TMCnet News
TodayPay Launches Innovative Payment SolutionFormer J.P. Morgan Managing Director and Head of Fintech Launches Provides Merchants and Consumers with Better Refund™ Options in Multiple Payment Methods LAS VEGAS, Oct. 23, 2023 /PRNewswire/ -- TodayPay Inc. emerged from stealth mode today at Money 20/20 in Las Vegas, to unveil the world's first faster payment technology solution helping merchants offer their customers instant refunds in multiple payment choices. TodayPay is a technology company pioneering a new category in payments called Refunds as a Service™ – an entire suite of alternative refund solutions for merchants to Refund Now Pay Later™ and offer Better Refund™ choices for consumers. "TodayPay is transforming the broken refund process into an intelligent customer acquisition channel for merchants." "Time is money," said Jeremy Balkin, Founder and CEO, TodayPay Inc. and former Head of Fintech for J.P. Morgan. "I built TodayPay because I've seen firsthand how the speed of a payment can change somebody's life," said Balkin. "There's over a trillion dollars of value exchanged every year in the form of refunds, yet there's been almost zero innovation improving the refund customer experience." With the tagline 'My Money, My Choice,' TodayPay works best for e-commerce merchants, marketplaces, logistics providers and insurance companies, aiming to increase checkout conversion rates and grow loyalty driven sales, while avoiding expensive disputes and fraud. TodayPay decouples the refund, which is a payment solution, from the return, which is a logistics problem. "This helps merchants compete end-to-end on customer experience based on the speed of a payment, instead of the speed of broken supply chains," said Balkin. For consumers, it means the ability to get paid instantly with multiple redemption choices, instead of status quo, which is simply a reversal back to the original payment method on the next month's credit card statement. "TodayPay is transforming the broken refund process, from where money goes to die, into an intelligent customer acquisition channel for merchants," said Balkin. TodayPay delivers instant gratification for merchants and consumers by offering refund certainty, speed, and choice. "Payments are sexy and TodayPay helps merchants transform refunds into revenues," said Balkin. In 2022, the U.S. Census Bureau estimated total U.S. retail sales reached $7.1 trillion and approximately one-fifth of everything bought in the U.S. is returned every year. Items bought online have a 3 to 5 times return rate than items bought in-store. Several hundred billion dollars have been invested in reducing friction and creating a seamless online buying experience, however the backend of the checkout experience remains antiquated. Research by te Baymard Institute shows average cart abandonment rates are 69% across the industry and disputes cost merchants and consumers $100 billion each year. The transaction friction has moved to refunds with a monolithic broken process that's outdated for the instant gratification driven digital economy. According to the National Retailers Federation, return fraud is now estimated to cost 10.7% per transaction, hurting merchants and consumers. "Traditional refunds are monolithic, inflexible, and uncertain. Consumers often don't realize their refund doesn't actually go back in their bank account, and this broken process is no longer fit for purpose in the dynamic digital economy," said Balkin. While operating in stealth mode, TodayPay has already generated significant traction with e-commerce merchants, insurers, investors, and the world's leading payment technology companies, including Visa. The early success of TodayPay has been recognized across the industry with TodayPay recently named a Finalist for Startup of the Year, with the winner to be named at the upcoming US FinTech Awards in New York City. Learn More about TodayPay
Partners Powering TodayPay Visa – a world leader in digital payments Amazon Web Services (AWS) – the world's most comprehensive and adopted cloud Alloy – the world's leading end-to-end identity risk solution Soma Capital – the top seed investing platform in the world Marqeta – the global modern card issuing platform Astra – the all-in-one platform for lightning-fast payments Ezri – innovative ecommerce brand GrailPay – the cutting edge B2B payments infrastructure company Shippo – the shipping platform for 21st century e-commerce Tango – the world's leading rewards technology platform Innovation for some time and TodayPay is doing this. It's great to lend our strength in rewards, incentives, and payments to TodayPay's vision and to leveling up the refund recipient's experience." – David Leeds, CEO of Tango About TodayPay About TodayPay Founder Contact: View original content to download multimedia:https://www.prnewswire.com/news-releases/todaypay-launches-innovative-payment-solution-301963861.html SOURCE TodayPay Inc. |