Coil provides a platform for businesses to collect bank payments directly, eliminating credit card processing fees and minimizing customer churn. By facilitating ACH transactions, Coil enables companies to retain more revenue and improve cash flow stability.
Funding
$500K 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 significant costs and customer attrition due to credit card processing fees. Traditional payment methods can also lead to unstable cash flow and reduced revenue retention.
Solution
Coil offers a platform that enables businesses to directly collect bank payments from customers, bypassing credit card networks and their associated fees. By leveraging Automated Clearing House (ACH) transactions, Coil allows companies to retain a larger portion of their revenue. This direct payment method also reduces customer churn by providing a more seamless and reliable payment experience. The platform improves cash flow stability by minimizing transaction costs and ensuring timely payments.
Target Audience
Coil primarily targets businesses of all sizes that seek to reduce payment processing costs and improve customer retention through direct bank payments.
Features
- Direct bank payment processing via ACH
- Automated payment scheduling and reminders
- Real-time transaction monitoring and reporting
- Integration with accounting software
- Secure data encryption and compliance