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Platform Updates

๐Ÿš€ v1.2.0 Release ๐Ÿš€

Our latest release features powerful UX and Security upgrades. ๐Ÿ’ช๐Ÿผ

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.

๐ŸŽ‰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:

– ๐Ÿ”’ Auto logouts after 5 minutes of inactivity on both desktop and mobile (Thanks for your feedback on our LinkedIn Poll! ๐Ÿ“Š)
– ๐Ÿ›๏ธMicro Deposits allow you to manually connect & verify any bank account in the US
– ๐Ÿ“ Password minimum length for new accounts is now 7 instead of 12 for greater ease of use (We heard you ๐Ÿ–ค)

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
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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.