Atlanta, GA, June 11, 2013 –(PR.com)– IMPACTorg announced today the launch of a new B2B (business-to-business) mobile enabled payments program. IMPACTorg partners accepted over $1 billion in check or card payments and paid an average cost of 2.5 % (or approximately $25 million) towards handling or interchange fees. IMPACTorg’s consortium was created to offer an alternative to the credit card, check or cash payments: a mobile wallet with no interchange fee.
The participating businesses will now make approximately $1 billion in payments currently being made with credit/debit cards and business checks with IMPACTorg’s mobile app. There is no interchange fee, thereby saving an estimated $25 million for members.
IMPACTorg CEO Sean Kumar applauded an initiative by fellow payments provider MCX founded on similar principles.
“IMPACTorg or MCX really should not be seen as champions of interchange free payments, but as champions of comprehensive reforms,” Kumar said.
Additionally, IMPACTorg has selected the Zipmark secure digital payment service to enhance its card and mobile payments initiative. As part of the initiative, Zipmark will streamline the reloading of cardholders’ IMPACTorg mobile wallets using a secure digital check from Zipmark.
“The overall payment ecosystem must be disrupted to create comprehensive change,” Kumar said. “Small retailers even pay for bad payment products. There is something not right here and definitely not right for merchants or their customers.”
“We are excited to be working with an organization such as IMPACTorg that is truly making advancements in merchant loyalty through a unique product that enables payment innovations like Zipmark,” said Jay Bhattacharya, CEO of Zipmark. “Customers of IMPACTorg constantly need to reload their loyalty card, and Zipmark provides a seamless avenue to quickly and securely transfer money from any bank account to their IMPACTorg card.”
Using the Zipmark gateway, consumers can attach their direct deposit account or other bank accounts to IMPACTorg’s mobile wallet, and pay with their mobile phones at IMPACTorg merchant locations.
Zipmark’s goal is to remove barriers between businesses and their money by bringing the checkbook into the 21st century: reducing the amount of time and money it takes to make a check payment, eliminating the possibility for bounced checks, and taking all risk out of the equation for payer and payee alike. Zipmark was launched in 2010 by Jay Bhattacharya and Jake Howerton, and is based in New York City. To learn more about the company please visit www.zipmark.com.
Zipmark’s investors are Village Ventures, Contour Venture Partners, NYC Seed, High Peaks Venture Capital and the New York City Investment Fund.
IMPACTorg (Independent Merchant Promoted Advanced Commerce Technologies Organization) is a growing movement, network, and consortium of more than 30,000 small- and medium-sized retail establishments whose primary objective is to promote mobile commerce, payment services, and loyalty marketing for and on behalf of independent retail merchants. IMPACTorg is creating a mobile payments platform that provides a faster, more convenient shopping experience for small merchants. Visit www.IMPACTorg.org.
Disclaimer: IMPACTorg™ is a registered trademark of IMPACTorg.org. Zipmark™ is a registered trademark of Zipmark Inc. All other copyrights and trademarks within the release are property of the respective brands.
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