systems and the restaurant.

Exactly.

How quickly does the restaurant get paid?

It gets paid in two or three days.

How hard has it been to get the restaurant in stressed and?

Peck -- interested?

It has been pretty easy.

There are a lot of people that love what we have to offer and they know it's the future of dining out.

And we have been very merchant focused.

We have some prominent restaurant tours that have invested in us that our advisors in the product.

We go out to these restaurants, meet with these operators and talk to them about what they want to see in it.

And to that point, you just raised $1.2 million in financing, and all told about $1.9 million.

Does it seem like it was that difficult?

Maybe it was.

Financing is always difficult.

We are out there raising money for a new concept.

We have people who are passionate and involved in this.

The core team and the investment team also.

A very prominent restaurant your -- restaurantweueur in new york has backed us.

What is in it for the restaurant?

And high turnover restaurant, from an efficiency standpoint, if they can turn more tables, these are small manhattan restaurants that have a finite amount of seating.

They can turn more of those.

And i can tell you that when you are slammed and you have to deliver the check and collect the credit card and turn it over -- and then turn over the table, it's a time suck.

And if we can take that away from servers having to settle tabs, we can enhance the experience of the venue.

And you just don't offer this.

You offer a lot of other services as well.

In addition to the core functionality of the application, we are able to provide real-time analytics to the staff as well as the operator, where they will essentially create a vfp -- vip experience for the consumer.

It will track their consumption habits.

As a result, now you can kind of kader -- cater the experience.

X-unit adam likes cigars and he goes into a restaurant and you say, -- you know that adam likes cigars and he goes into a restaurant and you say, hey, would you like a cigar?

We are trying to help both sides of the bar.

Help the wait staff being gauged, know if it is your birthday and bring you something.

By the way, we are out of time.

You make money because the restaurant pay you a small fee?

Exactly.

That is really cool.

Good luck.

I will upload is -- it.

This text has been automatically generated. It may not be 100% accurate.

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