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Corduro Reinvents Mobile Payments on iPhone, Android Devices; Adds Social, Intelligence to Processing

New App From Google Ventures-Backed Startup Enables Lowest Cost Transactions, Multiple Wireless Devices on a Single Account

DALLAS, TX -- (Marketwire) -- 05/11/11 -- Corduro, the only company to provide mobile payments on a global scale, today announced its new app for iPhone and Android devices. For the first time, sole proprietors, charities or retail establishments can leverage reader-free card payments via smartphone and tablet devices at a sharply lower cost and enjoy a host of social integrations that turn recurring payments into long term relationships. The app is also an ewallet that facilitates easy and quick payments to any individual or business on the Corduro network.

"Our goal is to allow customers and donors to make payments in the most convenient way possible for them -- whether that is credit, debit, check, e-check or cash -- and to allow merchants and charities to accept and process these payments in the most cost effective and advantageous way for them," said Robert Zeigler, CEO of Corduro. "This is the only mobile payment app that makes taking and making any payment, anywhere in the world simple and less expensive than it's ever been."

Powerful intelligence on the backend saves money in processing fees
Like other mobile and online payment systems, users begin with Corduro by simply downloading the app from either the Apple iTunes store or the Android marketplace and entering their information. But unlike other mobile solutions that charge a set fee for every transaction, Corduro's powerful platform scans the payments network to select the least expensive option for routing each payment. Merchants and individuals accepting payments via Corduro can rest assured they pay the lowest fee on every transaction -- in many cases up to 30 percent less than other services that also require additional hardware and set up.

"For most businesses today, 'payments' is more than just accepting and processing credit cards. It's about managing and building a complete relationship, today and in the future, with customers," said Joe Kraus, partner, Google Ventures. "Corduro takes an innovative approach to the whole payments challenge by providing an end-to-end solution for mobile transactions making it seamless and easy for businesses to transact with customers anywhere in the world."

The easiest, most complete payment system
The Corduro mobile app is free, simple to use, and secure. The app can process payments via credit or debit card, e-check, or PayPal, and the funds are deposited directly to an organization's account. For the first time, multiple devices can be authorized to collect and contribute funds or sales to a single account providing the greatest flexibility and scalability as needed. As an added benefit, Corduro's innovative optimized payment network means more money stays with merchant or non-profit account holders.

Corduro also provides customer relationship management platform for all its user clients as well as free shopping carts services and Helpdesk support. There are no limits on transaction amounts and all funds are immediately available in user accounts. Corduro is also the only mobile payment company that can accept payments anywhere in the world, in any currency.

Charitable giving a priority, now even easier
Reflecting its founder's interest in supporting non-profit organizations, a separate section of the app is specifically designed to help non-profit and charity organizations easily and quickly drive fundraising and awareness campaigns. Users can select specific organizations they'd like to support and immediately make a cash donation to that group and then share that support with their social network. The app also lets nonprofits and other organizations mobilize their volunteers in a whole new way. Users can share their passions by inviting others to register with Corduro and join the charitable groups that they support.

"It's a powerful tool," says Jared Paul, founder and executive director of A Good Idea (www.agoodideasf.org). "When you're running a nonprofit, you need two things -- volunteers and money. The Corduro app lets our current volunteer base spread the word and also introduces our organization to other users, so we can continually expand our network and connect people in need with people who want to help."

Corduro will debut its new smart phone application at the Finovate 2011 Spring Conference in San Francisco, CA, on Wednesday, May 11, 2011. The company has partnered with A Good Idea to demonstrate the mobile app's capabilities through a crowd-sourcing event designed to recruit new supporters and raise funds for the nonprofit group. Corduro will also launch its new website, MobilizeYourArmy.com, to introduce the mobile application to a nationwide consumer audience.

ABOUT CORDURO, INC.
Corduro, Inc. is the first to enable payments in a mobile, social, cloud platform on a global scale. In addition to the company's suite of cloud services that enable agile payments, Corduro offers tools for personal data storage, customer relationship management tools, and social media enabled communication. Founded in 2008, Corduro is headquartered in Southlake, Texas.

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Carol Carrubba
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415.963.4174 ext. 6
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