In today’s digital world, monetary transactions are now handled online through direct deposits, third-party payment platforms, and debit or credit cards. While these options are the most common, there are generally fees associated with these technological advances. 

Recognizing the importance of these technology shifts  Crown Bank is excited to announce that their new payment platform, ExcheQ, is now available to customers with no additional fees. The peer-to-peer (P2P) payment platform, developed by software development company Design Center Inc., allows small and mid-sized community banks to offer affordable and secure transaction services to customers. 

Crown Bank prides itself on providing community bank customers with banking options that are aligned with current technological trends while ensuring security and reliability. Its current offering includes same-day automated clearing house (ACH), mobile deposit, online and mobile banking, and same-day wire transfer services, making the ExCheQ payment platform a natural addition to Crown Bank’s relevant banking services. 

While most P2P payment platforms often include hidden customer transaction fees and third-party holding accounts (like Venmo and PayPal) can take days to have money deposited into linked customer bank accounts, ExcheQ offers a simplified route to send and receive money with shorter deposit times. 

Benefits of the ExcheQ platform include:

Simplified Implementation

ExcheQ utilizes Crown Bank’s existing automated clearing house (ACH) infrastructure, meaning a more rapid implementation for customers and business owners. The difference between a few days rather than weeks or months means community bank customers can begin using the ExcheQ platform quickly and efficiently for personal payments or business transactions.

Customer bank accounts are linked rapidly for secure transactions through the payment app or via text/email, allowing for a quick turnaround in the payment process. 

No Third-Party Holding or Transfer Fees

If you’ve used PayPal or Venmo, then you have experienced having your fund balance sit in your app account until you choose to deposit into your linked bank account. With ExcheQ, funds are transferred directly from one bank account to another, with no required extra steps. 

ExcheQ also doesn’t charge transfer fees between accounts. Other similar payment platforms routinely offer free deposits, with longer payment processing but charge a fee for rapid deposits. ExcheQ won’t make you pay to send or receive money, even if it’s the same day. 

No App Required

While the ExcheQ app offers added simplicity for customers to transfer balances and receive faster payments, the app is not required to send or receive money. Payees will receive a text and/or email to include their bank account information for a fund transfer in one business day or less. 

Either payment option allows for secure transactions and doesn’t affect payment processing times.   

Added Security

ExcheQ is a safe and secure way to transfer money, as no transaction data is stored within the app or platform. Since ExcheQ transfers money directly from one bank account to another, customers don’t need to provide their bank information to their payee or a third-party payment platform, limiting the opportunity for fraudulent transactions in the future. Once balance transfers have been completed, the banking data is erased. 

Initiate Payment Requests and Track Funds

Think of the ExcheQ app as a modern wire transfer, readily accessible on your phone. Community bank customers can request payments from others and easily track the payment requests until the funds have been securely deposited in their bank account. 

The ExcheQ app allows customers to initiate payment requests rather than sending payment reminders through various other channels. With ExcheQ, all transactions can be managed in one secure and convenient location. 

For those interested in utilizing the ExcheQ app for their business needs, the app is available for download in the Apple App Store and Google Play. 

If you are interested in learning more about ExCheQ and how it can benefit your specific business needs, schedule a time to speak with a Crown Banker today.