How they describe themselves: Knox Payments aims to reduce interchange fees and cart abandonment with a very cost-effective and fast checkout system. Knox leverages the ACH network to facilitate transactions online, making everything from syncing bank accounts to e-commerce payments online faster, easier, and cheaper.
How they describe their product/innovation: Knox Payments facilitates payments for merchants online, allowing them to transact with their customers/users, who never have to create accounts or enter their bank routing and account numbers, let alone input their address and other information when transacting online. End users simply login to their online banking to make a payment, and we instantly verify their account, all for just $0.18/transaction (paid by the merchant). Knox means less cart abandonment, more security, and increased conversion, all while saving on payment processing fees.
Product distribution strategy: Direct to Business (B2B), through financial institutions, through other fintech companies and platforms