destream is a financial platform for Content Creators which revolutionises the way content creators receive payments and donations.

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Episode Highlights:

Too Many Creator Tools… Yet No Solution For MONEY

All platforms on the market right now are focused on the tools for Content Creators. It’s either a platform to publish content, to add additional content, additional skins, templates or whatever. But there is no platform which focuses on money.  They say “just connect your PayPal”, and that's it. But the stories with PayPal, even on our side, e.g the huge transaction cut is one thing. Another thing is PayPal’s policies, that after a transaction, in 300-500 days without any questions, a payer can just get the refund without any explanation.

Content Creators are not Experts in Chargebacks and Fraud

Creators and Influencers don't know how to react when a refund or chargeback happens. That part we decided to take on. Try to have the creators create, not manage the banks and payments etc. We are professional on the side of transactions and money.

Creators are not Traditional “Merchants”

The (Creator) market is new, the market is growing fast. These are a new type of “merchant”. A Creator for banks is a merchant. But for banks and payment companies, the word merchant for them, it's like a small ecommerce website or whatever i.e someone who's selling “stuff”. The creators don't even know that they're merchants! They're just people who want to sell the one PDF, or just try if it's possible to sell or whatever. Maybe he will not sell anything. But he wants to try it. But for the banks, that doesn't mean he will be allowed to do that.

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E100 Transcript Destream The Payments Show Podcast

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Nextuple helps retailers transform their legacy Omnichannel Order Management systems using microservices.

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Episode Highlights:

Quicker Delivery Dates Directly Impact Sales Conversion

With a day shaved off the order to delivery lead time, we saw that there is 3% - 5% improvement in conversion. This varied by certain categories like electronics where it was much higher, but with certain other categories it was smaller. But on average it was 5%. This was eye opening for me. What Nextuple is doing is to think about order promising as a micro service and help retailers really get dialled down into knowing what their network can do.

Stores as Fulfilment Centres and Local Fulfilment

Store real estate is increasingly being converted into fulfilment space. Bigger back rooms, redesign of stores where your stores can function as mini fulfilment centres. There is likely to be more focus on local fulfilment, meaning if you have a group of stores in the market. How do you really think about that as a market, not as a single store: transferring inventory from one store to another for click & collect, or a hub and spoke model for you to pull inventory and ship to your customers. Some of the top retailers are already doing it.

Improving Order Promises

Retailers or other brands don't give a precise delivery promise because they don't trust their own network. They don't trust the capacity they have to ship something. They don't trust the carriers to deliver something in the time they promise. Lots of buffers get added in so the delivery date becomes very loose and conservative. If you're able to actually understand your network fully and capture that into your order promising service, you can get much better in terms of when can I get something from point A to point B, and what's the risk that I need to add into that. That's precisely what we're trying to do. We've added a layer on top of it where we can look at predictions because it's much easier to look at your own network, your own stores, and your own fulfilment centres. 

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E99 Transcript Nextuple The Payments Show Podcast

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Suri manages the ‘Yes Rewards’ fuel loyalty program at ENOC. Yes Rewards allows customers to benefit from exclusive offers and deals across Yes participating brands and earn points for all customer purchases within the network.

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Episode Highlights:

Instant Gratification

We want to reward the customer instantly. It's instant gratification. It's not delayed gratification that you come today and hey, guess what, we're going to give you something tomorrow.

Simplicity Drives Loyalty

Don't complicate it, keep it simple. Let them earn, let them burn, and let them sign up in a seamless fashion. Make sure that you adjust the core reason why that app exists.

Great App Design Keeps Customers Active

We researched what should be the primary colours for the for the app. What the first page should look like. Should it be an offers page? Should it be a profile? Should it be your earning card? We put in a lot of time to make sure that we did our best to ease earning and burning and interaction with the app. We have a 50% active customer rate.

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E98 Transcript Yes Rewards The Payments Show Podcast

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XData Group is a B2B software development company that offers cutting-edge technology solutions exclusively for banks including UX/UI design, product prototyping, MVP creation and much more.

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Episode Highlights:

Use The Right Design Tools

“If you're going to make different kinds of prototypes or design kits, then for sure I would suggest you to use Figma. Don’t just use it for prototyping, but try to create specific kits for your own product. That will help you a lot when you start expanding, when your product team increases in size, and you will need to have the same design patterns all over your all products”

Super Apps: The Future of Banking Apps

“Worldwide, banking is going to Super Apps. So not only can you have your banking and payment systems inside, you can also have different kinds of solutions in terms of taxes, flights, and so on. In China, with WeChat Money and Alipay, they have already integrated plane tickets, insurance, taxi ordering, and some postal services… 9 years ago. You have lots of different kinds of microservices, they have made an SDK for small companies, and companies can just use this SDK to prepare a micro app inside of the big application”

Custom vs Off-The-Shelf / SaaS Software

“…if you're already big, if you want to have your specific discount programs, if you want to have your own campaigns and so on, you will need to have your own system vs an existing platform. Especially if you have hundreds of shops all over the world. The majority of SaaS solutions in terms of shops, they're not so good nowadays for big retailers. It all depends on your size”

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E97 Transcript Xdata Group The Payments Show Podcast

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Atomic Financial has recently introduced a solution called PayLink which offers businesses the ability to offer customers recurring bill pay, updating payment methods, and managing subscriptions.

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Episode Highlights:

More Financial Data Isn’t The Answer

Personal Financial Management (PFM) tools… a lot of people thought they'd be the answer for personal financial management in the last decade. But really it just tells somebody “Hey,  sorry, you're poor right now”. That stinks. Instead, we want the financial institution to then be able to say “Right now is a tough time for you. Here's three things you can do to make your financial life better: We can cancel this bill. We can move the bill payment on this other payment to be able to allow you to get through to your next paycheck”.

In-App Intelligence & Automation

If I had an AI agent that was constantly monitoring my transactions saying “You're paying 30% more on your mobile plan than other people like you. Would you like us to shop for another plan for you?” And actually take action if there's a savings of greater than $20/month? Or the same thing on your auto insurance?

Behavioural Automation

Another example is a football game: “Would you like us to pause your subscription to Peacock? We hope you enjoyed the game this weekend, but let's pause your subscription to Peacock until the next major sporting event. Would you like us to do that for you?” That's the world I want to live in as a consumer.

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E96 Transcript Atomic Financial The Payments Show Podcast

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Chargeback Gurus helps businesses to prevent chargebacks and recover more revenue with flexible technology solutions.

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Episode Highlights:

Unforeseen Revenue Leakage: A Hidden Challenge for Companies

Outside of the cost itself, the worst for me is always the distraction for these companies. It's just a difficult economy out there. You want to make sure that you know exactly what your revenue was, and then you find out a couple of days / weeks / months later that you actually have all of this revenue leakage based on a fraud attack or friendly fraud, whatever it is… like money that they already assumed was in their pocket, and it's not anymore.

Reason Code Fraud and First-Party Abuse

We have to talk about reason codes. The reason why the chargeback was originated, and the very first element that matters there is when you actually look at the reason code fraud. You're going to have to ask yourself that question as a merchant. Is it really true fraud? I mean, was it really a stolen card or is it just “friendly fraud”? To be honest, I hate that term... I actually prefer the term “first party abuse”. So it is a legitimate transaction done from a legitimate customer that now is creating that dispute because they want whatever they bought, they thought they bought for free.

From Understanding to Fighting Effectively

Internally, we actually use this statement: “every chargeback tells a story”. We're always trying to understand that story behind the chargeback. And that will allow us to be much more effective in terms of how we fight… At the beginning we're fighting, but in the background, we are understanding. Why is it that this merchant is getting exposed to this type of chargebacks? What is it that they can actually do on their backend, on their point of sale, on their own practices, even on their terms and conditions?

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E95 Transcript Chargeback Gurus The Payments Show Podcast

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BitPay is a payment platform that enables businesses to accept bitcoin and other popular cryptocurrencies as a form of payment

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Episode Highlights:

Solve Fraud with Crypto-ONLY Payments for High Fraud Categories

You might have a category that is high in fraud and decide that we're either going to exit this category, or we have to find something new to do. You can make that category specific and say, okay, if you're going to buy something in this category, you have to do it with cryptocurrency because of fraud chargebacks. Because of stablecoins, you can say, okay, if you want to buy, you need to go buy some stablecoins, USDC, PayPal USD, come back, make that purchase. That's what I think companies are really missing out on. Just force them to use cryptocurrency and customers will. It's easy to buy today. It's easy to get a crypto wallet today. If they really want that product or that service, ask that they pay in cryptocurrency.

there are no fraud chargebacks in cryptocurrency. Unlike a traditional payment today, there could be fraud and there could be chargebacks. With cryptocurrency, since it's a push payment, there are no fraud chargebacks. So right there, that's an immediate savings.

The Question is WHY NOT Accept Cryptocurrency?

Businesses that use BitPay see:

• 2X Average Order Value (AOV)

• Up to 40% Net New Customers

• 0% fraud chargebacks.

What company wouldn't want to see a higher average order value? What company wouldn't like to attract new customers? And what company absolutely would like to reduce their fraud chargebacks? Those are the three biggest things that you can get from partnering with BitPay and accepting cryptocurrency.

So why not? What is holding you back?

The Best of Both Worlds: Fiat and Crypto

We help businesses accept cryptocurrency as a form of payment, but we pay them in US dollars or whatever fiat they want to be paid in, their preferred fiat. Crypto payout is the opposite. Now we are helping businesses pay out to their customers or employees in cryptocurrency, but they're paying us in US dollars or other fiat currencies.

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E94 Transcript Bitpay 2024 The Payments Show Podcast

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Mangopay provides a modular payment infrastructure for the world's largest marketplaces and platforms.

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Episode Summary:

(00:26) - Introducing Francesc and Mangopay
(00:48) - Surprising Stats on Online Marketplaces
(01:10) - The Expansive Reach of Marketplaces
(01:50) - Diversifying Beyond Big Names
(02:36) - Challenges and Growth in Marketplaces
(03:49) - Case Studies: Vinted and Chrono24
(04:26) - Adapting to Various Marketplace Scenarios
05:28) - Flexibility in Payment Solutions
(06:12) - Peer-to-Peer vs. Professional Marketplaces
(07:45) - Choosing the Right Payment Provider
(09:39) - Navigating Payment System Choices
(14:56) - The Importance of Flexibility and Modularity
(18:44) - Expanding MangoPay's Market Reach
(22:03) - Fraud Prevention and Security Measures
(27:10) - Engaging with MangoPay: Getting Started
(32:49) - Closing Thoughts and Chit Chat

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Trustmi is a payment security solution that protects businesses from losing money through cyberattacks, internal collusion, human error, and ensuring payments go to the right place.

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Episode Highlights:

Detecting and Preventing Invoice Fraud: Safeguarding Your Organisation

… how can you know from an invoice that you receive that that's the right invoice? and it's not a fraudulent one? and you're paying the right person? Well, what we do is with every vendor that you work with, we build what we call a baseline or a digital fingerprint. And so we look at all the communication in the past you've had with that vendor: not just the tone of the communication, but the people involved in the communication, how often are you paying them? are the invoices being sent? what do the invoices look like? how is that being paid? Everyone who needs to approve it and, when you have to make the payment, all of those details. I mean, it's hundreds of data points.

The Insidious Insider: Internal Collusion Exposed

On the internal collusion side, this gets really interesting… I call it the insidious insider. They are very smart, because as you mentioned, they know the systems, they know how it works, they know the process, they know that Bob is not seeing what John did and approving this without that and they know who has access to what system. So in this case, because we layer into, and integrate into all these different systems within the B2B payment process, we're able to see who uploaded that invoice into the ERP, or entered in the information? And oh look, this person over here, they came in later and they changed the banking details, and then they changed them back after the payment went through. We can see those nuances.

Catching Fraud in 7 Days from a PoC

For our POC, we are very proud of the fact that we can get up and running very quickly. We can actually start calibrating it within a week. To start gathering data and start showing the historical data. Just give us a data dump from the past year, past two years. We'll use that to calibrate our system to then start building that baseline for the vendors. And then we can look to see if there was an incident or where there were suspicious signals that would have indicated an incident would happen or whatever. And then within the second week, we can already provide an analysis. 

I can't name the client, but we showed them in the second week an incident that was a fairly large amount of money on an attempted fraud. And the security team over there didn't believe us. They couldn't believe that we pulled together the entire timeline, something that took them three months as a team to pull together and be able to dissect when it happened. We were able to show it after looking at their data for one week.

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E92 Transcript Trustmi The Payments Show Podcast

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Swoop Finance helps Small to Medium businesses upgrade, replace, or acquire new technology on a low monthly payment plan.

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Episode Highlights:

Unlocking Possibilities with Swoop’s Subscription-Based Finance Model

We offer a subscription-based finance model that is: (1) a lot more palatable for the merchant (2) creates a lot more flexibility. And the key difference there really is that instead of financing the hardware as an asset on a lease agreement, or an equipment finance agreement where you're financing the hardware as the asset, we finance the SaaS injection of the point-of-sale technology into any device. And what that does is it really opens it up to both the hardware space as well as to the software only space, which things like payment gateways, CRM systems, marketing, inventory controls. It could even be wiring and technician costs, it could be API along with the software technology. And that's really where we kind of step into the place to fill that, that hole in the market.

Reducing High Payment Processing Fees

Fees for the SMB market currently in the US are about 3.2%. And we typically will land somewhere around 2.1% - 2.4% depending on the industry. So, a good amount of savings there. If you're talking about 20 to 40 basis points on that spread, you can start doing the math if you're doing $50,000 - $100,000 a month, that definitely starts to add up. Other than a mortgage or rent, the payment processing fees are usually the 2^nd or 3^rd highest expense for a business owner that's a small to medium sized business.

The All-Inclusive Point-of-Sale Solution

…we're saying:  Here's your point of sale system: it's free. It's included. Here is your pricing. We're going to inject that hardware with the point-of-sale software. It's going to come with X, Y, Z different tools and benefits, right? The marketing, the inventory, etc. Those rates are going to be locked and fixed. Whether it's a cost + or zero processing rate. We're going to give you ancillary benefits like gift cards or loyalty or any type of additional software or hardware that we want to tether to that opportunity.

And we're going to say it's for one flat fixed monthly payment. Maybe it's $100 a month. Maybe it's $300 a month. But typically speaking, most of them fall between $100 to $400 a month for a small to medium sized business owner. And what it does for the business owner is they get a bundle deal. With full value, it eliminates their payment processing because we're going to pass that fee on, inject it with the software to pass that fee on to the consumer in an automated fashion. It's going to give them all the technology they need. All the hardware would be included, and they get complete transparency on the pricing. They're not having to pick up their merchant statement and then try to read through the haziness that these processing companies employ.

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E91 Transcript Swoop Finance The Payments Show Podcast

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Settle is an all-in-one payments solution for growing consumer brands. It offers Payments, AP automation, Working Capital and more. 

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Episode Highlights:

Reducing Complexity for B2B Payments

Growing brands are paying bills to their manufacturers / raw material suppliers / meta and others for marketing etc. And you say “oh, well that's a fairly simple process”: I can log into my bank, bill pay, and move the money. But what you quickly learn is that all of the touch points that need to happen prior to, and around, and after that payment, are what make the difference between the business running efficiently and the business running not efficiently.

Escape Spreadsheet Hell

From the moment that a CPG brand is placing a purchase order with their manufacturer, a lot of folks will start out managing that in a spreadsheet. And then they need to be updating that spreadsheet... And then they need to be updating that spreadsheet with 5 - 10 more pieces of information... And then they hire a few people... And now everyone is logging into the spreadsheet… Is the information structured? Is it up to date? Do I remember when I need to make that deposit? And as the business grows, as the number of SKUs grow, as the number of channels grow, the complexity grows. 

B2B Buy Now Pay Later

We're both a workflow automation software platform, but then also a really convenient financing mechanism. If you've got an inventory order and the cash conversion cycle for that business might be 90 or 120 days. Money goes out the door to the manufacturer, and you're not churning that into cash for as much as 4 - 5 months. With Settle, customers just choose Pay with Settle, and that then allows them to select a repayment plan. Very similar to the Buy Now Pay Later that you see on consumer websites.

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E90 Transcript Settle The Payments Show Podcast

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Prove is one of the world’s most accurate identity verification and authentication platforms. It is used by thousands of businesses across many industries including e-Commerce, Financial Services, Healthcare and Gaming.

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Episode Highlights:

Profiting from Identity

The identity space is going to be: how do I take that identity and then bind it to something that allows me to have these user experiences across the web, to enable payments, to enable purchasing, to enable better user experiences, targeted user experiences and things like that. That to me is where the money in identity is really going as opposed to just “oh, I need to onboard”. That's really being commoditized… If you're increasing onboarding success by  35% / 40% / 50%, that's real revenue, especially for your listeners.

Wallet Wars

It's going to be quite interesting whether that ends up in an OEM wallet here in the US, or EU wallets, and specific state-based EU wallets. Globally I think that's probably not 6 - 12 months out, that's probably 24 - 48 months out as we've seen some of those regulations occur, but it's definitely an interesting place. It's a seismic shift for identity from a centralised perspective, to identity from a decentralised and consumer-controlled perspective.

Reducing Friction: A Seamless User Experience

We generally get high marks for the user experience because it lacks that friction: First of all I'm going to go fetch my wallet… pull my driver's licence out... I’ve got to capture it... I'm capturing it in my kitchen… the overhead lighting is really bad so it's reflecting poorly on my document…. OK, let me hide it underneath my countertop, try to block some of the light… Now I've got to figure out how to tilt my camera to get it in there… Then, now let me catch my face…. All of that produces this level of friction. Our approach really is: how can I tell that Tim is in possession of his phone? Can I do that as silently as possible with as little interaction with the end user? We can do that by talking to the to the networks, the cell phone towers, to identify what phone number that is.  Then once we have that, we have a rich history of signals and live data that we're getting on a daily basis… and much more.

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E89 Transcript Prove The Payments Show Podcast

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Paysafe offers capabilities in payment processing, digital wallets, and online cash solutions.

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Episode Highlights:

User Experience and Design

The bar for consumers has gone up tremendously in terms of what they expect in terms of a frictionless, intuitive journey.  And they're not very loyal! We set up some really great metrics around the customer funnel and are able to see at a very low level of detail when and why customers are dropping out.

Merchant Payment Processing Using Digital Wallets 

A lot of merchants don't necessarily consider a digital wallet for payment processing. This is what we offer in Europe so merchants can actually settle into a wallet and see their funds immediately and then be able to, for instance, pay payroll or if they want to transfer money elsewhere, they can do so immediately as well through digital wallet. This is a slightly different model of payment processing than I think most merchants typically look at. 

Cash Is Here To Stay…. and Growing in Usage

Everybody thinks that the world is becoming more digital and cash becomes irrelevant. I am a naysayer in that opinion. The data that we have seen shows that cash actually just becomes more and more popular. We see more usage than we ever have in the past and there's a number of reasons for it.

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E88 Transcript Paysafe The Payments Show Podcast

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Chargeflow helps eCommerce brands recover chargebacks automatically using AI and software.

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Episode Highlights:

Transforming Extensive Effort into Successful Dispute Resolution

If you have a thousand chargebacks that you're planning on disputing per month, that's close to 1,000 man-hours of work… that’s becoming a major issue for especially some of these larger merchants that process a lot of revenue and a lot of transactions. And even the smaller ones that we service don't have the capacity. They don't have internal teams to handle all this all this work. Our solution is 100% automated. We do all the work for them. We submit everything for them and we're able to do it because we enrich all the evidence using 3^rd party signals. We're able to achieve a much higher win rate than the merchant would on their own.

Mastering Chargeback Evidence: A Delicate Art

Financial institutions require ‘compelling evidence’ in order to successfully resolve a chargeback. We need to make sure that that the submitted evidence includes all the right information… and presented in a very specific way. There are very specific templates that need to be built in order for the financial institution to rule in a positive favour. That means that the evidence has to be collected and presented in a certain way and if it's not, that really reduces your odds of winning that chargeback. Merchants struggle with this when they try to do it on their own. They're not really familiar with the nuances that these institutions are looking for in the dispute evidence. So they throw stuff together into the template and hope for the best… and that really doesn't work.

Navigating Friendly Fraud: The Post-Transaction Dilemma

The challenge with friendly fraud is that it's the actual person that the card belongs to. So these fraud filters, fraud engines or anti-fraud prevention engines won't detect that. They will just let that through because it's that person who's making that transaction. It’s only post-transaction when chargebacks become an issue and that person decides that the item didn't arrive, or that the item was defective, or they just decide that they don't want to pay for the item.

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E87 Chargeflow Transcript The Payments Show Podcast

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Digital Element empowers businesses to extract actionable insights from a consumer’s internet connection, leveraging their IP address. These insights encompass location, connection type, demographic data, VPN usage, and proxy details. By harnessing this data, businesses can enhance ad targeting precision, optimize content localization, and mitigate online fraud.

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Episode Highlights:

Not All VPNs Are Equal

… not every VPN is nefarious… not everybody is going to use it for fraud, etc. But a lot of people use them because they want to circumvent geo restrictions. We leverage and find as many different type of  providers that exist out there so that we can actually monitor and see what's happening… we will dig into a little bit about who are they offering these services to, what are they trying to figure out, we, and then also what different regions they're allowing.  Our goal is to figure out the integrity of an IP address so that we make sure that we're helping users rather than hindering them.

IP Characteristics

… we’re watching how IP addresses evolve over time. So for example, if your IP changes every day, all the time, you're not going to necessarily have the correct insight. Because nothing's static on the internet. Everything changes very dramatically. But with how we're collecting our data, we can say this IP address has been a school for this duration of time. But what happens if you saw the opposite side, which is an IP address that just constantly is bouncing around? It could be potentially used for different types of fraud, but maybe not!

Home Broadband

if you reboot your home router, you're more than likely going to have a brand-new IP address. I know that sounds funny, but it doesn't mean it's fraudulent. It doesn't mean it's nefarious, but what it can do though is it changes up how that demographic data is, but it also gives you a window of where the IP address range could be. Some IP addresses only stay within like the UK, but what happens if that IP address shifted to every different country around the world? That is some of the insights that we can give you, which is that IP address is something we should block probably pretty soon.

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E86 Transcript Digital Element The Payments Show Podcast

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Engage People provides loyalty solutions to businesses, enabling members to earn and redeem rewards.

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Episode Highlights:

Stats On Loyalty Points (Most Go Unused!)

- $200 billion dollars of loyalty points are issued each year and more than half of them go unused.
- There's a 30% increase in spend compared to a typical transaction when customers are given the opportunity to pay with points.
- Loyalty members typically have more than four to five redemptions per year.

Getting Into The Checkout Flow

“Ultimately our goal is to get into the checkout flow. You want to avoid that clunky experience. Who's responsible for that delivery when I order that product? Is it the bank? Is it the loyalty provider in the middle? Is it the brand ultimately that has that product? We want to remove that. The industry saw a lot of gift card redemption over the last 5-6 years. And I think that was specifically the customers themselves saying I don't want to deal with the four to six weeks delivery time”

Starting a Brand New Loyalty Program

“…don't bite off more than you can chew. A lot of organizations take too long to launch something, and they've got these immense plans that can get very expensive. Launching or running a large loyalty program is actually a profit center. Probably something most people don't know as well. The cost per point. So, what you ultimately pay for a point versus what a consumer pays to redeem that point. That brings value. Having a large member base brings value. We saw that during the pandemic, a lot of airlines were leveraging their loyalty programs to borrow against that”

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E85 Transcript Engage People The Payments Show Podcast

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FIAT Ventures is a Venture Capital company based in Silicon Valley which has a unique method of working closely with their portfolio companies compared to other VC firms. This discussion ranges from the unusual journey Fiat Ventures took into the world of venture capitalism, to their insights into specific payment companies they have backed and the dynamics of those partnerships.

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Episode Highlights:

How is FIAT Ventures Different from Other VC Firms?

“… about 60% of our investments we’ll actually work with them on the growth side first. We'll get to see truly how they're operating together. We'll look at the analytics and data and validate that they're real, where there are challenges. So that's definitely different in terms of that path that they come through that route. Other VCs don't typically have that kind of hands-on experience that we have in actually working. In some cases, we're working with the companies for several months before we're investing. Having months of hands on due diligence is pretty rare. For the companies that come to us and we have not yet worked with them, we can stress test that against some of what our team knows works and what doesn't. Again, that's kind of the unique insight of having those playbooks that we've developed and working with 150 plus companies.

Helping People Who Are Ignored, Underserved, or Underrepresented in Finance

We focus a lot on financial inclusion: building a more inclusive financial environment for the future. Close to 50% percent of founders that we've backed are underrepresented. And we think that's important for, for a variety of reasons. The biggest piece is there are a number of areas of the population that are ignored or underserved. We see a lot of founders who typically have lived that experience in some way or another are familiar with it, building solutions for that.  We think that is both the right thing to do, but it's also a tremendous business opportunity in terms of these massive segments.

Every Company is a Fintech Company

“…a lot of people make the assumption that fintech is just consumer banking or digital consumer banking. That is just one tiny slice of fintech when the reality is we call it “fintech plus” and “fintech adjacent”. That nearly every company is a fintech in some way, whether it's how they're processing payments, whether it's a solution in this market, whether it's hardcore technology in terms of a KYC provider, or fraud prevention…”

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E84 Fiat Ventures Transcript The Payments Show Podcast

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We discuss how the platform provides many features including dynamic Knowledge-based Authentication, Transaction Monitoring, document authentication, biometric verification and many others to streamline checkout processes, increase conversions and prevent fraud. We also discuss the challenges and opportunities of digital identity verification in the eCommerce industry, and how IDology adapts to changing regulations and customer expectations.

AUDIO VERSION: thepayments.show

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Episode Highlights:

Fraudsters Now Playing “The Long Game”

The most shocking thing for me over the last 4-5 years has been this immersion of the long strategy, where these guys are actually willing to create culture and cure identities over a period of time and build a worthiness level of them financially, and then they'll utilize that and just and just b*stardize it across different financial services providers for the gains that they want to make. People do things like actually open different kinds of accounts, credit accounts on them, low limit, instant access, and then they'll sit there and actually use them and pay the bills for a while to grow. And as the credit gets better and better, then it's ripe to be used for taking advantage of businesses.

ID Data Is Not Enough To Verify A Person

We need to collect the right information. We shouldn't collect data we don't need. You've got the core pieces, which is always name, address, date of birth etc… But that's not sufficient in this world in order to assert ownership of that identity, ownership of the device that it's on. For these, you're going to need to look at that for many different aspects. You need to make sure that this person is legitimate, exists, they're not synthetic. So looking at things like the email that they registered with, the mobile number, do they have some kind of ownership of that? Looking even at things like their IP address to try to get a sense of where the traffic's coming from, information about the device. Our solution will factor out to those different data points and pull back as much data as it can, it generates information that then can be run through decision matrices to come with the next step type of outcome.

Tracing Fraudulent Money As It Moves

Money moves. And a lot of times their fraud is one part of the process. It may have been a credit card that was opened and all the money was extracted off in some method, but then it's got to get moved. And maybe it gets moved through a payment service and then that's going to go into a different bank account, or it gets moved to a prepaid card where it's got some level of transience. Because of our reach across our solution sets, we can watch this move. Our ability to find it faster and flag it sooner is expanded because we're watching it move. And we actually will see this in our data. We will see a fraudster go from one customer to the next, to the next, to the next, to the next. And the way that we've engineered these solutions, we can provide those insights to all of them. This was iffy when it came to you, then it went to this person and this person and it's moved and it's travelled, and that greatly enriches the probability that this is a fraudulent activity. Because again, going back to what you were talking about, I mean, why would a consumer go open 10 bank accounts in one day?!

Transcript (PDF)

E83 Idology Transcript The Payments Show Podcast

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SwipeSum a technology company that helps businesses find the most cost-effective merchant services and payments solutions through it’s AI solution called Staitment. Staitment helps merchants to find the best solutions in seconds compared to manual audits which can take many weeks or months.

AUDIO VERSION: thepayments.show

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Episode Highlights:

Evaluating 5,000 Payment Companies in the USA … FAST!

With any merchant services deal, you can always focus on cost savings. But that's not what you should start off with. People really need to find the best solution first. E.g Does it support mobile apps? Do they offer offline terminals? Is customer support a really big issue for you? Do you have a lot of different locations that have different business management software, so you have to have different providers?

Most of the noise is really people trying to evaluate the 5,000+ payment companies in North America alone to figure out who's the best. You actually have to know the industry really well to  be able to target the ideal solution right off the bat. And I think that's the most powerful thing that Staitment does.

AI Analysis for SMEs or Large Enterprises

We built Staitment for our clients to be able to audit all of their monthly statements. This could be a company as big as BP with 50,000 locations and perform an instant audit of every location. Or it could be a small business like you mentioned that saved $100,000 in a year.

Payments Are Still Not Seamless

You have to offer the payment solutions that your customers want to pay with. Which seems really basic, but oftentimes that's just not the case.  Even for trade shows and events, we still get printed off invoices that they want us to write our card numbers down or send a check. Or going to a coffee shop and you want to use Tap2Pay on a mobile solution, but they don't have that. The terminal might have a piece of tape over where you dip your card or something! Rarely do you see seamless payments executed perfectly everywhere.

Transcript (PDF)

82 Staitment Transcript The Payments Show Podcast

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Rush is an app that helps e-commerce brands to increase revenue by turning one-time buyers into repeat customers through shipping notifications that take customers to high-converting and well-crafted tracking pages filled with upsells and cross-sells. 

AUDIO VERSION: thepayments.show

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Episode Highlights:

Eliminating Guesswork from Upselling

30% percent of eCommerce revenue generally comes from upselling.  But…  a lot of merchants who are trying to use upsells, they mostly configure about 4-5 funnels and they just leave them. It's time consuming and there's a lot of guesswork involved in upselling. So what we do at Rush is we include the upsells within the products. We give merchants the option to choose between automation, just like an algorithm, or you have the option to choose your own products that you want to display on the order tracking page.

Turning Delivery Anxiety into Delivery Anticipation

It's very important to turn that delivery anxiety into delivery anticipation because that's a positive emotion. Customers love brands way more just because they know where their order is at any time. You don't let the customer experience dip even for a second because you know that once they complete the order, you're there for them. They don't wonder even for a second, okay, what's going on now? Has it left? When is it going to arrive? How do I plan my day? It's a very important to think about the emotional side of marketing eCommerce and driving that customer trust.

Customer Lifetime Value is The Most Important Metric

Through my 10 years of experience with Shopify, I found that the most important and crucial metric or KPI is your customer lifetime value. You will never make a mistake if you focus on growing your customer lifetime value. Maybe you're focusing right now on improving your conversion rate on a certain product page or something else, which I'm not saying is not important. But you will never make a mistake if you're focused on customer lifetime value, because that is the single metric that grows any other important metric. Your revenue goes up, your AOV goes up, and most important, your profitability goes up because you're getting more out of the marketing spend your business has, which is growing day by day.

Transcript (PDF)

E81 Rush Transcript The Payments Show Podcast

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