Pining For PYMNTS: A Valentine’s Day Special
Which payments innovator are you crushing on this Valentine’s Day?
That’s the question we posed to several industry leaders as we learn who’s turning heads and winning hearts in the payments industry this winter. It’s tough to stand out in an industry rife with innovation and change, but according to those on the inside, certain qualities are still admired by all.
What makes companies stand out amongst their peers, and who incites passion for payments? Who were the only two companies to be named twice?
Find out the answers in this PYMNTS.com Valentine’s Day Special.
“As the president of a company that is active in the electronic payments market, I think one of the most exciting innovations is the wide range of mobile technologies being introduced for the processing of payments. We develop large-scale payments applications for our clients, but one of my favorite payments companies is Square that specializes in applications for small-scale users. Square’s smart phone and iPad scanners have opened the world of credit card payments to small businesses and other fundraising groups that need simple, non-cash payments options. There are a lot of companies that are exploring business possibilities in the portable, mobile payments space, but it’s hard not to be impressed with what Square has done – free hardware and software, ease of set up and use, and reasonable cost of payments authorization and fulfillment.” – Dr. Lynne Baldwin, President
“‘Point-to-point encryption [P2PE] technology may assist merchants to reduce the scope of their cardholder data environment and annual PCI DSS assessments.’ That’s a direct quote from the PCI Security Standards Council. Bluefin is poised to bring this game-changing, scope-reducing technology to merchants and service providers worldwide. You asked us what payment innovation we are in love with and this is it! Now, if I can only find an I <3 P2PE Valentine’s card.” — Ruston Miles, SVP & GM, Bluefin
“At Braintree, we see many new companies building innovative technology on our platform, and one that we love, is LevelUp. Their unique QR capability built on our platform makes it easy to pay, securely, from a mobile device in a store or restaurant. As we continue to see the mobile payments industry grow, we expect to see more unique technology for smartphones to further simplify how consumers pay and businesses accept payments.”
“Braintree - Building a payments infrastructure shouldn't get in the way of a great startup idea. So rather than reinventing the wheel, startups like Uber, Fab, and Airbnb are using Braintree, an easy-to-use, secure, and PCI-compliant way to start taking credit cards. Genius!” – John Fu, Director of Marketing
“I'd say my favorite payments company is the sleeping giant, Apple. Their massive collection of customer payment account information combined with the ubiquity of their software and hardware positions them as potentially not only a new, formidable player in payments, but potentially as a new payment network altogether.” – Kathryn Petralia, COO
“I am in love with Square. Always have been, always will be.” – Sasha Orloff, CEO
“One company I’m pretty excited about these days is Dwolla, because in many ways we're both fighting in the same revolution. Dwolla knows credit cards swipe fees are bad for merchants and the economy, so they’re trying to motivate consumers, just like we are, to shift away from using credit cards, and instead try out forms of payment that are ‘healthier’ for the economy. It’s awesome to have another company join us in the good fight against swipe fees.” – Seth Priebatsch, Chief Ninja.
“The love affair started in the consumer realm where the convenience of card payments was the main attractor. As consumers, we no longer had to be burdened with carrying a bulky checkbook or cash. When eCommerce came along, cards were the perfect suitor and new passion was injected into a mature product. The love spread to commercial payments and convenience took on a whole new meaning. P‑Cards, in particular, rocked the world of traditional procure-to-pay (P2P) processes, providing buying organization with a way to streamline and reap savings.
P-Cards allow organizations to procure goods and services in a timely manner, reduce transaction costs, track expenses, take advantage of supplier discounts, reduce or redirect staff in the purchasing and/or accounts payable departments, reduce or eliminate petty cash, and more (www.napcp.org/P-CardIntro). Organizations do not have to work so hard at this relationship. By following proven P-Card best practices, organizations will have a long healthy marriage with this payment innovation.” – Lynn Larson, CPCP, NAPCP Education Manager
"Jumio is doing a phenomenal job of removing data entry and friction to provide a great user experience -- particularly in their areas of innovation. They have taken advantage of something we all have (mobile phone camera) and shattered the old way of doing something. They are thinking very boldly on how you would process checks if you designed today -- especially with one billion smartphones out in the market." – Alex Doll, CEO
“While many FI’s have rolled out remote check deposit services, Chexar Networks just started offering real-time cash deposits to prepaid and debit card accounts…a consumer-friendly solution for low income consumers who need immediate access to all their funds on payday to pay bills.”
“Lyft - It's improved transportation in SF in a big way. I just need to figure out how not to spend too much money on the service.” – Chris Bennett, CEO
“Hands down my favorite innovation is Uber. I love the fact that they've completely removed the friction from ordering and paying for transportation.” – Bill Clerico, CEO
“I’m in love with mobile banking. I travel extensively in my role and mobile banking allows me the freedom and flexibility to adjust to my lifestyle demands. It offers incredible convenience, real-time data and a high level of security. I don’t always have fixed Internet connections but with a mobile device, I have a mobile connection. Through mobile banking, I can check balances, make payments, transfer funds and make deposits. The convenience extends well beyond saving myself a trip to the bank. Mobile banking offers a high level of functionality — and functionality is crucial in the mobile payments arena.” – Melissa Smith, President, The Americas
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