Money20/20 may have come to a close yesterday, but there was no shortage of big announcements and innovative product demos. Check out some of the biggest news and trending topics that landed on the final day of what’s next in payments, the Vegas edition.
With over 750 approved credit solutions for small and medium-sized businesses nationally, online direct lender Dealstruck surpassed the $100 million volume threshold, which includes the issuance of 521 term loans and 270 lines of credit.
“Our breadth of flexible financing options have helped support our rapid growth, and we look forward to continuing our efforts to match small businesses with the growth capital they need for success,” Ethan Senturia, cofounder and CEO of Dealstruck, explained. “Above all, we’re most proud of our commitment to maintaining a thorough underwriting and risk management process, even as we expand the volume of our loans.”
From getting its start in 2013, Dealstruck has been on a mission to help SMBs attain bankability via flexible, affordable and transparent financing solutions.
Just last week Poynt announced plans to bring the “world’s first smart terminal” to the mPOS landscape, and yesterday (Oct. 28), it said its new partnership with point-of-sale (POS) integration company eThor will help make that happen.
“As part of this launch, eThor will connect Poynt’s Smart Terminal to existing merchant operations/POS,” said eThor Founder and CEO Gary Ziegler. “In addition, other apps that are loaded onto the Smart Terminal will be able to connect to the POS through our platform, opening up even more connectivity between these apps and in-store operations.”
Poynt’s Smart Terminal claims to be the only certified payments device on the market that is designed to accept both old and new payment methods, including traditional cards, EMV (chip-and-PIN), NFC (Apple Pay and Android Pay), QR code and beacon-enabled payments.
“We are at the cusp of historical change in how commerce is conducted,” Poynt Founder and CEO Osama Bedier remarked. “EMV may be forcing merchants to make an upgrade, but we give them a reason to embrace it. Not only does the Poynt Smart Terminal deliver functionality that was previously unimaginable in a sleek, simple and affordable device, but it is the most secure terminal on the market. This is a big day, and thanks to our ecosystem of amazing partners like eThor, the operations and experiences of millions of merchants will be forever changed for the better.”
OCPay, or “Open, Click, Pay,” a new offering launched through the partnership of Kansys and AcceptEmail, is an email- or text-based bill payment method designed for communications services providers.
OCPay is available now to Kansys customers and is expected to reduce the collection costs for billers by up to 70 percent, while also saving time and eliminating friction points for customers.
“Rapid payment response and confirmation is particularly valued by providers and users of telecommunications services,” Ron Averett, North America president and CEO of AcceptEmail, stated. “It can help prevent suspension of service due to late or missed payments. If service has been suspended, then a quick confirmation via AcceptEmail can help get it connected again much faster than any other method.”
OCPay aims to simplify the entire billing process, from making payments to confirming payment receipt, without the use of multiple usernames or passwords to remember and cumbersome navigation through payment portals.
The MyLoyalty app from Alliance Data was unveiled yesterday (Oct. 28), with the ability for consumers to shop, earn rewards and connect with retailers at major malls across the U.S.
The customizable app allows both retailers and consumers to select from a variety of features, which include the ability to apply for a store-brand credit card, make purchases with the MyDigitalCard and even earn and redeem rewards at the POS. Alliance Data’s MyLoyalty app also comes equipped with location-based messaging, geofence and beacon location services.
“Retailers are continually seeking the best ways to connect and interact with their most loyal customers,” Sheryl McKenzie, VP of product and capabilities for Alliance Data’s card services business, said. “Through the app’s MyMessages feature, customers may enable in-app offers, rewards and marketing messages. When you couple that with our location-aware features, retailers can communicate when the message is most relevant — when the customer is near a mall or in a store. That connection creates powerful engagement.”
Retailers included in the app launch include Marathon and Trek, with additional brands such as Toyota, Lexus, New York & Company, Catherines, Venus and West Elm coming soon.
Following this week’s partnership announcement between Chase Pay and MCX, mobile commerce provider P97 Networks announced yesterday (Oct. 28) that it will launch a program to enable mobile commerce with Chase Pay, enabling payment at the pump and in-store purchases via smartphones.
“With the combination of P97’s PetroZone mobile commerce platform and Chase Pay, we are thrilled to deliver more payment options to consumers at the pump,” Donald Frieden, president and CEO of P97, remarked. “We are confident this combined solution will deliver an innovative mobile payment experience for the retail fuels market customer.”
Speaking Of Chase Pay…
The initial technology partners who are on board to help merchants implement Chase Pay, which is billed as a mobile payments solution that provides a “true omnichannel” payments experience, include: 3Delta Systems, AJB Software, Aria Systems, Auric Systems, Authorize.Net, BridgePay, Bytemark, CardinalCommerce, FIS ClearCommerce, CyberSource, iBiz Software, LevelUp, Miva, P97, Recurly, USAePay, Vindicia and Xpress Bill Pay.
The mobile application from FinTech company FlexShopper will enable consumers to use their mobile devices to lease to own merchandise from any major retailer. After applying for a spending limit, consumers receive “FlexDollars” directly on their smartphone, which can then be used to purchase products from a retail store by simple taking a photograph of the item and submitting a form. FlexShopper then facilitates the lease and fulfillment of the order once all terms and conditions are accepted by the consumer.
“We are extremely excited about launching FlexShopper Wallet right before the holiday season. This is another ‘win’ for consumers without sufficient cash or credit to have the opportunity to obtain durable goods from any national retailer and to have access to the same products as any other consumer,” Brad Bernstein, CEO of FlexShopper, stated. “FlexShopper Wallet is representative of our company’s vision to use innovation to grow market share of the lease-to-own market opportunity and expand it for consumers. We have begun a national television commercial campaign to support the launch.”
By analyzing online user behavioral biometrics, NuData Security is out to help its clients boost profits, prevent fraud and better understand their users, both good and bad. The company’s solution utilizes a combination of biometric and behavioral patterns to empower customers to identify high risk and anomalous activity, redirect suspicious users into an alternative Web experience and decide the best way to respond in real time to threats using critical data and context.
“Online fraud is a multi-billion-dollar problem, and cybercriminals keep getting better at gaming the system. In order to defeat them, continuous behavioral analysis that penetrates down to the layer of subconscious behavior is necessary,” Ryan Wilk, director of customer success at NuData Security, explained.
“Working below the radar, our system tracks these behaviors to predict and prevent fraud. It’s a non-intrusive process that saves organizations and individuals money and protects brand reputation as well.”