Zipwhip - Best Payments Solution
Company: Zipwhip, Seattle, WA
Company Description: Zipwhip was the first company to enable texting on existing landline, VoIP and toll-free phone numbers, and today is the world’s leading business-texting software and API provider. Since 2014, Zipwhip has empowered more than 35,000 businesses to communicate with their customers in the most effective way possible. With almost 300 employees, Zipwhip is one of the fastest growing companies in Seattle
Nomination Category: New Product & Service Categories - Business Technology
Nomination Sub Category: Payments Solution
Nomination Title: Zipwhip's TXT2PAY
Released: August 10, 2020
You might be surprised by what you can accomplish through texting. No longer just a communication tool for friends, today you can book a doctor’s appointment, open an insurance claim, browse sale items or order food all from your texting app. Businesses have recently tapped into the intimate medium to increase customer engagement and drive growth. In fact, a business can almost complete the entire customer journey, from introduction to sale, all through texting. All that was missing was a frictionless payment method to complete the journey.
TXT2PAY takes the best part of texting, that it’s fast, easy and convenient, and applies it to payments for goods and services. Without the need for an email, proprietary app or point-of-sale system, business can simplify how they request payments from customers.
Other texting payment options require customer to click a link, often ones that expire after so many hours, and enter their information every time. With TXT2PAY, consumers are able to make payments when it’s convenient for them by simply texting back with the last four digits of their phone number. Using a phone number to confirm payment eliminates the burden of remembering another password or PIN, drastically reducing the time and effort required to pay. This frictionless payment method encourages customers to complete payments faster, increasing cash flow for businesses. Customers can also set-up multiple debit and credit cards or bank accounts (and soon knowing that the payment request comes from a recognizable phone number), giving them access to variety of payment options that work for their situations.
Customers have peace of mind knowing that the payment request comes froma businesses recognizable phone number. At the same time, TXT2PAY minimizes risks and security concerns for businesses by eliminating the need for them to collect and store personally identifiable information directly, and therefore removing them from PCI compliance responsibilities.
TXT2PAY for Zipwhip has doubled its user base in the last 3 months and have conducted over $1 million in transactions. Zipwhip customers are adopting TXT2PAY with resounding success and usage continues to grow month over month. The ability to send safe, simple and secure payments via text is changing the way our customers do business.
Some additional stats:
40% increase in # of active merchants month-over-month
41% increase in completed transactions month-over-month
Average transaction volume has tripled since launching in August