SpacePointe selects Sionic to bring instant Pay-by-Bank payments to customer checkouts

ATLANTA & DAYTON, Ohio, January 31, 2023. (BUSINESS WIRE)--Sionic, a leading provider of omni-commerce, faster digital payments solutions, today announced that it has entered into a strategic agreement with SpacePointe, a global payments technology company focusing on the digital transformation, to provide its Pay-by-Bank faster payments service. This enables merchant customers to accept instant, direct cash deposits from consumers at the point of sale.

Adding direct, bank-to-bank payments as an alternate payment method to the SpacePointe EkiKart point of sale solution provides customers with instant direct deposits into their bank accounts and eliminates costly credit card fees. "We’re dedicated to helping our customers do more with less, especially with high inflation, staff retention challenges and the threat of another recession," said Sayu Abend, CEO of SpacePointe. "Being the first POS provider to embed Sionic’s Pay-by-Bank as a tender type will help our customers tremendously."

The EkiKart point of sale platform enables business transactions for merchants globally and is predominantly sold and distributed via white-label and distributor partnerships. "Our expectation is to enable Pay-By-Bank across at least forty thousand merchant locations in the next 18-24 months," Abend continued. "This is the wave of the future as can be seen in countries with similar technologies like India with UPI and P2M payments."

Sionic is leveraging U.S. bank-to-bank payment rails and a trusted payer-payee security model to safely and immediately move funds from buyers to sellers. The service bypasses expensive credit card interchange fees allowing sellers to increase the profit on every transaction.

"Merchants are asking for new and innovative payment solutions to help drive down costs," said Matthew Watson, CTO of Sionic. "We’re excited to partner with SpacePointe as they continue to be an innovator in the POS industry by responding to this demand and bringing to market a service that will not only help merchants reduce credit card fees, but also receive digital cash in their bank accounts in a matter of seconds using Pay-by-Bank. Other POS providers will follow SpacePointe’s lead in this space, but we’re proud to help them become the first."

Sionic’s Pay-By-Bank is the industry’s first real-time payments service enabling bank-to-bank digital cash deposits at the point-of-sale in the U.S. market. This comes at a time when merchants are responding to consumer demand by allowing more widespread digital payment options. In addition to receiving funds instantly, merchants reduce costs on average 2% over expensive card swipe fees.