SynchPay provides a payment processing platform that enables account-to-account transactions with a flat fee of 0.75%, significantly reducing costs compared to traditional credit card processing. The service offers same-day settlement and eliminates chargebacks, allowing businesses to retain more revenue while streamlining payment collection and insurance reimbursement processes.
Funding
Funding not disclosed
Founders
Product
Problem
Traditional payment processing methods, particularly credit cards, impose high transaction fees on businesses, eroding profit margins. These methods often involve delayed settlement times and the risk of chargebacks, creating financial uncertainty for merchants.
Solution
SynchPay offers a payment processing platform that facilitates direct account-to-account transactions at a flat fee of 0.75%, significantly lower than standard credit card processing rates. The platform provides same-day settlement, ensuring quicker access to funds, and eliminates the risk of chargebacks, offering businesses greater financial stability. SynchPay streamlines payment collection and insurance reimbursement processes through a unified billing inbox with real-time invoiced payments and one-tap medical bill submission to insurance providers. The platform integrates with existing software to simplify payment operations.
Target Audience
SynchPay primarily targets small to medium-sized businesses across various industries seeking to reduce payment processing costs and improve cash flow.
Features
- Flat-fee payment processing at 0.75% per transaction
- Same-day settlement for faster access to funds
- Elimination of chargebacks to reduce financial risk
- Unified billing inbox for real-time invoiced payments
- One-tap medical bill submission to insurance for streamlined reimbursement
- Seamless integration with existing business software