Today, Push Cash is launching instant, guaranteed payments for merchants and fintech platforms. Founded by former product leaders at Plaid, the company uses a first of its kind multi-network processing approach to realize higher payment authorization rates at better economics. While in stealth, Push Cash secured multiple enterprise customers in online sports betting, and will soon be available in additional verticals.
U.S. payments are stuck in the 1900s: Debit and credit card processing is expensive and rife with chargebacks. In an effort to minimize card processing costs, there has been a recent push by fintechs toward “bank transfers” (read: ACH). However, given ACH’s batch processing and lack of risk signal, bank transfers are slow and can sometimes indirectly cost more than debit card processing. Fintech innovation to date has focused on improving ACH or credit card processing, as opposed to trying to make payments faster and safer for consumers and merchants.
Push Cash has taken a new approach to payment processing. Instead of trying to optimize the performance of debit card processing or ACH processing, it optimizes overall payment processing by routing transactions to the payment network best positioned to minimize risk and maximize performance. This approach reduces merchants' payment costs by eliminating chargebacks and increases merchants’ top line by approving more good transactions.
Eric Morse and Andrew Coover met at Plaid, where Eric founded the money movement team, creating the ACH processor Transfer and the ML-based risk tool Signal. Andrew led the transfer product's development. Before Plaid, Eric held various leadership roles at Visa, including developing their card-on-file token product.
Morse describes, “With Push, we wanted to start from a clean sheet of paper—could we actually speed up payments while also reducing risk? What if we combined push-style payments and strong customer authentication with a multi-network processing strategy?” This insight led to Push Cash, designed to eliminate the trade-offs between cost, risk, and performance in today's processing systems.
In addition to its launch, Push Cash also announced $4M in seed funding, led by Foundation Capital with participation from angels of Affirm, Bleacher Report, PayPal, Uber, SeatGeek. The raise supports building product and hiring the engineering and operations team.
“The multi-network approach that Push Cash has pioneered is quite novel and really moves the needle on payment performance for merchants. Those are rare commodities in the payments space these days,” said Zach Noorani, partner at Foundation Capital.
About Push Cash
Push Cash is on a mission to reduce transaction risk and take a merchant’s payments costs close to zero. With Push Cash, you can’t push money you don’t have, you can’t push money from a closed account, and you have to authenticate to Push. Push Cash will make account-to-account transactions instant, safe, and simple for consumers and merchants. For more information, visit https://www.pushcash.com.
