Online payments seem to be getting easier & easier by the way. A new payment processing system connecting the customers’ banks with a merchant, while charging you just under a dollar for the money transfer, has got to be a winning idea, right? Generally, every transaction shaves off a little more than 3% in electronic transaction fees. For businesses & non profits, where every $$$ counts, the introduction of a tiny (& therefore manageable) processing fee can go miles.
Safer and faster payment processing is the mantra of Richmond, USA-based Knox Payments. There are no credit card forms or account numbers to remember, say the developers. You just use the bank where you hold an account, login with your credentials, & transact your business. Currently, Knox supports 20 banks in the USA. Making a payment with Knox is not complicated.
Thomas Eide, Founder & CEO of the company is a serial entrepreneur. In an interview with Richmond Times Dispatch, he said, “Credit card companies come between businesses & their customers. They are a tax on the economic model, sometimes up to 3 percent to 5 percent. And they’re cumbersome, with lots of fields that we have to fill out when paying online.”
Here is how it works:
You 1st find your bank, log in, select an Account, & then pay.
Knox is the easiest way to pay. No credit card forms to fill out or account numbers to remember, just login to the bank you use everyday. The entire operation is seamless from integration to checkout.
The company says it complies with SOC 2 best practices for data and user security & uses 256-bit AES TLS 1.2 with Perfect-Forward-Secrecy for encryption. With Knox Payments, the days of ACH (Automated Clearing House, an electronic network for financial transactions in the United States) payments seems to be receding rapidly.
– This post is merely a startup profile based on publicly available information & not a review. –
Image Credit: Knox