SnapCheck
Crossing the Digital Divide in Business Payments

There’s a hint of passion and expertness, when Ken Kruszka, CEO of SnapCheck, exchanges his views on the exciting time the FinTech industry is witnessing. According to him, the era of open banking, platforms, and banking APIs has opened a world of possibilities for businesses and individuals alike. After leading several innovative payments and FinTech initiatives such as the first mobile remittance service in the US and the first global mobile bank account, Kruszka has observed the payments industry shift its innovation focus from consumer-oriented solutions to business-focused services. Retail CIOs, he notes, are also looking at how they can contribute to the health and vitality of their organizations, and are seeing accounts payable modernization as an obvious starting point, since businesses in the US collectively still spend over $50 Billion annually just to pay their vendors and suppliers with age-old paper checks. This challenge of ridding the business world of vestigages of the past is precisely what drives SnapCheck— helping businesses to modernize and digitize their payments without having to change their back-office processes.

Leveraging the new openness of banks to explore creative solutions with FinTechs, SnapCheck allows financial institutions to strengthen their relationship with their business account holders in a meaningful way by providing a simplified way for companies to pay suppliers, vendors, and contractors, with its Digital Checking Platform. Through SnapCheck’s platform, businesses can get all the advantages of digitization such as cost savings, speed, convenience, increased visibility, and transparency without retraining staff or adding new process.

The SnapCheck experience resonates simplicity. Just as in paper checks, the only information needed to make a payment is the payee’s name and an amount. Of course, additional information can also be provided by means of an optional memo or attaching any relevant documents to accompany the payment, such as an invoice or bill. Through SnapCheck’s web/mobile application or one of their registered banking partners, users can send a SnapCheckdirectly to their suppliers via email, Skype, WhatsApp, WeChat, DropBox, or any other method of online sharing.

And, the SnapCheck application allows the users to view and track the end-to-end status of all payments, sent and received,which is crucial for businesses to manage their cash flow better.

SnapCheck brings an unparalleled level of transparency, auditability, and visibility into payments and allows businesses to realize better cash management

“SnapCheck marries the ubiquity and universal acceptance of checks with the speed, security, and convenience of electronic payments,” says Kruszka. As payment cards add roughly 3 percent cost to the transaction, and wherein wire transactions cost $40 to send and $30 to receive, neither the client nor the supplier wants to incur that fee. The company addresses such core concerns head-on with the SnapCheck Digital Checking Platform, which not only avoids additional expenses to either the business or their suppliers but also achieves a minimum 70 percent cost savings compared to paper checks. SnapCheck’s inherent fraud mitigating digital checks eliminate more than 90 percent of check fraud scenarios. Beyond that, “SnapCheck brings an unparalleled level of transparency, auditability, and visibility into payments and allows businesses to enable better cash management—all delivered in a payment form that doesn’t require any accounting or back-office process changes for either payer or payee,” Kruszka explains.

SnapCheck’s current capabilities allow businesses to link their accounts to over 4,000 banks in the US and more are coming onboard every month. Its rising popularity promises to expand its customer base throughout the United States and around the world in the coming year. Staying ahead of the curve, SnapCheck looks forward to building stronger partnerships with not only financial institutions but also key business systems providers to help businesses move forward into the ever-more digital future of payments.