Knox Payment Launches Killer Demo In Front of Thousand of Entrepreneur.
An online payment technology startup had launched itself by two entrepreneurs during Wednesday in for of an audience filled with thousands of people in San Francisco.
Knox Payment Introduction.
Knox Payment was introduced during a live presentation by Thomas Eide and Tommy Nicholas, at the Launch Festival that was attended by an estimated amount of 10,000 investors, entrepreneurs, and others. The festival allows entrepreneurs to gather and show off their latest technological startups and decide to either launch their services at the festival or some time later. The company has won the festival’s best enterprise aware, which comes along with a $25,000 prize money.
The Inner Workings Behind Knox Payment
Knox payments allows a user to make payments from their personal bank accounts directly to a vendor. When said users make an purchase online with any vendor using the Knox Payment, the individual will be able to select the payment option in lieu of having to pay with credit card. The website will ask the customer to enter their online banking information, such as their user name and password. Knox Payment system allows the user to select which account they would like to use, for example say a savings or checking account, and check up on the balances for said accounts. If the user has insufficient funds to pay for the transactions, then they system will deny processing the payment.
This system makes sure that the any bank account number can never be seen by any vendor, only the banks and Knox payments will be able to. Eide commented on how this should make many users happy, especially with a lot of incidents involving vendors stealing credit card numbers from there customers.
“In a past life, I think we looked at problems from another perspective,” Eide said. “We thought about what the merchant or nonprofit wanted. I think as I continue to look at it, that’s not the barrier. The barrier is what the user wants.”
And as more people shop from smart phones, Eide said, they don’t want to have to enter credit card information into several different fields on a website.