AUSTIN, Texas –Malauzai Software said its latest small business offering, MOX Pay, is first to market using remote deposit capture (RDC) as a payment method. MOX Pay provides the necessary tools for community financial institutions to create mobile wallets (apps) for local businesses, the company said. Consumers can use the app to pay the businesses by simply taking a picture of a check, leveraging RDC technology. Similar to how the Square reader enables businesses to use their phone for credit cards, MOX Pay is an app for accepting payments that requires no hardware, according to Malauzai.
MOX Pay is an extension of Malauzai’s Retail+ for Small Business Banking product, introduced in October 2015 as a mobile platform designed for the unique needs of a small business. It enables business owners to easily move money via unified payments and collections, both ACH and wire, and synchronize transactions by integrating with any accounting software.
“For the first time, community financial institutions can really help local merchants go mobile and gain the customer service and operational benefits associated with having a custom app,” said Robb Gaynor, chief product officer for Malauzai. “If banks and credit unions don’t proactively serve these technology needs, local businesses will look elsewhere, such as lesser quality online app builders. This will cause financial institutions to miss a valuable opportunity to extend their relationships with small business customers.”
The company said that RDC has become a convenient way to deposit checks; now, this existing technology can be used in a fresh way: making payments. “MOX Pay gives financial institutions the capability to build apps for their small business customers who can then, in turn, enable RDC as a payment method on these downloadable apps for the end consumer. This experience provides a cool, new way to pay for consumers and allows small businesses to get paid faster while reducing lofty credit card transaction fees. Even if only a small fraction of small businesses’ customers take advantage of the payment app, businesses still experience significant cost savings.”