CheckSpace Extends E-Payment Service To Small Businesses - InformationWeek

InformationWeek is part of the Informa Tech Division of Informa PLC

This site is operated by a business or businesses owned by Informa PLC and all copyright resides with them.Informa PLC's registered office is 5 Howick Place, London SW1P 1WG. Registered in England and Wales. Number 8860726.

IoT
IoT
News

CheckSpace Extends E-Payment Service To Small Businesses

CheckSpace Inc. has released an E-payments platform designed to let financial institutions offer electronic invoicing and checking to their small-business customers, and share the revenues with CheckSpace.

While many banks now let consumers pay their bills electronically, few have extended the service to the small-business market. To that end, the 1-year-old CheckSpace has integrated its offering with the financial systems that small businesses use, like QuickBooks and PeachTree, so that customers can create electronic checks, download data, and create reports in the accounting software they normally use. Perhaps not surprisingly for a company whose CEO is an ex-Microsoft developer, the system is the first E-payments solution built on Microsoft's .NET enterprise servers.

CheckSpace charges the user 95 cents per transaction, which it shares with its bank customers, though CEO Naseem Tuffaha declined to say exactly how the money is divvied up.

Tuffaha sees alliances with banks as his winning strategy in the battle for market share against PayPal Inc., a company that started out as a person-to-person E-payments system but has come to dominate the business market as well. Because PayPal customers keep their money in a PayPal account and are paid interest, the service competes with banks, Tuffaha says. CheckSpace, on the other hand, adds and deducts transactions directly into the customer's bank or checking account.

We welcome your comments on this topic on our social media channels, or [contact us directly] with questions about the site.
Comment  | 
Print  | 
More Insights
The State of Cloud Computing - Fall 2020
The State of Cloud Computing - Fall 2020
Download this report to compare how cloud usage and spending patterns have changed in 2020, and how respondents think they'll evolve over the next two years.
Commentary
CIOs Face Decisions on Remote Work for Post-Pandemic Future
Joao-Pierre S. Ruth, Senior Writer,  2/19/2021
Slideshows
11 Ways DevOps Is Evolving
Lisa Morgan, Freelance Writer,  2/18/2021
News
CRM Trends 2021: How the Pandemic Altered Customer Behavior Forever
Jessica Davis, Senior Editor, Enterprise Apps,  2/18/2021
Register for InformationWeek Newsletters
Video
Current Issue
2021 Top Enterprise IT Trends
We've identified the key trends that are poised to impact the IT landscape in 2021. Find out why they're important and how they will affect you.
White Papers
Slideshows
Twitter Feed
Sponsored Live Streaming Video
Everything You've Been Told About Mobility Is Wrong
Attend this video symposium with Sean Wisdom, Global Director of Mobility Solutions, and learn about how you can harness powerful new products to mobilize your business potential.
Sponsored Video
Flash Poll