What is mazumagocom

What is there main idea

Bring your business payments into the 21st century. SEND/RECEIVE NO LIMITS NO BULLSH*T

what are Mazumago offers

  • Make big payments fast with no limits.
  • Track payments from start to finish.
  • Onboard suppliers without routing data.

What is there fee

$5 flat fee, no limits, no percentage charge.

In just a couple of months, the Victoria-based #Fintech startup MazumaGo went from releasing the beta version of their payments software to a licensed cash services organization – refining numerous dollars in service purchases for Canadian businesses.

What is MazumaGo?

MazumaGo is a payment software that allows services to send out and also accumulate no restriction repayments for a level fee. They don’t bill a portion of the amount – and also the suggestion behind this principle was the structure of MazumaGo.

Exactly how all of it began …
2 of the co-founders, Matt and Nick discovered a void in the digital payments market when they failed at their previous business model. Initially, they had actually intended to develop a bank card handling software.

” When we introduced the bank card tool, our clients kept stating that they didn’t wish to pay a percent of their transaction’s value in charges. We were attempting to consider a means to navigate making use of bank card.” – Nick, CTO
They discovered that organizations had digital options for all their settlements – other than high-value transactions that they were still forced to make use of cheques for. It is hard to believe that in 2018, Canadians processed over 600 million cheques – the U.S. videotaped as many as 14 1/2 billion.

Many remarkably: While the volume of cheques has been on a clear descending pattern over the last 5 years, the typical transaction value of a cheque has boosted – suggesting that companies still see value in these settlement types for higher-value deals.

On the other hand, a research located that 69% of services presently approving and also creating cheques would be willing to move far from them if a more convenient digital method were readily available (Payments Canada, 2018).

The ethical of the story: Companies are seeking electronic settlement solutions, however they are doing not have reliable means to process high-value deals.

Bringing company payments to the digital age
The three Co-founders Matt, Nick and James made it their goal to “remove any type of reasons why people would certainly wish to utilize cheques” and also give services with a state-of-the-art payment solution for high-value deals.

At first, their strategy was to incorporate with a third party. When they couldn’t locate a service that fulfilled their requirements, they got to out to other Fintechs, usually to receive the reply “we have not developed that yet” – so the three technical creators decided to develop the service themselves.

” When we launched the credit score card tool, our customers kept claiming that they didn’t desire to pay a percent of their deal’s worth in costs. – Nick, CTO

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