IWallet Enables Small Businesses to Use Zelle for Invoicing
FinTech startup iWallet now enables small- to medium-sized businesses (SMBs) to use Zelle for invoicing.
While Zelle is often considered a tool for peer-to-peer transactions, iWallet developed a notification system that uses Zelle to provide an efficient way for SMBs to send and track invoices, according to a Wednesday (Sept. 25) press release.
The combination of iWallet and Zelle for invoicing eliminates processing fees when Zelle is used, enables easy reconciliation and tracking, and provides real-time notifications on payment status, according to the release.
“Adding the ability for [SMBs] to receive invoice payments via Zelle democratizes payments,” iWallet founder and CEO Jim Kolchin said in the release. “The Zelle integration builds upon our commitment to innovation and expanding the accessibility of digital payments.”
IWallet’s field service point of sale app is designed to accept payments in the field, according to the company’s website. The app’s users include home service businesses like appliance repair, lawn care and cleaning services.
The integration of Zelle is the latest in a series of capabilities added to the iWallet payment app. In earlier enhancements, the firm integrated PayPal and Venmo and enabled real-time mobile check deposits powered by the FedNow® Service.
Fifty-one percent of Americans regularly use peer-to-peer apps like Zelle and Venmo for quick and easy money transfers, according to the PYMNTS Intelligence report “P2P Payment Potential: Promoting Convenience While Protecting Consumers.”
The appeal of these apps includes convenience, speed and the added security of dealing with a trusted financial partner, the report found.
During the first quarter, consumers’ and businesses’ use of Zelle increased about 30% year over year, Early Warning, the company behind Zelle, said in April.
The number of transactions completed using the service rose 29% to 639 million, and the amount of money sent grew 31% to $180 billion. In addition, the number of financial institutions on the Zelle network topped 1,900 in the first quarter.
“It’s clear that our user base for Zelle is growing and ever-more engaged, and we are committed to continuing to bring trust to the financial moments that matter to them through strong fraud prevention and robust regulatory oversight and compliance,” Albert Ko, who was CEO of Early Warning at the time, said when announcing the figures.
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