Ingo Money Rolls out ‘Me-to-Me’ Funding Feature
Instead of focusing on P2P, Ingo Money Inc. has its sights set on enabling what Founder and CEO Drew Edwards calls “me-to-me” payments. “When consumers cash a check, they want to put those funds where they need them—some in their deposit accounts, but the usual first step is paying bills,” he says. The company, which specializes in digitizing cash and checks through its Good Funds Network, today announced the rollout of a service within its Ingo Money App that enables consumers to cash a check with their smartphones and send the funds instantly to multiple accounts, including prepaid, PayPal, bank and private-label credit card accounts.
The service moves what Ingo has been doing in brick-and-mortar locations for years—cashing checks and enabling bill payments and account loads—to the mobile device. “If your customers are going digital and you can’t help them conduct all of their transactions within the mobile app, then you haven’t freed them from going to brick and mortar,” Edwards says.
The Ingo check-splitting function enables credit card payments for a fee of $3 each to approximately 25,000 credit cards BINs. Users can load funds into deposit accounts and the PayPal digital wallet for no charge. Paying utility bills among other added payment options are forthcoming along with the ability for Ingo’s white-label platform and SDK partners to add the check-splitting feature to their own mobile apps, Edwards tells Pay News.
The Ingo Money App enables users to cash check up to $5,000 and send the funds to their accounts in minutes. Consumers pay a check-cashing fee based on check type. All checks submitted in the app are processed, cashed and funded by First Century Bank N.A. Funds from approved checks are transferred to user-selected accounts immediately after they’re approved and are guaranteed, which protects account issuers and customers from any risk or liability on returned checks, according to Ingo Money.
Edwards says the service, which the company soft launched last week, already is catching on with consumers. He also sees the potential for Ingo partners to use the service as a revenue generator, while driving check-cashing and app usage.