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Wednesday
Dec262012

BancBox Process

The typical process for moving forward with BancBox goes like this:

  1. A company discovers us or is called and is interested in the solution
  2. The company understands the pricing and is comfortable that it matches with their business model
  3. The company works with us to understand and agree to how funds will flow through the combined system
  4. The company will spend time with the APIs to determine any technical hang-ups that might make working with us impossible or too difficult (this does not mean that every one of our clients implements the solution prior to moving forward, but some do)
  5. The company approves Terms and Conditions, pricing, the funds flow and a description and completes the online application
  6. BancBox runs some background checks on the principals and confirms the model
  7. BancBox creates an underwriting package for delivery to our bank partner who determines whether or not to move forward
  8. On bank approval the company is provided with production keys to go live.

Companies whose principals have clean backgrounds and a good business model that raises no or little risk issues for the bank are approved within 5 business days.  However, neither BancBox nor our bank will go through steps 6 and 7 until a company has completed steps 3, 4 and 5 and is ready to sign a contract.  For this reason we have created our comprehensive, free-to-use sandbox for testing and integration purposes.

If you're done with the sandbox environment, fill out the application by pushing the "go live" button or send an e-mail to contact@bancbox.com

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