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A self-funded start-up is quietly making waves in the minicab and taxi booking market. Fare Exchange directs those looking for cabs to local firms, sending the taxi company in question the call. Its unique system has generated more than £3.1 million worth of confirmed cab bookings in the first 14 months of operation.

There is currently a huge commercial interest in the taxi and minicab market with several new mobile apps such as Hailo, Kabee and Uber landing funding and headlines by the dozen. The recent Addison Lee sale adds further fuel to the fire, singling this sector out as one to watch.

The Fare Exchange principal of generating booking enquiries for minicab offices and taxi ranks on a performance basis is the brain child of former Just Eat marketing director Ash Ali. The Internet entrepreneur sold his first online business at 19 and has since held several senior marketing positions at a number of new start-ups. He is an experienced agile start-up expert and has used this knowledge to fine tune the Fare Exchange concept and rack up almost 600,000 booking calls to date.

He said “In just 14 months we have logged well over half a million phone booking enquiries for our minicab and private hire clients all over the UK. Our clients rely on customers calling them, but don’t always excel in marketing themselves so this is where we plug-in by increasing the number of customers calling in to book a minicab. We offer clients an easy way to expand by directing customer calls to them. There is no equipment to install and no special hardware or software needed, just an extra 30 to 200 calls a day to the existing landline number.

“Minicab businesses still prefer customer phone calls to clicks and customers are more likely to call a local business than book online. The phone call is the new click it seems. More calls mean more customers, more bookings and more fares. We recognised that the majority of those needing transport quickly, prefer to call a minicab office than just book online except for in the case of advanced bookings. We use the phone system for local bookings but also cater to those planning ahead such as airport transfers through our localised online booking sites.”

In order to reach its landmark £3.1 million bookings in little over one year in business, Fare Exchange has developed its own Secret Black Box. This tool incorporates multi-channel offline and online marketing using the latest local digital marketing tactics. Everything is tracked and monitored via the proprietary Fare Exchange platform which was built from the ground up with specific industry insights and using unique algorithms. Clients only pay for the valid calls they receive as well as online bookings, firmly grounding the solution as performance based with no marketing wastage.

The Fare Exchange system has an intelligent call and booking monitoring and tracking system. The live dashboard and sophisticated backend VOIP technology couples with a proprietary SaaS platform. This technological tag team enables Fare Exchange to offer the fastest way for minicab offices to generate a high volume of bookings to grow their businesses. Consumers also benefit by going direct and receiving the best quote for their journey and re-assurance of when the taxi or cab will arrive by speaking to a real operator.

The Fare Exchange system’s success stories are numerous. It recently generated an extra 834 calls in during a usually slow mid-week day. Another client picked up a booking for a £800 multiple journey during Epsom race day. Others report phenomenal business growth, with one minicab firm increasing from 10 drivers to 45 drivers within 4 months simply by using Fare Exchange as the key source of new customers.

With countless testimonials and double digit monthly growth figures, Fare Exchange is now considering offers from a raft of interested investors. It has hopes of expanding its reach with targets for more minicab company sign up’s by the end of the year. The company has already registered a 260% growth in bookings since launching 14 months ago.

Key Fare Exchange Stats:

• 567,821+ booking calls to date
• £3.1 million + pounds of booked journeys achieved to date
• Only 15 months old
• 260% growth in bookings since launching
• Team of 5 people, 2 co-founders

Minicab offices can sign up at: Fare Exchange or watch the Fare Exchange video on YouTube: http://www.youtube.com/watch?v=3iO9YQBr1IU

Issued by Fare Exchange Ltd. Please direct media queries to press@fareexchange.co.uk

This press release was distributed by ResponseSource Press Release Wire on behalf of Fare Exchange in the following categories: Business & Finance, Travel, Transport & Logistics, for more information visit http://pressreleasewire.responsesource.com/about.