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
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.