Executive Spotlight Series with Dave Fabrizio, Principal and Co-owner , Payway

by Dave Fabrizio 0

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Tell us about Payway?

The company was created in 1984 as Edgil Associates by two former high-tech innovators — Ed Hopey and Gil Wolsky. Our first success story was a service called “Select News”—a statistical data mining tool that provided customized news feeds to many large media organizations, including the Associated Press. Starting in the mid-early 90s, Edgil became a pioneer of the web when we developed a self-service web tool to assist media companies with classified ads. From there, our in-depth knowledge of subscription and advertising payments evolved into what we are today. Although we have a deep appreciation for our founding fathers, we decided a few years ago that the time was right to rebrand the company. The Payway brand was developed to reflect a broader focus on the company’s payment processing services and comprehensive, integrated solutions.

What does Payway do?

We provide soup to nuts payment-processing services, which includes an integrated payment gateway and merchant account services. We built our payment gateway and merchant services solution to be responsive to the needs of merchants who operate a recurring payment business model, like many of the publishing companies we have served since 1984. Truth be told, managing the subscription payment process for some of the largest media companies required us to get smart, fast – and we have continued on that pace. We are still serving many large publishing houses, as well as other companies that might consider their customers to be “subscribers,” such as nonprofit organizations, ticketing, call centers, real estate management companies, and private healthcare services.

What has changed over the years?

We have had to learn and adjust to new issues as technology has evolved. For example, today, we’re more diligent about security than ever before because hackers are more resilient and unforgiving. We’ve taken our decades of practice in managing recurring payments and refined our methodology.

What makes Payway different than other vendors out there?

With Payway, customers know they are getting a fair deal. Other payment service providers bundle their fees into one rate, fooling many merchants who could be paying less. Although a single percentage seems straightforward and convenient, it allows dishonest providers to hide avoidable costs. Nothing makes us happier than uncovering these unnecessary charges during the free cost analysis we provide for prospective customers.

We’re one of the few payment gateways that uses our automated Level III processing to autodetect if a payment is made with a procurement or corporate charge card, enabling the networks to identify which transactions qualify for lower interchange rates. We’ve been able to help our customers save a lot of money – one of our customers saved more than 45k in just three months.

We also offer automated Account Updater. It automatically hunts down outdated credit card information for recurring credit card payments. Companies are losing millions every year to declined payments – we help our customers turn that negative trend into positive cash flow.

What are the challenges in the industry today?

With the evolution of the web and mobile usage, Payway’s products and offerings have evolved over the years. Prior to the web, our software was a proprietary turnkey system. Customers were typically locked in because the cost and time needed to replace a system was too significant. Now that our product is an open architecture, web-based system, it is easier for customers to move from provider to provider, making the competition for customers all-the-more challenging.

What is new for your clients in the media space? You have been servicing them for a long time.

Building our list of integration partners to ensure that all subscriptions keep running smoothly, regardless of whether they be print or digital, remains our primary focus. However, we feel that continuing to build our presence in new markets can fuel our growth while helping everyone save on their processing costs, and we plan to do that.

What are the future plans for Payway?

Seeing as our expertise lies in card-not-present, recurring transactions, we are concentrating our efforts in markets that operate subscription-based business models. Private healthcare, ticketing, and call centers are just a few examples of the types of markets we have the ability to make a significantly positive impact in.

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