NEW YORK, NY--(Marketwired - Nov 4, 2014) - Zipmark™, an innovative payment platform, announced today its agreement to terms to acquire WorkingPoint, a leading accounting and billing solution, creating an all-in-one payment platform for small- to mid-size businesses. Zipmark with WorkingPoint will offer businesses a comprehensive business management solution, including invoicing, tax reporting, inventory and expense management, and a business dashboard that allows its users to quickly gauge the state of their finances. The online payment platform will also enable businesses to quickly send and receive funds, at minimal cost, to and from multiple bank accounts, improving their cash flow and customer experience.
With the acquisition Zipmark will extend payments services across WorkingPoint's entire customer base, enabling businesses to collect payments online. Customers will be able to receive payments from their clients as early as the next business morning following the submission of an invoice. By streamlining the process, business can now avoid the nuisance of paper checks, which require they go through several steps including accepting the check, depositing, and waiting for banks to process them. Zipmark's transaction fees are also competitive by industry standards and significantly less costly than paper check options.
"By acquiring WorkingPoint, Zipmark's superior service will now offer small- to mid-size companies an all-in-one digital platform that can handle all their financial and payment needs," said Jay Bhattacharya, CEO and co-founder of Zipmark. "Our company is a significant value add to the SMB industry and with WorkingPoint we can support businesses under one roof who have until now been forced to use two or more products to accomplish the same results."
In a typical three-month period, WorkingPoint processes over $1 billion in bills and expenses and invoices over $2 billion to customers. WorkingPoint was founded in July 2009 and backed by Tom Proulx, the co-founder of Intuit, and one of the key individuals behind the creation of Quicken and QuickBooks.
"Zipmark has been an exceptional partner of ours for several years and it was a natural move to integrate our products to create a comprehensive service unlike any other in the industry," said Sam Hodges, a board member of WorkingPoint. "We are excited to offer a better and more complete solution for our customers and to officially be a part of the Zipmark team."
Previously, Zipmark has been used to improve accounts receivable and payable for small- and mid-size businesses. Many firms opt for paper checks as a result of exorbitant transaction fees associated with other types of payment options such as ACH. With Zipmark, businesses can send an invoice to a customer on a Monday and receive funds directly into their checking account on Tuesday morning.
Disclaimer: Zipmark™ is a registered trademark of Zipmark, Inc. WorkingPoint™ is a registered trademark of Netbooks, Inc. DBA WorkingPoint. All other copyrights and trademarks within the release are property of the respective brands.
About Zipmark
Zipmark is an online payment platform, enabling businesses to send and receive digital check payments without risk. Zipmark is dedicated to reducing the amount of time and money it takes businesses to collect and deposit their payments. Through Zipmark, businesses can easily integrate with the platform and benefit from a lower cost alternative to credit and debit cards. The company was launched in 2010 by Jay Bhattacharya and Jake Howerton, and is based in New York City. Zipmark's investors include Village Ventures, Contour Venture Partners, NYC Seed, High Peaks Venture Capital, Scout Ventures, Shai Stern, Don Layden and the New York City Investment Fund. www.zipmark.com
About WorkingPoint
WorkingPoint is the leading online small business management solution. The WorkingPoint solution offers invoicing, bookkeeping, tax reporting, inventory and expense management, and a business dashboard that allows our users to quickly gauge the state of their finances. Please visit www.workingpoint.com to learn more.
Contact Information:
Press contact:
Zipmark
press@zipmark.com