WealthTech

With $6.1 Mn in Funding, MyCheck Improvises the Checkout experience for Consumers

You would agree that when it comes to restaurants suddenly we become a little more impatient. We can’t wait in queue, can’t wait to get our food and finally when we finish eating (and talking) we can’t wait to get the check and pay the bill. MyCheck, is a mobile checkout app that consumers can utilize to see their bills and pay their checks via smart phone.

MyCheck was launced In March 2011 in Israel. The company has received a total funding of $6.1 Mn through investors Werthaimer family, Saban Capital Group and Eli Elroy. MyCheck says that it has over 100,000 direct subscribers and 1,000,000 indirect users in Israel. It is accepted by around 400 merchants including the largest full service café chain (at 120 locations) and 2nd largest gas station chain (215 locations). MyCheck counts 20 persons in Israel, 5 in London and 9 in Manhattan, as employees.

How does it work?

  • When they arrive at a participating restaurant, consumers can “check in” with MyCheck.
  • A four-digital code on their smartphone screens is then shown to their servers.
  • Once a server enters this code into the restaurant’s POS system, customers are able to view, split, and pay for their restaurant bill.
  • Restaurants get paid within 24 to 48 hours via ACH credit. Restaurants are charged no setup costs or monthly fees.

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“The value proposition to merchants is clear: it’s faster, there’s less chargeback, and you can sell more, because the server can concentrate on you and not the check,” said Tal Zvi Nathanel, co-founder of MyCheck. He currently leads the U.S. operations for the company.

About the app:

  • MyCheck apps for iOS and Android also support check-splitting.mycheck2
  • According to Nathanel MyCheck is growing quickly, with an average monthly transactional growth rate of 40%.
  • It’s integrated into 15 POS worldwide, which equates to easier implementation for most venues.
  • MyCheck boasts a merchant of record status and PCI compliance, so consumers can feel secure about using their credit through the application.

“None of our competitors in the United States have managed to capture a dominating amount of market share so the battle is still to create the best product and achieve the greatest reach in the shortest amount of time.” said Shlomit Kugler, CEO of MyCheck. “For these goals we’re working very hard, although I think considering the user experience our app offers, we’re sitting in a very good place right now,” he added.

Some of the other companies operating in this space include Dash, Cover, E la Carte and Tabbedout. Dash is a mobile payments platform that enables users to pay the bill with their smartphone without having to wait for the check at restaurants, clubs and bars. The restaurant also gets reports, analytics and insights into customer behavior. Their mobile application was launched on 19th November 2013 and kicked off at 25 venues in New York. 50 restaurants have already signed up for their platform.

Chiraag Patel

Chiraag Patel is a Senior Reporting Analyst and the Editor of Bitcoin and Virtual Currency channels at Lets Talk Payments. He is an engineer with deep interest in MMORPG, Virtual Banking, Game Currency and Virtual Cash. Chiraag enjoys Reading& Blogging with focus on New Innovation, Technology & Startups in the Payments Space.

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