HomeHomehttp://blog.bancbox.com/home/2012-12-26T22:10:39ZSquarespaceBancBox Processhttp://blog.bancbox.com/home/2012/12/26/bancbox-process.htmlAdhir Ravipati2012-12-26T22:02:08Z2012-12-26T22:02:08ZThe 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. 

]]>BancBox Inquirieshttp://blog.bancbox.com/home/2012/12/11/bancbox-inquiries.htmlAdhir Ravipati2012-12-12T02:04:00Z2012-12-12T02:04:00ZSince launching our BancBox platform in June, we have identified a series of questions we find helpful in serving our inquiries and potential customers. In an effort to better serve our potential customers, we have compiled a series of questions we typically find help us better serve incoming inquiries. Some of these include:

1. What is the background of the principals of the business? 

2. Is your website currently live and if so, how many transactions are you completing each month?

3. How is your business funded?

4. Please review the business models below and identify the one that most closely matches your intended business model and needs.

Marketplace: You're creating a marketplace and are looking to collect funds via a credit/debit card and/or ACH from people who want to buy products and/or services from sellers on your site.  You want to take the buyer's money, passing it to the seller after the appropriate party approves that the transaction has been completed satisfactorily.  You'll take a percentage of the transaction as your fee.  You're looking to pay your seller via ACH, BillPay, PayPal or a paper check.

or

Wallet: You are looking to create a peer2peer transfer business whereby your customers deposit money via credit/debit card and/or ACH.  You'll take a percentage of each transaction between two or more parties.  You'll allow customers to request funds to be paid to them via: ACH, BillPay, PayPal, Debit Card or a paper check.

or

Crowdfunding: You are looking to enable crowd-funding and require an independent organization to collect the funds via an ACH or wire transfer, place them into an escrow account, manage the escrow and then pay out or return the funds to the issuer of the security or the investors via ACH, wire transfer or a paper check, depending on the result of the escrow.  You'll take a percentage of the capital raised as payment.

or

Giftcard: You are looking to create a virtual giftcard company and must collect money via a credit/debit card and or ACH from people who want to buy the giftcard.  You're looking to provide the giftcard funds to the recipient via ACH, BillPay, PayPal or a paper check.  You will  charge a fee for facilitating this transaction.

or

GroupBuy: You are looking to combine peer2peer transfers with a marketplace to create a group purchasing solution.

or

Other (please explain) 

 

If you are interested in the BancBox platform, feel free to copy and paste these questions with your answers and send it on to contact@bancbox.com, and we will be in touch with you as soon as possible. 

]]>Merchant Accounthttp://blog.bancbox.com/home/2012/12/5/merchant-account.htmlAdhir Ravipati2012-12-05T18:39:36Z2012-12-05T18:39:36Z"A merchant account is a type of bank account that allows businesses to accept payments by debit or credit cards. A merchant account is established under an agreement between an acceptor and a merchant acquiring bank for the settlement of payment card transactions. In some cases a payment processor, independent sales organization (ISO), or merchant service provider (MSP) is also a party to the merchant agreement." 

BancBox currently operates under a "bring your own" merchant account model. BancBox allows the flexibility for companies to use a solution they have already integrated and prefer, or work with a BancBox partner to acquire a merchant account. The BancBox platform can then collect funds from the merchant account, store these in an FDIC insured account(s), and send these funds all using our APIs. BancBox is built to handle the most complex funds flows and working with a merchant account is no different. 

Visit www.bancbox.com for more information.  

]]>Wells Fargo Presents Panelhttp://blog.bancbox.com/home/2012/11/27/wells-fargo-presents-panel.htmlAdhir Ravipati2012-11-27T21:49:53Z2012-11-27T21:49:53ZBancBox is excited to announce CEO Sanj Goyle's participation tomorrow in the Wells Fargo How to get "Business Ready" for Payment Acceptance Panel in San Francisco. This "how to" workshop is targeted for early to mid stage growth companies innovating in and around the payment stream and will focus on the payment acquisition process. Topic areas will include Risk Management, Reconciliation & Customer Service. Other panelists include members of StubHub, GroupOn, and Wells Fargo. 

BancBox is always looking to not only present its solutions to the payments space, but also continue to be involved in the community as a thought leader. To RSVP call Miriam Quintero at 650-855-7803 or email miriam.quintero@wellsfargo.com 


]]>BancBox Pricinghttp://blog.bancbox.com/home/2012/11/20/bancbox-pricing.htmlAdhir Ravipati2012-11-20T20:55:52Z2012-11-20T20:55:52ZBancBox is happy to announce our new and improved pricing structure and pricing page. We are now offering a simplified pricing structure of 0.5%+$0.30 on all inbound transactions (over base rate interchange for credit cards) and FREE outbound transactions over $25 (outbound transactions under $25 are only $0.25).  No set up fees. No monthly minimums. No maintenance fees. Just pay us when you get paid. 

Check out our new pricing page or e-mail us for more information on our pricing and services. 

]]>BancBox and Innovationhttp://blog.bancbox.com/home/2012/11/14/bancbox-and-innovation.htmlAdhir Ravipati2012-11-14T06:00:20Z2012-11-14T06:00:20ZAt BancBox, we often see an influx of interest in our core platform of services for a variety of different companies with payments needs. These companies are all looking for a variety of ways to move money in a secure and compliant manner with the best user experience possible. This user experience is an important part in the growing payments industry and the race to create the next consumer payment mechanism.

The intersection between the digital and physical world is the bridge many of these new interfaces are trying to build. People have less trust in their banks, and are looking for ease of convenience in moving funds in a variety of methods. The peer-to-peer payment network that capitalizes on both the interface and functionality will find a eager user base ready to move into the next generation of banking and payments.

BancBox is excited to play a part in helping companies build this bridge between the digital and physical world. As a leading technological and thought leader in the banking and payments space, BancBox will be looking to continue to lead and provide banking solutions as companies and individuals push the innovation.

Visit BancBox today to see how we might be able to help you.  

]]>Collaborative Consumption and the Sharing Marketplacehttp://blog.bancbox.com/home/2012/11/6/collaborative-consumption-and-the-sharing-marketplace.htmlAdhir Ravipati2012-11-07T03:16:07Z2012-11-07T03:16:07ZCollaborative Consumption is a new phenomenon and movement that has spread rapidly across various marketplaces. Collaborative Consumption is defined as, "the rapid explosion in traditional sharing, bartering, lending, trading, renting, gifting, and swapping reinvented through network technologies on a scale and in ways never possible before." 

From Airbnb to RelayRides to TaskRabbit, the rapidly growing sharing marketplaces are creating disruption with their innovative business models. We at BancBox embrace the opportunity to work with other technological and business innovators such as these companies to help change the way people live.

BancBox has generated interest from several companies in this area and for good reason. Our APIs allow you to collect, store, and send funds all in a secure and compliant manner. Visit BancBox to see how we can help your business, or view the video below for more information on Collaborative Consumption.  

 

via http://collaborativeconsumption.com

]]>Money Transmitter Compliancehttp://blog.bancbox.com/home/2012/10/30/money-transmitter-compliance.htmlAdhir Ravipati2012-10-30T21:58:17Z2012-10-30T21:58:17ZMTL (Money Transmitter License) is a question few people know to ask and even fewer know when they need to be in compliance. Money Transmitters are any entity that engages in the business of issuing payments instruments. These payment instruments include: “a money order, traveler’s check, or an obligation for the transmission of money or monetary value of payment of money, or the purchase or the deposit of funds for the purchase of such money order, traveler’s check or electronic payment instrument.”

The need to be in compliance with MTL laws comes when any person engages in the business of receiving money for transmission within the United States or outside the United States. Many companies engage in this behavior yet still do not feel the need to find an MTL solution and instead operate illegally without one. Many times these companies are not even aware they are operating illegally and in violation of these money transmitter laws.

There are several institutions that do not require this license including federally insured banks, such as BancBox’s partner banks. This relationship allows BancBox to offer a comprehensive solution to companies requiring a solution and is another great value of using the BancBox platform. Contact us to learn about our MTL solution and what we can do to continue to deliver regulatory and compliant banking solutions.

]]>Money 2020http://blog.bancbox.com/home/2012/10/22/money-2020.htmlAdhir Ravipati2012-10-22T16:30:36Z2012-10-22T16:30:36ZBancBox is excited to be attending the Money2020 conference this week. We at BancBox enjoy the opportunity to meet with the top industry professionals in the financial services industry to discuss our payments platform, as well as the chance to see what other innovators are bringing to the space. 

BancBox is an innovative payment platform allowing you to collect, store, and send funds all via our powerful APIs. Our platform can:

  1. Collect payments or integrate payment services to collect credit card payments, wire transfers, ACH debits and credits, checks, wires, moneygrams, and multi-party transactions.
  2. Store funds and create e-wallets for mobile and web applications creating stored value accounts to safely store money. Each of these accounts is FDIC insured and includes full ledgering and reconciliation so you can see activity and balances at your discretion.
  3. Send money using an extensive set of APIs to integrate and automate typical banking services to simplify how you send funds between accounts or to other services. You can dynamically send checks without logging into a bank, transmit money via ACH, send funds to e-bill pay services, connect to PayPal, or other transmission methods.

BancBox handles your payments process so you can focus on driving your business. Visit BancBox to see how we can help you today or e-mail us (contact@bancbox.com) to get more information. 

]]>Technological and Thought Innovatorshttp://blog.bancbox.com/home/2012/10/15/technological-and-thought-innovators.htmlAdhir Ravipati2012-10-15T21:24:02Z2012-10-15T21:24:02ZBancBox continues to be a forefront thought leader in the payments space, and recently has participated in several discussions to share the BancBox solution as well as the BancBox knowledge of the industry. Earlier this month, CEO Sanj Goyle spoke at The Mobile Payments War, a panel hosted by Orrick along with Stripe, WePay, and Braintree. Sanj was able to convey the BancBox vision and thoughts on the current industry, as well as how the BancBox solution is solving unique challenges companies face. BancBox had the most buzz worthy moment as well, as the news of branded debit cards created an excitement in the crowd as BancBox continues to push the technological innovation of payment solution providers. 

Following the panel, Sanj Goyle was also a part of the Consumer Financial Protection Bureau Innovation Roundtable last week and then spoke the next day at The Crowdfunding Investing Business Bootcamp about BancBox's ability to serve the crowdfunding industry as well as payment issues crowdfunding platforms need to consider. 

This week, BancBox will be attending The Crowdfunding Conference in San Francisco to further discuss our crowdfunding solution and thoughts on the upcoming crowdfunding boom. BancBox will also be at the American Fair Credit Council Conference in Chicago discussing debt relief and BancBox's ability to help debt relief platforms manage funds and payments for debt stressed individuals. 

One of those platforms is ReadyForZero, a BancBox partner who announced today their new online payment ability. As TechCrunch wrote, "ReadyForZero Plus, will detect when you have new deposits in your bank account, and will then immediately advise you how to spend that money to more quickly pay off your loans, credit card bills, and more – before it burns a hole in your pocket." BancBox is excited to be partnering with ReadyForZero on a solution to help people deal with their debt during tough economic times. 

Today, and looking ahead to the future, BancBox plans on being not only the premier payment platform provider to non-financial institutions, but also a thought leader in the payments space. Visit BancBox to learn more about what we provide. 

 

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