Fremont, CA: iWallet is a full-service payment processing platform designed for field service providers. An easier, smarter, and faster way to remotely manage all types of payments as well as automate simple bank functions by digitizing paper checks and converting them into instant deposits from a phone or tablet—anytime, anywhere.
The company is expected to witness significant growth with the addition of mobile check deposits for small businesses, which until now has been an empty space in the field service industry. Check depositing is a 19th-century technology with no innovation for field service providers. Companies with multiple technicians continue to batch checks and deposit them weekly at a local bank or have remote employees mail checks to the business office to be deposited. This antiquated procedure not only slows down cash flow but also exposes you to the risk of accepting bad checks or losing them.
Employees no longer need to take time away from work to drive to a local bank to make manual deposits with iWallet. The app integrates mobile check deposits as well as credit card processing into a single app that technicians can access from their phone or tablet. It provides the same level of convenience and security as a personal banking app, but it also offers unlimited subaccounts, giving all employees a unique portal to make deposits. Individual subaccounts keep the company's banking information and the deposits of other employees private.
"Depositing checks with iWallet also provides peace of mind with built-in fraud detection. The app helps eliminate the possibility of accepting bad checks because they are run through a national database to review high-risk deposits and makes a decision to accept or decline checks in real time, with 98 percent accuracy," remarked Jim Kolchin, iWallet Founder and CEO.
The iWallet technology is a complete app for managing all types of payment processing. There are no setup fees, no minimum balance requirements, no cancellation fees, and the setup process take only five minutes.
