Forage Analysis
What is Forage?
Forage processes SNAP EBT payments for merchants and grocery shoppers. Its platform includes online and in-store payment acceptance, APIs, SDKs, a merchant dashboard, and a shopper app. The company says it holds USDA approval and claims 99.9% reliability for cloud-based EBT payments.
Location
202 Bicknell Ave, Santa Monica, California 90405, United States
Employees
51-200
Founded
2020
Revenue
$6.9M
Product Features & Capabilities
- Online EBT Payments, In-Store EBT Payments, Unified API for EBT transactions, 99.9% reliability, Rapid USDA certification, PCI-compliant security, Real-time analytics dashboard.
Pricing
- Standard Plan: 2.9% + $0.30 processing fee; pay-as-you-go pricing with no setup or hidden fees (monthly minimums may apply).
- Custom & POS Plan: Volume pricing discounts available for customers with large payment processing volumes.
Who are the founders of Forage
VE
Victor E. Fimbres
Founder
Competitors Overview
Forage operates in the payments industry, specifically focusing on enabling merchants to accept EBT SNAP payments online. Its main competitors include:
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BlockChyp: A payment processing platform that offers a range of services, including EBT processing. BlockChyp differentiates itself with a strong emphasis on mobile payments and user-friendly interfaces.
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Stripe: While primarily known for its online payment processing, Stripe has expanded its services to include support for various payment methods, including EBT. Its advantage lies in its extensive developer tools and integrations, making it a popular choice for tech-savvy businesses.
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PayPal: A well-established player in the online payment space, PayPal has a broad user base and offers various payment solutions, including EBT. Its brand recognition and trust among consumers provide a competitive edge.
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Checkout.com: This company offers a comprehensive payment processing solution that includes support for EBT payments. Its advantage is its global reach and ability to handle multiple currencies, appealing to international merchants.
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PayRange: Focused on mobile payments, PayRange allows users to pay for goods and services using their smartphones. It is particularly strong in vending and unattended retail, which may not directly compete with Forage's focus on grocery and food services.
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BillEase and Autobooks: These companies also provide payment solutions but may not focus specifically on EBT SNAP payments. They represent alternative payment processing options that could appeal to different segments of the market.
Forage's notable advantage is its specific focus on EBT SNAP payments, making it one of the few third-party processors certified by the USDA to handle online EBT transactions, which positions it uniquely in a niche market.
Investors
- Y Combinator
- Nyca Partners
- PayPal Ventures
- EO Ventures
- Apoorva Mehta (Instacart Founder)
- Blackbird Ventures
- Telstra Ventures
- Citi
Market Focus
Forage primarily focuses on the payments industry, specifically helping merchants accept EBT SNAP payments through a unified API.
Business Model
Unified API integration for EBT payments; revenue from transaction fees and merchant growth.
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