How they describe themselves: We’re solving the problem of paper Checks. Businesses and individuals are still sending out paper Checks. According to the Federal Reserve 15 Billion paper Checks were sent in the US in the year 2015. High volume verticals like Rebate Checks, Banks, Class Action settlements are prime targets. Our solution is simple – Digital Check recipients don’t need to sign-up or download any app – they can either Print the Check directly from email or Deposit it Online by verifying their bank account instantly.
How they describe their product/innovation: Digital Checks: Are a way to send Checks digitally in email without having to send paper.The recipient can either Print out the image and treat it like a paper Check or better yet choose the “Deposit Online” option where they instantly verify their bank account online and we credit the funds to their bank account using either ACH or Check21 transaction. All Digital Checks sent to them subsequently are automatically deposited in their bank account.
Product distribution strategy: Direct to Consumer (B2C), direct to Business (B2B), through financial institutions, through other fintech companies and platforms