Provides a real-time payout platform that enables businesses to instantly send and receive funds through nine transaction methods, including virtual prepaid cards, eChecks, and RTP. By offering customizable APIs and white-labeled solutions, it reduces transaction costs, accelerates onboarding, and ensures compliance with automated tax verification and reporting.
Funding
$10.5M 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
Businesses face challenges in efficiently and cost-effectively disbursing funds to various recipients, often dealing with slow processing times, high transaction fees, and complex compliance requirements. The limited number of payout options can lead to customer dissatisfaction and hinder business growth.
Solution
Interchecks provides a real-time payout platform that enables businesses to instantly send and receive funds through multiple transaction methods, including virtual prepaid cards, eChecks, and RTP. The platform offers customizable APIs and white-labeled solutions, allowing businesses to tailor their payout processes to meet specific needs. By automating tax verification and reporting, Interchecks ensures compliance while reducing administrative overhead. The platform's flexibility and speed enhance customer satisfaction and streamline financial operations.
Target Audience
The primary target audience includes businesses in online gaming, digital assets, and fintech industries that require fast, flexible, and compliant payout solutions for consumers and businesses.
Features
- Instant payouts via Instant Deposit, PayPal, Virtual Prepaid Card, eCheck, Venmo, and RTP.
- Support for traditional payout methods including Direct Deposit and physical Checks.
- RESTful API for easy integration and customization of payout processes.
- White-labeled service to launch a branded payment platform.
- Automated Form W-9 collection and real-time name and tax verification with the IRS.
- Automated 1099 threshold tracking for tax compliance.
- Advanced compliance and security controls, including encrypted data and daily transaction monitoring.
- PCI Level 1 and SOC 2 Type II compliance.