Symple wants to be Venmo for business payments

Between Venmo, Square Cash and even Snapcash,no one can argue that its hard to send money to a friend. But it wasnt always this way. Paper checks used to be the de facto method of repayment and it was messy, time-consuming and nowhere near instantaneous someone could wait a month to cash a check you wrote them,leaving you with an annoying surprise when the money is withdrawn after you forgot about even writing the check. And the surprising thing is that most small business in the U.S. still use paper checks to remit and accept payments from other businesses. For example, a typical restaurant may end up cutting more than 100 checks a month to dozens ofdifferent vendors and imagine how many checks the vendors have to deposit! Enter Symple.Part of Y Combinators Winter 2017 batch, the startup calls itself Venmo for Businesses and it pretty much is. Heres how it works: When a business gets an invoice, they snap a picture of it and send it to Symple (or forward them the email if it is a digital invoice). The startup then parses the amount, due date, etc. and notifies whoever controls the budget that there is a payment pending.

Read Full Article at https://techcrunch.com/2017/02/07/symple-wants-to-be-venmo-for-business-payments/

Tags: , , , , , , , , , , , , , , , ,