Binkey provides an API-enabled payment platform that allows merchants to accept Flexible Spending Accounts (FSA) and Health Savings Accounts (HSA) as payment methods at checkout. This technology addresses the challenge of consumers forfeiting health benefit dollars by simplifying the process of discovering and purchasing eligible health products.
Funding
$4.6M raised to dateRaised to date based on public sources. This may differ from the amount the company actually raised and is based only on what is publicly available on the internet.
Founders
Product
Problem
Consumers often forfeit a significant portion of their Flexible Spending Account (FSA) and Health Savings Account (HSA) funds annually due to confusion about eligible expenses and difficulties in using these accounts for online purchases. Merchants also miss out on potential revenue by not directly accepting FSA/HSA payments, limiting access for consumers with these pre-tax health benefit accounts.
Solution
Binkey provides a suite of API-enabled solutions that allow merchants to directly accept FSA and HSA payments at checkout, increasing conversion rates and Average Order Value (AOV). The platform offers "FSA + HSA Rewind," enabling retailers to offer refunds for past eligible purchases, capturing new customers and increasing loyalty. Binkey also automates out-of-network vision insurance reimbursement, streamlining claims processing for customers. The solution integrates into existing apps or programs, intelligently identifying eligible transactions, automating claim submissions, and routing funds to various accounts.
Target Audience
Binkey primarily targets e-commerce merchants, retailers, and health benefit issuers looking to increase sales, improve customer loyalty, and simplify the process of using FSA/HSA funds for consumers.
Features
- API-enabled platform for direct FSA/HSA payment acceptance at checkout
- FSA + HSA Rewind feature to identify and reimburse past eligible purchases
- Automated out-of-network vision insurance reimbursement processing
- AI-driven categorization engine to verify FSA/HSA eligibility for millions of products
- Integration with over 100 health benefit administrators
- Intelligent fund routing to credit cards, deposit accounts, or loyalty rewards balances
- Developer-friendly APIs for seamless integration into existing systems
- SOC 2 Type II and HIPAA compliance for secure data handling