It does seem like a waste of paper and time, right?
Definitely. But Pageonce wants to do something about it — that is, make checkbooks extinct.
The company is one of the emerging players in the “mobile first” space. In fact, Pageonce was an early developer of iPhone apps, back in 2008.
From the start, the company’s vision has remained focused on one thing: making it super easy for people to handle their finances, with an emphasis on bill paying. For example, the Pageonce app allows its customers to schedule payments, get analysis of billing statements and pay bills from multiple accounts (the company likes to say “good bye to late fees”).
As a sign of its success, Pageonce now has 8 million users and processes about $1 million in payments per day. This is certainly impressive since the company must compete against megabrands like Citi, Chase, American Express and Capital One.
Then again, Pageonce continues to innovate. Just look at the latest version of the app, which came out today. It allows a user to make person-to-person payments, with only an email or phone number. While similar to eBay’s PayPal, Pageonce has the advantage of leveraging its extensive personal finance features.
“Our focus is really on making payments for hyper-local bills,” said Steve Schultz, who is Pageonce’s Chief Operating Officer. “It could be for the gardener, the soccer team, or the nanny. We also think this feature can be great for recurring payments, such as for rent.”
Pulling this off is no easy feat. “Over the past 4 1/2 years, we have built significant technology,” said Steve. “Much of what happens is what users do not see, which is in our back-end. There’s a lot under the hood.”
He also noted that security and compliance are big-time priorities. “We spend a lot of time with financial lawyers,” said Steve. “We have third-party auditors and also a financial partner. All of these are significant barriers to entry.”
More importantly, security is absolutely critical if Pagenonce really wants to kill off the checkbook. And so far, it looks like things are certainly on the right track.