AUSTIN, Texas--(BUSINESS WIRE)--Malauzai Software’s latest small business offering, MOX™ Pay, which was introduced at FinovateSpring, is first to market using remote deposit capture (RDC) as a payment method. MOX Pay provides the necessary tools for community financial institutions to create mobile wallets (apps) for local businesses. Consumers can use the app to pay the businesses by simply taking a picture of a check, leveraging RDC technology. Similar to how the Square® reader enables businesses to use their phone for credit cards, MOX Pay is an app for accepting payments that requires no hardware.
“What better way to connect with and serve local businesses than to help them offer their own mobile wallet apps,” said Blake Pelletier, SVP and CIO for Redding Bank of Commerce, the first bank to deploy the solution. “Creating these apps for local businesses enables them to reduce credit card transaction processing fees as well as paper check handling. Consumers already understand RDC, so it’s an intuitive progression for them to use this functionality to make payments. Malauzai allows us to bring a service to the business community that currently, no other financial institution in our area can provide, and if we do not offer this service, our business customers will inevitably find another institution that does.”
MOX Pay is an extension of Malauzai’s Retail+ for Small Business Banking product, introduced in October 2015 as a mobile platform designed for the unique needs of a small business. It enables business owners to easily move money via unified payments and collections, both ACH and wire, and synchronize transactions by integrating with any accounting software.
Robb Gaynor, chief product officer for Malauzai, explained: “For the first time, community financial institutions can really help local merchants go mobile and gain the customer service and operational benefits associated with having a custom app. If banks and credit unions don’t proactively serve these technology needs, local businesses will look elsewhere, such as lesser quality online app builders. This will cause financial institutions to miss a valuable opportunity to extend their relationships with small business customers.”
RDC has become a convenient way to deposit checks; now, this existing technology can be used in a fresh way: making payments. MOX Pay gives financial institutions the capability to build apps for their small business customers who can then, in turn, enable RDC as a payment method on these downloadable apps for the end consumer. This experience provides a cool, new way to pay for consumers and allows small businesses to get paid faster while reducing lofty credit card transaction fees. Even if only a small fraction of small businesses’ customers take advantage of the payment app, businesses still experience significant cost savings.
About Malauzai Software
Malauzai was incorporated in 2009 in response to the growing demand for a technology company that could provide innovative mobile solutions for community financial organizations. As a cool company in a cool town with a focus primarily on community financial institutions, Malauzai provides Consumer, Small Business, Employee SmartApps®, SmartwebApps and SmartwearApps that enhance the customer experience for mobile and Internet banking, ultimately resulting in increased value for financial institutions.
