Unbiased information for b2b vertical software companies to learn and understand the nuances of the payment facilitator space. When monetizing payments there are several different facets you have to consider, such as boarding, processing, user experience, legal, risk, business model, pricing, settlement, funding, analytics, reporting, and on and on. Do you fully understand what it takes to become a payments company? What are the risks versus the rewards? Can I make the investment in time, money and effort? These are just a few of the many questions you will need to answer. The bottom line is that monetizing your payments can be lucrative, but it isn’t easy and isn’t right for everybody. There are options besides becoming a registered payment facilitator. There are programs and companies that you can partner with and still create a revenue source without the risk. My goal is to provide you both sides of the story so to speak – so you make the best decision for your business. Along the way we’ll hear from software companies that have been successful integrating payments into what they do. You’ll hear their success stories, maybe what tripped them up and how they overcame challenges. This will also be a platform for service providers to talk about their views, opinions, products, services, best practices and more. If it goes on in the payment facilitator or payfac market and has anything to do with monetizing payments, we will be talking about it.
Jeff Porter, Founder & CEO of Handbid | Episode 13
This is episode 13 of the Monetize Your Payments podcast and Jeff Porter the Founder & CEO of Handbid is our special guest this week.
Jeff was born in Colorado and currently lives in a suburb of Denver – but he mostly grew up in the Washington DC area and went to the University of Virginia where he got a degree in electrical engineering.
Handbid is an automated events fund-raising platform built around silent and online auctions. His start-up story is fascinating and actually ties into the Kentucky Derby of all things.
The main reason they have integrated payments into their platform is for the customer experience. Currently they primarily leverage Stripe because of their developer tools.
Russell Olsen, Chief Product Officer at WebPT | Episode 12
Russell Olsen the Chief Product Officer for WebPT is our special guest this week on episode 12 of the Monetize Your Payments podcast.
Russell grew up in Atlanta went to Brigham Young University – and is currently in Phoenix Arizona.
WebPT helps rehab therapists more efficiently run their business – it was co-founded by a therapist and built for therapists. The company is about 12 years old and have about 40% market share.
Their goal is to make the payment experience more seamless and frictionless so the business owner, typically a physical therapist can focus on their patients and not on collecting money.
Today they are leveraging a referral model as the timing and costs to fully own the payments experience just didn’t align with their goals.
Jona Georgiou, GM of Payments & Financial Services at Lightspeed | Episode 11
This is episode 11 of the Monetize Your Payments podcast and Jona Georgiou, the GM of Payments and Financial Services at LightSpeed is our special guest this week.
Jona is from Toronto Canada and came into the world of payments in a unique way as early in her career she leveraged her statistics background to help a company solve a chargeback problem. She been with Lightspeed for about 2 and half years.
Lightspeed powers small and medium size businesses – it is a cloud based omnichannel platform that includes a point-of-sale system.
According to Jona, “having financial services paired with the POS and management tools allows merchants and restaurateurs to focus on what they do best instead of getting into the details of managing the POS.”
Paul Bridgewater, CEO of ResMan | Episode 10
This is episode 10 of the Monetize Your Payments podcast and Paul Bridgewater, the CEO of ResMan is our special guest.
Paul lives in the Washington DC area. The company is based in Plano Texas. Paul has been in the US for 14 years and is originally from the UK. He spent many years in payments in both the UK and the U.S. He’s been the CEO at ResMan since beginning of 2019.
ResMan is a property management platform for property management companies in the multi-family industry -from marketing services to website services, handling the leasing and application process basically every aspect of running a property management company including of course payments.
ResMan has built payments into the application and rent payment flows so it is embedded into the software which creates a seamless process and experience for both the renters and the property management company.
According to Paul, “improved end-customer experience, increased revenue, and better customer experience all leads to a better valuation for ResMan as a company.”
David Giannetto, CEO of WorkWave | Episode 9
This is episode 9 of the Monetize Your Payments podcast and David Giannetto, the CEO of WorkWave is our special guest this week.
David grew up in South Jersey, went to Monmouth University, and was an officer in the Army for 4 years. He’s been the CEO at WorkWave for a year and half and has been around the field services software industry for some time.
WorkWave has 7,000 customers both large and small but all related to field services. They offer four core services or platforms that help their customers; grow their business, service their existing customers and everything related to how they move money.
WorkWave is first and foremost a software company and they consider payments as a multiplier. Their customers’ desire for more progressive payments functionality in the WorkWave software as well as WorkWave’s desire to control their customer’s experience and service led to the decision to becoming a payfac a year and half ago.
David stresses that having the right partners is a major key to success. If becoming a payfac is part of your payments roadmap, you need to listen to this episode.
Biju Nair, GM & VP of Payments for Boulevard | Episode 8
This is episode 8 of the Monetize Your Payments podcast and Biju Nair, the GM and VP of Payments Boulevard is our special guest this week.
Biju grew up and did his undergrad work in India and got his MBA at Babson College in the Boston area and currently lives in Lexington, Massachusetts. He spent the last 15 years in payments.
Boulevard was founded in 2016 and is a business management platform that makes work easier for salon and spa owners. The company was founded on the principle that doing business in the beauty industry should be convenient for everyone. The average salon operates on a 5% profit margin, but with the Boulevard platform, the profit margin can double 90 days.
Their early customers asked for payments so it really was the customer experience that drove the need to integrate payments into their software. They used some payfac-in-a-box solutions initially and are now on the path to becoming a payfac themselves. Becoming a payfac will allow them the control their own destiny and offer other fintech solutions to their customers.
Biju provides some great advice around being educated about payments before making strategic decisions.