Can you give our readers a summary about RevoPay and its role within the payments industry?
RevoPay builds beautiful and simple, industry-focused ePayments software. Our processing platform provides solutions for emerging markets, specifically – including property, academic, non-profits, healthcare and small business invoicing. With every feature upgrade and product rollout, RevoPay aims to further simplify the payments process for our customers and change the way people pay some of life’s most important bills. RevoPay’s goal is to move the payments industry forward and encourage payments innovation in the emerging markets we currently serve – where ePayments adoption remains low.
On your website you mention your unique distribution model called Software as a Bank Service (SaaBS). Can you explain in more detail about that distribution model?
Many of RevoPay’s partners are small / community banks – who white-label our cloud-based platform to offer competitive products to their client base. In an age when small banks are being disintermediated by other fintech companies or large banks who have the resources to build tools, RevoPay is giving banks a way to maintain their client relationships with robust, integrated ePayments products.
How do you see the payments industry evolving over the next five years?
1. Mobile will continue to become important to payors and merchants
2. Payors will benefit from continued consolidation by being able to pay more bills in one place. Whether it is rent, homeowner’s dues, tuition, or insurance, we’ll be able to make all of these important payments from one place.
3. Payment Security will evolve through ‘trusted payment’ algorithms and machine learning fraud detection tools
4. Non-retail payments will gain larger market share.
What is RevoPay doing to stay ahead of evolution prediction?
1. Extend and continue to innovate with our Payment API rails to facilitate payment experiences with Software Providers that serve their customers
2. Limit clients’ PCI scope by facilitating hosted / embedding payment technology that does not require partners to host the payment page experience
3. Remove payment friction that many payors experience today in vertical markets where it is not easy or fun for them to pay electronically.
4. Develop more industry-focused features, tools and integrations.
As RevoPay continues to grow are there plans to expand the company into other verticals?
Absolutely – RevoPay began in the property space, and we quickly expanded to the academic, non-profit, healthcare, and small business invoicing verticals as we saw a need for industry-specific ePayments tools. As we continue to grow, we’ll continue to develop products for industries we feel are underserved by today’s solutions.