Binkey simplifies FSA/HSA spending for consumers and boosts sales for e-commerce merchants. Its platform enables direct FSA/HSA payments at checkout with AI-driven eligibility detection and automates out-of-network vision insurance claims.
Funding
$3.3M 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.
WMFounders
Product
Problem
Many consumers with Flexible Spending Accounts (FSA) and Health Savings Accounts (HSA) forfeit unused funds annually due to confusion about eligible purchases or the complexity of reimbursement processes. Additionally, online vision retailers often operate out-of-network with vision insurers, creating a barrier for customers wanting to utilize their benefits. This results in lost sales for businesses and unspent healthcare dollars for consumers.
Solution
Binkey provides a suite of integrated solutions designed to simplify the utilization of health benefits for consumers and increase sales for businesses. The Binkey Pay platform enables merchants to accept FSA/HSA payments directly at checkout, identifying eligible products through an AI-driven categorization engine. For past purchases, Binkey Rewind offers a cashback program that automates the identification and submission of claims for eligible FSA/HSA expenses, returning funds to consumers. Furthermore, Binkey Vision streamlines the out-of-network vision insurance reimbursement process for online optical retailers, allowing customers to easily submit claims post-purchase. These offerings enhance customer experience, drive loyalty, and unlock access to the significant FSA/HSA market.
Target Audience
Binkey serves e-commerce businesses in the health, wellness, and optical sectors, including online retailers of health products, supplements, vision care items, and medical supplies.
Features
- **Binkey Pay:** Real-time FSA/HSA payment processing at e-commerce checkout, including IIAS Certificate of Eligibility generation to reduce card declines.
- **FSA/HSA Eligibility Detection:** AI-powered item-level authentication to automatically identify and tag eligible health products for consumers.
- **Split-Tender Payments:** Allows customers to combine FSA/HSA funds with other payment methods for purchases containing both eligible and non-eligible items.
- **Binkey Rewind:** A lookback cashback program that analyzes historical purchases to identify FSA/HSA eligible items and automates claim submission for reimbursement.
- **Binkey Vision:** End-to-end solution for automating out-of-network vision insurance claims, supporting all major US vision plan administrators.
- **SIG-IS Approved:** Binkey Pay is a SIG-IS-approved third-party payment processor for healthcare transactions.
- **Developer-Friendly APIs:** Integrates seamlessly into existing e-commerce platforms and applications via low-code widgets and APIs.
- **Compliance:** HIPAA, SOC 2 Type II, and PCI compliant data handling and processing.
- **Customer Support:** Binkey handles all customer inquiries related to claim submission and reimbursement processes.