Categories
Platform Updates

v1.3.0 Release

Hello and good morning friends!

This new release has lots of powerful fintech goodness waiting for you to enjoy!

Here’s what’s changed:

  • Security updates
  • We’ve added a document upload flow for users whom we need to collect additional KYC details from
  • Payment statuses have been upgraded to precisely track the settlement of funds even after they leave the SnapRefund ecosystem. Now when you send payments you’ll see the status update in real time as your funds move through the banking system (for ACH payments) or card networks (for Instant payments)
StatusAwaiting-sign-up
-or-
Awaiting-cash-out
CancelledIn-transitSettledFailedCancelled
EventPayment sent within SnapRefund.ioSender cancels payment before cash outRecipient cashes outTransaction completed in banking systemTransaction failed in banking systemTransaction cancelled in banking system
  • Our friendly neighborhood “Payment sent” modal that shows after resending a payment from Transaction History now also displays after sending a payment for the first time from the Send Payment tab
  • Unverified business and personal users are now redirected to Banks & Cards after sign up
Categories
Platform Updates

🚀 v1.2.0 Release 🚀

Our latest release features powerful UX and Security upgrades. 💪🏼

We now have full coverage of all US banks!!

If you’re one of our users who connects a bank to your account, you’re now able to connect ANY bank in the US.

That’s a lot of banks!

This is thanks to our new micro-deposit flow.

When you don’t want to use the instant login feature to connect your bank you can now manually verify your bank details instead.

It’s simple: navigate to your Banks & Cards tab, click “Add New Bank”, and type “micro” or “manual” in the bank search bar.

From there you’ll see a place to enter your routing & account numbers.

After you do, we’ll send two micro deposits to your bank account.

Once you receive them, you’ll come back to the Banks & Cards tab and click on the “unverified” tag on the bank you added and enter the two deposit amounts.

🎉Congrats, you just connected your bank without logging into it. Well done!

Here are a few of the new features live now on snaprefund.io:

– 🔒 Auto logouts after 5 minutes of inactivity on both desktop and mobile (Thanks for your feedback on our LinkedIn Poll! 📊)
– 🏛️Micro Deposits allow you to manually connect & verify any bank account in the US
– 📏 Password minimum length for new accounts is now 7 instead of 12 for greater ease of use (We heard you 🖤)

Sign up for free today on snaprefund.io and start sending & receiving your money faster and easier than ever.

Full Release Notes

  • Full coverage of all US banks with the Micro Deposit flow that allows users to manually enter their bank info and verify the amount of two small deposits
  • Auto logout occurs after 5 minutes of inactivity on both Desktop & Mobile
  • The minimum required password length for new accounts has been decreased to 7 characters
  • Padding added to the bottom of pages app-wide for better UI
  • Payments sent to new users that are cancelled before the user completes sign up now correctly show up in the recipient’s transaction history after onboarding
  • Updates to the Business Name entry field on sign-up page to clearly communicate not to enter a value for that field if the user doesn’t have an Employer Identification Number (EIN) for their business
Categories
Uncategorized

Pivot…pivot!!!

It’s amazing how the paths you begin and end on aren’t always the same. Some might say that’s the spice of life.

What started out as a journey to help the underbanked manifested initially as a p2p transfer app, then an eComm refund expedition service, to now being a full-fledged insurance claim payment processor. Wow! The process of locking in product market fit is an amazing rollercoaster of research, creativity and ambition.

The insurance industry is unique because there’s an average of 30 days to receive payment for claims, and it typically involves being mailed a paper check, which is expensive to manage and slow to deposit. During our research we learned that speed of claims payments is one of the single most important factors that weight into someone’s insurance provider choice. This exploration into the slow-moving realm of payments got us incredibly excited to help!

So, we realized we had to be more than just a payment expedition service like we were doing with eComm; we needed to be a one-stop shop to alleviate the payment processing challenge insurance providers face. We expanded our platform to include multiple payment options beyond instant debits to give our client’s customers a sleek, flexible platform to get their money for an approved claim as fast as they wish.

Our partners save money on the labor they would’ve needed to manage the paper check lifecycle, and their claimants gain the convenience of being paid within seconds instead of weeks for their insurance claim. That’s a win win!

What business models our journey will lead to next? Injection molded hot-dogs? Probably not.

Categories
Uncategorized

Accelerators Galore

Where does the time go? Rhetorical, it’s actually pretty easy to be aware of. We’ve been in heads-down work mode grinding the past few months to bear some juicy fruits of our labor.

First things first, we’re not launching in Q1. We’re targeting Q2 to make sure we hit the right product market fit.

Secondly, we’ve been growing within multiple accelerators! (Optional applause). We’ve been in the BASE program for a few months now, but we’ve also recently been accepted into the Founded In Philly Series I accelerator by Philly Startup Leaders. (More applause, if you choose, totally up to you).

We’re about to make some major moves with our planned launch in the coming months and we’re excited to share what we’ve been working on with you. It’s been far too long that you’ve been paying people instantly but have to wait to get your money back in your account when you refund.

We’ll be hard at work until we launch, so check out our insta in the meantime. See you soon 🙂

Categories
Uncategorized

Key Partnerships & Engineering

Great news; we’ve secured our first merchant partnerships! Our team of 4 has been hard at work to align all of the business and engineering requirements that SnapRefund necessitates to get running.

Creating a product is like conducting an orchestra. You have artists, conductors, and (hopefully) an audience eager to hear the soft melodies. When the beautiful harmonies of the string section and the rhythmic pulse of the percussion enchantingly fill the air on opening night it’s easy to forget how much happened behind the scenes to bring the symphony to life. The musicians practiced relentlessly, the conductor drove them nearly to the brink, and personal sacrifice became the norm in the pursuit of perfection. This is how creators bring their work to life.

We hope you’re as excited as we are to hear our performance: we’re on track to launch by the end of Q1 2021.

We look forward to seeing you in the crowd on opening night.

– Sincerely, Your friends at SnapRefund