Summary:

Austin, Texas-based TabbedOut has raised $2.05 million to develop software that uses your smartphone to speed up the process of paying your…

TabbedOut iPhone App

Austin, Texas-based TabbedOut has raised $2.05 million to develop software that uses your smartphone to speed up the process of paying your bill in restaurants and bars. The first round of funding comes from New Enterprise Associates.

In all, the company has now raised a total of $2.8 million. Rick Orr, co-founder and CEO of TabbedOut, said the funding will be used to extend beyond a handful of pilots to a national roll-out.

The service has to be live in a restaurant or bar to use, and the customer has to download an application to the phone. The customer enters the credit or debit card number on their device, but TabbedOut never has the number, and a five-digit code is used by the consumer and merchant to conduct the transaction. Users are emailed a receipt when the transaction is complete. The application is available on the iPhone and Android app stores.

Orr said the idea for the company came about when he had a painful dining experience more than eight years ago, where it took 55 minutes to settle the check. The company has been testing the application in 90 venues in nine states and 28 cities through a partnership with multiple point of sales providers.

He says the advantages of the platform is that it doesn

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