Shoppers in Princeton will have the option of using a special debit card or a mobile payment option through their smart phone to make purchases at local retailers, pay for parking and even give bac
By Philip Sean Curran, Staff Writer
Shoppers in Princeton will have the option of using a special debit card or a mobile payment option through their smart phone to make purchases at local retailers, pay for parking and even give back to their favorite local nonprofits in the process.
The card, set to roll out in September, is being sponsored by the Princeton Merchants Association, an 80-member organization.
The way it works, shoppers will have the ability to get a debit card, called the “Princeton One Card,” that would be linked to their checking account and good only at businesses that are members of the Merchants Association. Sometime next year, users would have the option of loading the card with a capped amount of money.
Another option is to get a card with a chip that will allow cardholders to pay at parking meters in town. For more tech-savvy shoppers, they will have the ability to choose a mobile payment option that works with smartphone or iPad apps.
Members of the Princeton Merchants Association said the idea — one used in San Francisco but without the nonprofit component — makes sense for everyone involved.
Through a collaboration with the association and Princeton-based Heartland Payment Systems, participating merchants will be charged a five cent per transaction fee whenever anyone uses the card or mobile payment option. That’s far less than what they pay now when shoppers use other debit or credit cards, with transaction fees as much as 7 percent.
Nonprofits located in Princeton win too. Participating merchants will have to donate one percent of each transaction to a nonprofit of the cardholder’s choice, said Carly Meyer, president of the Merchants Association.
That could run the gamut from supporting the public library or the Princeton Arts Council.
”You could almost give to your favorite group through the year on a charge by charge basis,” said John Marshall, a Merchants Association board member and owner of Main Street Bistro.
He and Ms. Meyer, a vice president with The Bank of Princeton, presented the concept to the Princeton Council on Monday.
”Most of our member base is very excited about it,” she said, speaking to reporters afterward.
Town officials have warmed to the idea, although one question was whether shoppers might be reluctant to use the card as opposed to their regular credit cards that have points systems for member rewards. The Merchants Association is looking into something similar.
Cards will be available at participating merchants and through a Heartland website, where users will need to register.
For businesses wanting to learn more, the Merchants Association has scheduled an informational meeting July 18 at the public library starting with coffee at 8 a.m.