Here’s a cool story about a payments processor that has taken its 137,000+ customers, and found a way to expand their offerings to them. CA-based iPayment has launched iPayment Capital, which offers merchant cash advances with a streamlined application and approval process for its customers. The whole accounts receivables space is a wildly profitable one, so it makes perfect sense for this firm to venture into that space, since it has a pre-existing customer base for this new enterprise. Great idea!
(Cindy Taylor, Publisher)
WESTLAKE VILLAGE, Calif., Aug. 15, 2017 /PRNewswire/ — iPayment, Inc., a trusted provider of payment and processing solutions for small and medium-sized businesses (SMBs), introduces iPayment Capital, a new business unit focused exclusively on merchant cash advance services.
iPayment Capital will formally launch this fall with a focus on iPayment’s more than 137,000 SMB customers. Adding merchant cash advance as a direct offering, the Company will significantly streamline the process for its customers, offering a simplified application, expedited reviews and approvals, and a seamless re-payment process.
“Our customers oftentimes have challenges accessing working capital to fuel growth for their business,” said O.B. Rawls IV, CEO and President, iPayment, Inc. “As a small business solution provider, we must provide our customers with valuable products that will help them sustain and grow their business and iPayment Capital is just one such offering that we know will make a meaningful difference.”
The Company recently hired Mr. Tomo Matsuo as Senior Vice President to lead this important initiative. Mr. Matsuo spent over six years with Bizfi, a premier fintech company combining aggregation, funding and a participation marketplace on a single platform for small businesses, where he held several senior level positions including Chief Operating Officer.
“According to Goldman Sachs, the total U.S. small business financing market is estimated to be $186 billion, with originations less than $100,000 representing about 90% of the total,” noted Robert Purcell, CFO, iPayment, Inc. “Investing in iPayment Capital makes perfect business sense, not just in terms of the overall market opportunity, but also because our core offering is providing business solutions for SMBs. In lieu of working with an outside partner, as we’ve done in the past, we will control the entire experience for our customer, delivering a more streamlined and seamless experience.”