The Apps experience is the crux of a consumer’s smartphone use. It has shortened the time spent on day-to-day payments. One mobile application, MyCheck, eliminates the long wait to pay bills at restaurants, bars, hotels, and other places of entertainment, and allows customers to pay with their mobile phones.
MyCheck has gained popularity among consumers because of its real-time features such as splitting the bill evenly, paying by item or percentage, or adding a tip—all while earning loyalty points and other benefits. This application can be downloaded for free from the App Store or Google Play for individual use. It has also benefited participating merchants with faster turnarounds, customer loyalty, higher tips for the servers, and marketing based on customers’ tastes and preferences.
MyCheck was founded in Israel in 2011, and currently operates in the U.S., U.K., Brazil and Israel. MyCheck technology has been adopted by industry giants such as Isracard (Mastercard’s licensee in Israel) and PayPal in the U.K and U.S. The company integrates with about 25 different point-of-sale platform providers and has over 3000 merchants as customers worldwide. In 2013, it had 34 employees collectively in Israel, Manhattan and London.
Mycheck claims to have seen a 320 percent growth in transaction volume in the last six months, primarily as the result of their private-label activity.
The company has raised $6.1 million in funding so far, the latest being the Series B round of $5 million from Santander Innoventures during March 2015. Previously, the Werthaimer family had invested in the company during the seed funding round with $1.7 Million in 2012, followed by $4.2 Million in August 2013 from Eli Elroy.
The company’s technology comes in 3 forms:
a) Standalone app for consumers.
b) White label checkout, which is a uniquely designed application for restaurants.
c) MyCheck Inside: Designed to be embedded in the restaurants’ existing apps to provide customers with streamlined checkout.