iWallet, a burgeoning fintech startup, is currently enjoying immense year over year growth. The main reason behind this success comes from the company's solution to a problem within the field service sector, specifically regarding mobile check deposits for small businesses. iWallet's application is built on familiar technology, ensuring a high standard of security that most people have come to associate with personal banking. Additionally, the application offers unlimited sub-accounts which come with a distinctive portal that can be used by technicians for the purpose of making mobile check deposits.

The iWallet app has been designed in a way that it eliminates the need to rent or purchase any kind of extra equipment. It has a seamless integration of mobile check deposits and credit card processing mechanisms. As such, technicians can efficiently process payments directly from a smartphone, in the field. This eliminates the need for them to make a trip to the bank, thereby cutting down on valuable time that could be better used in fieldwork.

A notable increase in the usage of iWallet is being observed specifically amongst small businesses in the field service sector. “We are seeing the growth coming from plumbing, appliance repair, electricians, and HVAC small businesses that have anywhere from two to 200 technicians,” quotes Jim Kolchin, the Founder and CEO of iWallet. This demographic is reportedly switching to iWallet for their payment processing needs.

One of the features that make iWallet a popular choice is its remote deposit capture capability. It helps businesses mitigate the risk of accepting bad checks by running these checks through a national, high-risk database, which then instantaneously determines approval or rejection. This decision-making process boasts an impressive 98% accuracy rate. Besides this, every technician is provided with an individual sub-account, which ensures a high-level of confidentiality for banking information.

Besides basic features, iWallet also presents several other utilities. These include unlimited daily check deposits and low flat rate credit card processing. It also facilitates Tap to Pay, a feature that users can employ to accept contactless credit and debit card payments. Furthermore, iWallet also provides engaging mechanisms for reputation management, making it effortless to unlock 5-star reviews. It also allows users to generate individual daily, weekly, or monthly reports, according to their requirements.