US startup Knox Payments raises $900K from angel investors for faster online checkouts
Knox Payments received $900,000 in funding from angel investors in Virginia to make payment transactions faster. The startup is also launching a limited beta for merchants, according to VentureBeat.
Knox Payments is a a new service that allows merchants to conduct ACH payments. These are transactions wherein customers can pay directly to merchants using their bank accounts. What differentiates the service from its competitors is its primary focus on speed. In addition, Knox Payments does not offer user accounts and simply functions as a tool for fast online checkouts, the report detailed.
According to cofounder Tommy Nicholas, Knox Payments' no-account ACH transaction certainly gives it an advantage against its other rivals such as Balanced, VentureBeat reported.
Nicholas said: "Now a business can put our button on their website, and when people go to pay, they can choose to pay with their bank. Our thesis is around making this process way faster and reducing keystrokes. You can go through an online checkout in three clicks. We only charge $0.18 per transactions over $2."