Financial Innovation Makes Dining Out Easier

Slide to Pay

With one swipe and tap, you can pay for your meal and be on your way.

This morning, restaurant-reservation app OpenTable announced a new feature: Slide to Pay. At the conclusion of a meal, simply pull up their app to find a copy of your bill. With one swipe and tap, you can pay for your meal and be on your way. To start it works at 45 NYC restaurants, including Le Cirque, Artisinal, General Assembly and Smith & Wollensky. More are surely to follow in short order.

What OpenTable has done here is simply brilliant: a game-changer in dining payment options. For restaurants, it eliminates paper, frees up server time, and keeps customers happier. For diners, it streamlines the most unpleasant part of the meal: payment. Now imagine how much better it would be if you could incorporate credit-card optimizer Wallaby’s technology, so that the OpenTable app would also pick the best credit card to use to maximize your rewards points.

Part of the reason that I – and many others – love Uber, the fast-growing livery-car dispatch service, is that they’ve simplified payment. No longer do you need to dig out a credit card at the end of your ride, swipe, select a tip amount, and wait for a paper receipt. Payment is pre-wired, and automatic, with a receipt arriving by email.

Consumer apps like these make optimizing life easier. So why is banking still so difficult? If you’re managing multiple accounts and need to move money from savings to checking on the go, it’s a complicated mess of logging into one or more banking websites, choosing from which account you’d like to pull the funds, selecting an amount, transfer date, and two or more confirmation screens. After all of this hassle, you may have inadvertently pulled funds from the least optimal account.

With MaxMyInterest, we’ve tried to simplify funds transfers – much like OpenTable and Uber have simplified dining and transportation – via our Intelligent Funds Transfer(SM) feature. Let’s say you want to move money from savings to checking. Simply login to the Max site on your phone (no need to download an app), click on the arrow that points from savings to checking, type in an amount, and hit “Transfer Funds.” Max automatically pulls the requested funds from your savings accounts with the lowest interest rates and sends them to your checking account. Need to move funds in the other direction? Max automatically picks your bank accounts that offer the highest yields to receive the funds.

It’s simple. So simple, in fact, that some of our members have dubbed it the “easiest funds transfer in the world.” And Max is an entirely closed system, connecting your accounts to one another, but not to the outside world. So money can never leave your own accounts.

Hats off to OpenTable and Uber for making our lives easier. We hope you’ll find that Max makes banking easier, too.