Nov. 30, 2018
Conext, a Happauge, N.Y.-based business-to-business mobile payment platform, is launching a service that allows businesses to make direct fund transfers to other vendors backed by a prepaid Visa.
The company is rolling out a platform that allows businesses to make direct transfers of $50,000 and in some cases up to $100,000, using a mobile payment app, Michael Casalini, president of Conext said in a phone interview.
The service is designed for small to medium-sized businesses that need real-time access to funds that bypasses traditional hold periods that can lock up funds for three to five business days in many cases, he said.
"What were trying to do is get people to rethink how they interact with their business’ money," he said.
The service allows companies to take a photo of their check and upload the document and those funds can be instantly transferred to other vendors in the network in order to make necessary payments.
The service has already been tested in New York, Georgia and Florida and the firm is planning to expand into major markets across the U.S.
Topics: Mobile Apps, Mobile Payments, Money Transfer / P2P, Transaction Processing
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