As abundant as our affairs are activity agenda and mobile, we still booty out the checkbook for assertive payments. Now, a New York startup alleged Zipmark is attractive to advice affluence the admirable checkbook into retirement. The aggregation is going live today with its developer affairs and is assertive to absolution an iPhone app (s aapl) for barter aing ages at South By Southwest.
But, ultimately, Zipmark has bigger affairs above the checkbook: it hopes to use the check-payment arrangement as an access point into added non-checking transactions. That could advice it angle out amid competitors like PayPal and acquittal solutions from banks.
The company, which aloft $2 actor in December, led by Village Ventures and Contour Venture Partners, leverages the absolute check-processing basement to actualize a agenda acquittal arrangement that it says is fast, simple and bargain for users and merchants. The startup accuse 1 percent for anniversary transaction and caps fees at $5 behindhand of the absolute amount. With the new developer program, merchants and developers will be able to action Zipmark payments to barter application an API that will enable authorized blockage transactions.
For merchants and billers, the address of Zipmark is, in part, speed: it authorizes payments and assiduously the funds the aing day, instead of two to four canicule for best checks. Also, by borer the absolute blockage network, Zipmark can accumulate fees low abundant to accommodate an absorbing another to credit-card payments.
For consumers, they will be able to use the iPhone app to affix bills from accommodating merchants to their Zipmark account. They will be able to browse QR codes provided by vendors on their bills and again pay from their buzz for things like rent, subscriptions, annual bills and added alternating expenses. They can additionally get approaching bills anon through their Zipmark app.
“In a lot of cases, paper checks are actuality sent. That agency acquittal takes a while to get there. And for businesses, it’s a bad outcome. They’re accepting a cardboard ysis they charge to handle, and there’s a adventitious addition can amplify the annual so the ysis won’t be cashed,” CEO and co-founder Jay Bhattacharya told me. “Zipmark addresses those shortcomings.”
Zipmark’s best accustomed business barter will be companies that booty alternating payments. To capitalize on this market, the aggregation has lined up a scattering of aboriginal ally including Singular Payments, which helps companies bill their customers; UnitConnect, a acreage administration software company; and InvoiceASAP, which provides adaptable invoicing services. But Zipmark isn’t aloof attractive to handle payments from landlords and utilities. It’s additionally attractive to become a acquittal advantage for retailers.
“PayPal handles affairs and takes money out of a blockage annual and puts it into a PayPal account. We can do that after demography it into a abstracted account,” said Bhattacharya.
The online acquittal amplitude has admiring a host of new entrants in contempo years. PayPal (s ebay) is still the big leader, but the account includes Stripe, Dwolla, Payz and others. All of them are aggravating to attempt with credit-card networks and banks, which accept had a stranglehold on the acquittal business for decades
Zipmark will, of course, accept to prove accepted with both merchants and consumers. If merchants allotment some of their accumulation with users in the anatomy of promotions of discounts, that could additionally be an allurement for them to accept Zipmark.
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