Zipmark is certainly modernizing the tried and true checkbook. We have eliminated the old paper process and added layers of authorization and verification to the process. This allows users to pay for bills from their checking account easily and securely.
2) How it works exactly for the final customer ? Is it free for him ?
Zipmark's business arrangements are through the merchants and our pricing is designed to be easy for them to understand: 1% with a maximum of $5 per transaction. This will allow convenient electronic payments where they were not possible before especially with our verification and guaranteed funds model. We are working with merchants in this way to ensure that the check payment remains free for end users as it always has been.
3) Do you have to deal with the customer bank (the issuing bank) to have e-check habilitation ? How the bank is sure that it's its customer who signed the e-check ?
Zipmark's unique process integrates with banks through the US Federal Reserve Bank. This allows us to facilitate transactions from any checking account at any bank in the US.
4) Who are your first target : big billing companies or ordinary people ? (I mean do you plan a B2B distribution or a B2C distribution ?)
Zipmark initial pilots are in real estate payments where we are facilitating the collection of lease payments and fees. Often this is the last paper check the people use. For property managers, there is always the risk of a bounced check and the delay associated with managing checks. Zipmark's easy process and integration to even their paper invoices allows them to accept payments that are guaranteed and with funds delivered to their account overnight.
5) Do you think that e-check (on mobile) is more convenient than mobile wallet (like google or paypal) ?
For certain payments, Zipmark's eCheck process presents a significant advantage in price and time to settle. By providing the merchants with a better, faster and less expensive option, Zipmark should be the preferred method of collection which is the ultimate convenience. Mobile wallets are coming and we hope to include Zipmark as a payment method for them.
6) Is your 1% commission enough to cover fraudulent e-checks if exist ?
Our fee is designed to manage our risk. Our software and biller API provides the intelligence around a checking transaction that did not exist before.
7) What about your trial with Sunshine Suite ?
Sunshine suites has been a phenomenal initial customer. We are actually tenants at Sunshine and we sit next to our first users which has given us enormous access to user insights.
8) What is your next step ?
We are preparing for public availability of Zipmark products and the announcement of our next distribution partnership for utility companies.
9) What do you think of the Spanish approach or the Danish approach which are based on the mobile reader (QR or picture) on paper bills but with a banking transfer instead of a e-check ?
This approach is very similar to Zipmark. The Zipmark Biller API allows businesses ranging from small to large to easily create the QR codes on paper. Our API is flexible enough to be used by even other third party invoicing platforms like Freshbooks.
10) Do you plan to come in Europe ? In France ?
We are currently exploring our expansion opportunities. Having built my experience at a multinational bank, Zipmark's plan will include a global strategy to take advantage of these markets and the need for elegant payments translates well to any language.
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