New Payment Platform Puts an End to the Daily Deposit RitualThe expense and time it takes to get money deposited can gouge a company's profit margins. Jay Bhattacharya decided to address nearly every pain point in the transaction process.
ByGwen Moran•
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There's nothing cheap about movingmoney.一个简单的转移从一个accoun究竟应该是怎样的呢t to another can require piles of paper invoices, checks or online payments, which often involve a hold on funds and the equivalent of Ticketmaster's "convenience charge." The expense and time it takes to get money deposited can gouge a company's profit margins.
Jay Bhattacharya decided to address nearly every pain point in the transaction process. As the former head of Citi Ventures, Citigroup's VC unit, and co-founder of Mobile Money Ventures, which was sold to Intuit in 2011, he knew how to navigate the check-processing infrastructure to slash costs. With Jake Howerton, who had launched tech companies Capanis Networks and iNYC Wireless, he founded New York City-basedZipmark, which allows business owners to bypass costly wire transfers, checks and credit or debit cards. Instead, companies and customers link directly to each other's U.S.-based checking accounts, no multiday approval process required. Zipmark charges the recipient of funds a 1 percent transaction fee ($5 maximum). And unlike PayPal, which can hold funds for an indeterminate amount of time, Zipmark guarantees access to those deposited funds the next day.