MerchantOS, Olympia’s fastest growing tech company, is teaming up with Jay Bolton and Roderick Campbell to launch an innovative new recurring billing system called Coral Payments. Most existing companies in the recurring billing industry focus on enterprise level solutions or highly specialized industry software (e.g. property management apps). Coral aims to bridge this gap by providing significantly faster account setup, a user friendly interface, and lower prices.
Coral will offer a variety of recurring payment options, including: credit card, direct deposit, and Dwolla. Features will be limited to the bare essentials in order to streamline the process — their goal is to create a system than can be easily used by their grandparents. Accounts can be setup in as little as 30 seconds and users can process payments immediately, without undergoing several days of credit checks and identity verification procedures.
Their use of Dwolla is an interesting strategic move, especially now that Dwolla’s FiSync network is demonstrating traction. Users who take advantage of their Dwolla accounts pay significantly less than everyone else and are guaranteed 30 second account setup. This could very well become the most popular way to pay rent in coming years.
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