Zipmark is a venture-backed payment business that enables real-time, secure payments directly from checking accounts, lowering costs and improving user experience. Zipmark’s API and payment services are being used by thousands of payers for utility, rent and invoice payments. It enables business to send and receive 100 % digital checks without risk.
Zipmark was launched in 2010 by Jay Bhattacharya and Jake Howerton, and is based in New York City. The company has received a total funding of $3.5 Mn through investors including Village ventures, Contour venture partners, High peak venture partners, Newyork city Investment, Scout Ventures and NYC seed.
With Zipmark users can connect their real checking account to the service, which enables user to pay invoices and send money to the friends. The Zipmark works over the check processing infrastructure. It doesn’t hold customers fund in the cloud for a longer period of time and transactions are verified. Instead the money clears a user account on the next working day.
How does Zipmark work?
- Customer selects Zipmark as the method of payment in the check-out process.
- Authenticate your account (username and password).
- Approve the payment amount.
Some of the features of the Zipmark’s platform:
- User can use this iphone application to scan Zipmark QR codes from paper bills which help them to send and receive money from friends and relatives .User can also link their account through this application.
- It helps the user in keeping track of their billing history and payments .It will send the notification to the user when the payment is due.
- Whenever the user wish to pay their account information is kept secure and it is not shared with the biller.
- The user can setup their automatic approval for their recurring bills.
- Zipmark's transaction fee is only 1% with a $5 cap.
"Zipmark has experienced great adoption over the past few months, and this round of funding will enable us to continue and even increase that growth rate," said Jay Bhattacharya, CEO and co-founder of Zipmark. "Our team has doubled in size and we look forward to beating that growth in the remainder of 2013."
Since coming out of beta in late 2012, Zipmark has changed the way small to midsize businesses invoice and collect payment by introducing the first secure digital check platform. Unlike the ACH network that is used as the major clearinghouse for bank deposits and payments, Zipmark built a proprietary hybrid payment platform and risk management platform that deposits guaranteed funds into a biller's operating account on the next business day. The ACH network can take as long as ten business days to deposit funds.