Posted by Checkbook on Sep 12, 2018
Checkbook Reaches 2 Million Digital Check Users Bringing Consumer Ease To Business Payments
Checkbook today announces two million users eliminating paper checks with its user-first digital payment solution. Founded by former Visa Chief Architect PJ Gupta, Checkbook helps businesses and consumers eliminate the complexities and insecurities plaguing the paper Check payment world. "Over 17 billion check payments for nearly $27 trillion in 2016 costing businesses billions are startling numbers if you consider how archaic, time consuming and unsafe it is to use paper Checks today," said Checkbook founder and CEO PJ Gupta. "Checkbook is helping accelerate digital payment adoption by eliminating the extra steps and security gaps on both sides of the transaction and hitting the two million user mark is an exciting accomplishment."
A simple email exchange
Checkbook simplifies business and individual payments replacing time consuming steps for both the sender and the receiver of money with one email exchange. Checkbook immediately sends a Digital Check and does not charge percentage based fees like other payment companies like Square. Checkbook is free for individuals up to three Digital Checks per month and $1 per check for business solutions. Checkbook has no on-boarding or miscellaneous add-on fees and there's no wallet holding funds which means the recipient gets their funds directly in their bank account from the payor's bank account.
How It Works
Users only need an email address, simply verify their banking credentials one time to send and receive Digital Checks. For the recipient there is no sign up and no app to download and no username and password to maintain and keep track of. While consumers and sole proprietors benefit greatly from Checkbook's Digital Check efficiencies, banking and financial institutions save the most time and money based on the sheer number of paper check transactions performed every year. Replacing the operational costs of printing, mailing and manually tracking millions of paper checks provides significant time and financial savings. "As the payment landscape has become so complex from P2P to B2B with every flavor of fee and function, Checkbook's focus on simplicity and ease of use for both consumers and businesses has proven a winning combination," said Gupta.
Digital Checks vs. eChecks vs. ACH
Checkbook's Digital Checks contain a real check image so that transactions are immediate eliminating the need to input routing and checking numbers over and over. Banks utilizing other 3rd party bill pay tools are unable to provide insight or customer service due to the lack of back end integration, not the case with Checkbook's innovative API which eliminates 10 day wait periods providing true instant bill pay thus reducing customer service cycles (see Baxter Credit Union).
Checkbook is eliminating paper checks while increasing efficiency and security with Digital Check transactions. Based in Sunnyvale, CA, Checkbook was founded in 2015 by former VISA chief architect PJ Gupta and is funded by multiple VCs and individual investors including Tim Draper, Rocketship.vc., Angelist and Founders Fund.
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