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Executive Voice

Checkbook is Revolutionizing Payment Processing and Transforming a Billion-Dollar Industry

For decades, businesses and payroll companies have had to contend with slow and inefficient payment processing systems to disburse funds to employees, customers, and vendors. Even as companies continued to innovate in recent years, payment platforms remained stuck in the past with no way to connect the traditional methods to a new age of digital payments.

With Checkbook, that connection has arrived.

Checkbook serves as a bridge for businesses looking to improve their payment systems in the digital age, solving the key inefficiencies of paper checks while providing safe and flexible methods for distributing funds in real-time. As a result, payors are able to push payments more quickly and efficiently, and payees receive their funds faster and in the way that works best for them.

The 2018 Federal Reserve Payments Report revealed that over 15 billion paper checks were sent throughout the United States. Although paper checks continue to dominate payment volume for American businesses, the method remains flawed, and inefficient. Checkbook revolutionizes push payments to transform what has been a time-consuming and expensive process into one that can be completed within a few minutes – and a few clicks of a button.

“You can send 1500 people a payment in under two minutes,” Kareem Yacout of Sales, Marketing, and Operations says. “Imagine, rather than having to sit down and manually write and send 1500 checks, you can send them out in minutes.”

Checkbook dramatically speeds up the processing time for payroll companies as well as any business that needs to push payments at a large scale. For example, a business that gives rebates to its customers often sends out paper checks after the purchase has been made – a system that can take weeks or months to reach thousands of customers. With Checkbook, this can all be done in a single day.

The way that Checkbook works is simple: Users create an account using their email address, securely enter and verify their financial information, and they are ready to start. All data is encrypted and held securely, dramatically reducing the instances of fraud and identity theft. Users can be ready to use Checkbook within minutes of their initial sign up. 

Checkbook’s openRESTful API integrates seamlessly within the company’s own system, meaning they can begin issuing payments almost immediately. For businesses who want a more robust solution, Checkbook offers White Label Marketplace Implementation, a complete set of building blocks to support virtually any business model from mass disbursements to financial service marketplaces.

“When you sign up with Checkbook, we can brand it for you, it can look and feel like your own system, logos, everything,” VP of Strategic Partnerships Christian Murray says. “So, when you’re interacting with your customers or payments are going out, our system makes it look and feel like you built this amazing system.”

Although they work with many organizations who still distribute paper checks, Checkbook also provides tools and resources to help those companies transition to faster payment processes that can make them more agile in the digital age.

Payees have the traditional options of paper checks of ACH payments – or they can opt for real-time payments entered instantly into their bank accounts, Instant Pay options that connect with an on-file credit or debit card, and Virtual Cards, a payment option that does not require a bank account. By offering a variety of options, Checkbook allows each company to meet their employees’ needs, whatever they may be.

“We have a better way of doing it, a way that is more cost effective and streamlined,” Murray says. “And people that you’re paying are going to be more excited to receive their money quicker.”

While other fintech firms offer a variety of digital options, Checkbook stands apart in the industry because of their commitment to meet companies where they are. By serving as a bridge between the traditional payment processes and newer digital payments, Checkbook helps companies transition seamlessly at a speed that works best for them. It is a commitment that has gained them a loyal client base that continues to grow.

“All of the industries that we serve, anybody who has a payment need, we can facilitate. Everyone who is using paper checks, we want to help them, service them, and then help them transition,” VP of Sales Clark Spink says. “Some companies may be unfamiliar with digital forms of payment, so we can help them – and then once you connect with us, we can also show them more modern forms of payment.”

As Checkbook continues to serve organizations across the country, they are the rare company that provides a ready-made solution for a pressing issue – and also delivers a road toward a more promising future.

To learn more about Checkbook’s innovative payment solutions, visit www.checkbook.io

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