According to a S-1 filed at the SEC, Knox Payments earned an investment of $625,000 in venture round funding this month.
The venture round takes the company’s total capital raised to $1.6 million.
Knox Payments gives merchants the ability to accept payments via ACH without requiring disclosure of bank routing and account numbers. With instant account and “sufficient funds” verification, the service costs merchants less than twenty cents per transaction. Credit card companies, by comparison, charge as much as 30 cents per transaction, plus a 3% fee.
Knox Payments will make its Finovate debut at FinovateFall 2014 in New York September 23 and 24. To find out more about this year’s event – including how to get your tickets – vist our FinovateFall 2014 page.