SnapCheck
SnapCheck now part of Payroc, is a trailblazing entity in the financial services industry based in San Mateo, CA. With a team of 11-50 dedicated professionals, SnapCheck focuses on revolutionizing traditional payment methods by offering a high-speed, ultra-secure, and widely accepted alternative to paper checks.
The company’s mission revolves around liberating businesses and individuals from the constraints of paper checks, aiming to put an end to the staggering 18 billion checks processed in the US annually.
By transitioning to their innovative digital checking platform, SnapCheck envisions conserving up to a million trees, highlighting their commitment to environmental sustainability.
SnapCheck sets itself apart with its groundbreaking open-ecosystem solution, allowing seamless payments to be made to anyone, anywhere, using the familiar format of a check, but without the drawbacks associated with paper-based transactions.
With patented technology at the core of their operations, SnapCheck empowers businesses, consumers, and financial institutions to collectively save over $50 billion annually in operational costs and mitigate fraud losses by up to $20 billion.
In a landscape marked by traditional practices, SnapCheck stands out as a disruptive force driving significant cost savings and enhanced security in the financial realm.
Their innovative approach signals a paradigm shift towards efficient, eco-friendly payment solutions that resonate with modern businesses and conscientious consumers alike.
SnapCheck has been selected as the winner in the ‘Top 10 Companies in Finance’ category. SnapCheck is driving the elimination of paper checks, saving organizations 65% or more in payment costs and reducing fraud by 90%.
Businesses are trapped in a world of paper checks. In 2016, businesses still conduct a majority of B2B transactions via paper check, and the use of paper checks is on the rise.
This dependence costs businesses and banks $50 Billion in direct costs (printing, postage, writing, monitoring, reconciling) and $20 Billion in fraud losses annually.
SnapCheck blockchain-enabled digital checking platform empowers organizations to break free from the trappings of paper payments and embrace electronic transactions.
SnapCheck digital checking platform integrates with bank core processors, accounts payable systems, payroll platforms to provide a seamless experience for users to send highly-secure SnapCheck digital checks instantly, directly from their mobile/online banking account or their preferred accounting software.
Because SnapCheck are 100% compatible with traditional paper check deposit methods (mobile, ATM, branch), recipients can maintain their legacy deposit processes or step up to instant, electronic deposits through SnapCheck, whenever they’re ready to do so.
Fraud is eliminated through strong cryptographic controls built into the digital check itself.
SnapCheck combines the strength of electronic payments with the ubiquity of checks to save costs and eliminate fraud for businesses and banks alike.
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