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In the Truss team, we found the DNA of a great company. There is a huge gap in the market processing payments for medium to small businesses. Truss is perfectly positioned to rapidly expand into this gap. With many new services and products that can be bolted on in the future, we believe their growth potential makes this an amazing addition to the MAVAN’s Portfolio.
Truss is a payment software enabling businesses to process no limit transactions for a flat fee. Send money to suppliers, collect payment from customers (PAD), set-up recurring transactions, and move money between banks – all in one dashboard. Payments are deposited within 48h and can be tracked in real-time.
Despite a clear transition in the Canadian payments’ environment towards electronic payments, businesses still lack efficient tools to digitize and automate payment operations. While the volume of cheques continues to decline, the total transaction value of cheque payments remains high, “indicating that Canadian consumers and businesses still see value in these payment types for higher-value transactions” (Payments Canada, 2019). In short, businesses are still reliant on inefficient, slow cheque payments because current alternatives for large value transactions still leave much to be desired:
● Interact e-Transfers have a transaction limit
● Credit card payments result in high fees
● Wire Transfers are overly expensive and cumbersome
● File upload to banks is difficult to do and time-consuming to reconcile