SOURCE: Zipmark


November 14, 2012 13:11 ET

Over 5,000 Bank Checks Destroyed by New York City Startup Zipmark

According to Internal Records, Zipmark Officially Destroyed Over 5,000 Checks When Its Customers Chose It to Pay Next Day eChecks in Lieu of Paper Checks

NEW YORK, NY--(Marketwire - Nov 14, 2012) -  Zipmark™, a pioneer in mobile and online payments, today announced that it has purposely destroyed over 5,000 paper checks from its customers. Slow delivery of paper checks via mail, the processing time for a bank to release funds and the contact information including residential phone numbers on the checks were all reasons why Zipmark helped eliminate its customers' paper checks. In replace of the checks, Zipmark customers generated more than 5,000 eChecks, which unlike other online and mobile payment providers the funds were available the next business day. This news follows on the heels of a very successful month of October with the signing of several industry partnerships including 2Go Media, Alligato and RentShare.

"Paper checks should be a fixture of our past and Zipmark is doing what it can to eliminate their existence by creating a secure and reliable platform that allows both consumers and businesses to pay their bills the next day with their bank or credit union account," said Jay Bhattacharya, CEO of Zipmark. "5,000 checks means 5,000 less envelopes, 5,000 less stamps and 5,000 less times worrying about whether the payment was received (on time)."

Zipmark vs. Other Payment Platforms

Other online and mobile payment platforms either use credit cards or indirect holding accounts to move money in addition to having to log into their service every time you want to process a payment. In addition, online payment features offered by banks and credit unions take several days to pay a bill, primarily because the check is often times sent via U.S. mail service. These processes add complexity and "wait" time. Zipmark replaces these hurdles by literally connecting the payer and payee's accounts so money can be received and available the next business day. Paying with an eCheck using Zipmark is now as simple as cutting a paper check, but without all the other steps involved (with other platforms) with the delivery and deposit of that particular paper check.

About Zipmark
Zipmark's goal is to remove barriers between businesses and their money by bringing the checkbook into the 21st century: reducing the amount of time and money it takes to make a check payment, eliminating the possibility for bounced checks and taking all risk out of the equation for payer and payee alike. Zipmark was launched in 2010 by Jay Bhattacharya and Jake Howerton, and is based in New York City. Zipmark's investors are Village Ventures, Contour Venture Partners, NYC Seed, High Peaks Venture Capital and the New York City Investment Fund.

Disclaimer: Zipmark™ is a registered trademark of Zipmark, Inc. All other copyrights and trademarks within the release are property of the respective brands.

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