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Payza

The award-winning online platform of Payza has made money transfer much easier

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The economy of every nation is trying to make most transactions online. This way the digital payment companies have grown so much in the past decade. Everyone aims towards a cashless economy, even for the smallest of transactions. The digitalization in the payment system helps it make it more transparent as well. Many online payment companies have come up in the last 20 years. The American and European markets acquire most of them. But, this does not necessarily mean that only the citizens of that particular nation can use for transactions. Many online payment platforms are spread worldwide and support international money transactions. Firoz Patel founded Payza, a digital payment service in 2012. His main goal was to target those groups of people who weren’t satisfied with the services of big payment companies. When a customer is already facing problems, then it is easy to lure them towards a different company. Payza offered its service in more than 190 countries and 21 currencies until the higher authorities ceased operations in 2018.

About the founder of Payza

Firoz went to Champlain Saint-Lambert and acquired his degree in Business Administration. He graduated in the year 1994. Firoz started his career by working in the sales department for a software company. In April 1999, he joined OnX Enterprise Solution where he worked for business development and consulting.

In 2004, Firoz founded AlertPay, an online platform for payments. He was the CEO of the company and left in 2012 to found Payza. Firoz was also a member of the Board of Directors of Ceptum AB. Currently, he is the CEO of Payza and Fintech Specialist at FP Consulting.

What is Payza?

To expand the economy of every nation and to tie everyone with the same thread of digitalization, Firoz came up with Payza. And, everyone should be a part of this global marketplace. People build different kinds of businesses and carry out a variety of trades. So, every customer doesn’t have the same need. And, Payza has grasped this idea and used it to its advantage.

To empower the local communities they should be connected to the biggest and the only marketplace. Exposing oneself internationally means more profit and more advantages. So, Payza provides local tools for the communities that can be used to carry out international payments. It helps out both the local customers as well as the cross-border merchants.

Who are the customers?

From a person with no business portfolio to a big cross-border trader, everyone is the customer of Payza. Payza provides its services to anyone willing to make an online transaction through its platform. The company provides a variety of options for accepting and making payments, transferring money internationally, and also exchange of funds. Many businesses use the platform of Payza for making payments. So, they can pay through credit cards, e-wallet, and cryptocurrencies as well.

The payment option by bitcoin and cryptocurrencies are especially for those locations where there is a shallow trend of credit cards. Because it becomes a problem for the cross-border transactions. Payza is trying its best to find other alternative methods as well. The customers of Payza also have Payza Card that enables to carry out transaction both online and offline.

A set of disadvantages 

But, there always lies both pros and cons to everything. Apart from the fact, that Payza is a very fast and efficient platform, it has certain disadvantages. The main flaw of the platform is the transfer fee is way too high. Before Payza came into the market, there already existed many gigantic companies. So, if Payza started demanding high charges, its survival will come at stake.

Payza also needs to take care of customer care and support. Because many people claim that their problems were not solved by the company. And, one fact about Payza that affects its reputation is false claims. When you visit the website, you can find the company providing free accounts, free invoicing, etc. But, when you reach the bottom of the page, it is mentioned that you have to pay fees for it.

Firoz Patel’s money laundering

The downfall of the company took place in March 2018. The DOJ claimed that the founder and his brother laundered a minimum of $250 million from the company. They used money in child pornography and many other illegal aspects. Police also accused him of committing tax fraud. Firoz was taken a fugitive in 2018 and next year he turned himself in. The company since then has remained inactive.

2checkout

2CHECKOUT IS HELPING BUSINESSES GROW AND INCREASE THEIR REVENUE SINCE 2006

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After the internet became affordable, many software companies came up. But, with the increase in competition, every company needed some help to stay in the game. Companies with very little idea of how to drive traffic towards their website or about digital marketing faced many problems. Because, with the digital revolution, everything became more meaningful and prominent on the screen. A company to help other software companies grow their businesses was very important. Someone who can guide them and help them expand in the international market. Some members of GECAD Group decided to build a company to sell products that can help the other companies expand. In 2006, Alan Homewood founded 2Checkout in Ohio. The company has grown vastly over the years.

About Alan Homewood

Alan went to the Ohio State University Fisher College of Business. He graduated in 1994. While he was pursuing his degree, he worked at LCI International for five years. In 1995, Alan started working as Oracle and other DB Consultants. He started working on the project of 2Checkout since 2000 and finally released it in 2006.

In 2013, Alan became the President of Entrepreneurs’ Organization who now serves as the Area Director of the same. Apart from being the Chairman of 2Checkout, he is currently the CEO of Yogi Surprise and Founding Board Member of Autism Living.

The founding story of 2Checkout

Before founding 2Checkout, Alan and other co-founders worked for a company called GECAD Group. The company built RAV Antivirus which came under the acquisition of Microsoft in 2003. GECAD Group was an international company that sold software products on a global level. But, the founders realized that it is very hard for a company to sell its products internationally on its own. This gave them the idea to establish a company that would help other software companies like GECAD to grow.

So, they started the company, Avangate in 2006. In 2013, Francisco Partners acquired Avangate which in turn acquired 2Checkout in 2017. 2Checkout has become an integral part of the company as it helps in a flexible payment system and broadens the market research. After the acquisition, the entire company was reintroduced under the brand name of 2Checkout. Through this platform, the company helps the clients grow in any market of any model.

The idea behind 2Checkout

Avangate which is now known as 2Checkout serves a good purpose for online businesses. When the founders were working to sell their products in GECAD, they faced many problems. But, they also noticed that there is a vast opportunity to sell their products outside their nation. Keeping this in mind, they created Avangate as a way to help communicate the merchant with the world.

What the company faces on a daily basis?

Currently, 2Checkout is the only digital platform that gives its customers the opportunity to outsource the entire business process. They are free to pick up the services they want and change it with the course of time. The company, today, serves more than 17,000 merchants meeting everyone’s needs. 2Checkout serves both small companies to large business tycoons as well. The company has expanded its service to more than 180 countries and territories.

Achievements 

The first biggest achievement of the company was in 2007 when it opened the first North American Sales office. 2Checkout reached out to the Russian market in 2008. In 2011, 2Checkout received funding from 3TS Cisco Growth Fund. After Francisco Partners acquired Avangate in 2013, the company received the CODIE’s Best eCommerce and Billing Solution Award.

In 2014, the company received many awards which include Deloitte Tech Fast500, The Golden Bridge, European Business Award, etc. Next year, the company opened another office in Atlanta thus expanding its reach. Recently, the company has launched the 2Checkout 2.0 Digital Commerce Platform.

Future goals

The new CEO of 2Checkout, Alex Hart has big plans for the company in the near future. Currently, the most challenging part of the business is thinking about what to pursue next. 2Checkout has a lot of innovative ideas for the future. But, it is tough to decide what ideas they are going to implement now and what can wait for the future. This is the reason, Alex thinks it is better to listen to its customers. Because, if the customers aren’t ready to adopt a change, then there is no point in making a change at all.

ProPay

ProPay Ultimate Payment Processing Platform for small to billion-dollar companies

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No matter what the size of any business is, money exchange is a part of it, though it can be manually or electronically. While choosing the medium for money exchange, any business searches for a platform that is reliable and easy to use.  When it comes to money, special care is needed. Thus, it is very obvious to rely on such a payment processing platform whose service feels safe. When any industry searches for money exchange setups, it demands some other factors. Such as flexibility, and versatility of the platform, and at most the robust process is considered.  In such a case, ProPay is a perfect platform that enables end-to-end payment solutions for all kinds of businesses. ProPay is active in this field for a long time and since then it is providing a service in the money exchange domain, that is easier, secure, and affordable.

About ProPay

It is an Orem-based financial firm, headquartered in Lehi, and belongs to TSYS as its fully own subsidiary. The firm is providing efficient payment solutions since 1997. Transfer of money, M-commerce, E-commerce, online payments, direct selling solutions, and reliability are main service areas covered by ProPay. Moreover, it is eminent in the payment business as one of the leading payment processors that provide services to various businesses. Regardless of size and type of business. That means, whether it is a billion-dollar firm, or any small organization, or small home-based business, ProPay meets the requirements of all of them.

A unique financial platform ProPay is based on its core values that are mostly related to promoting small size businesses by assisting them with robust payment processing.  As well, ProPay uses innovative technologies to improve the service as well as for risk management.

History

In 1997, ProPay is set up and in 3 years the firm started its first online virtual terminal. The company started Master Card, debit card program manager, and processor in 2003. Thereafter, in 2005, it launched a platform called SplitPay. ProPay shifts the focus on secure payment processing and adapted end-to-end encrypted processing. Later on, the firm enabled it’s best-known platform ProtectPay and ProFac.

Best platforms of ProtectPay- ProtectPay and ProFac Express

ProtectPay and ProFac Express are well-known platforms of ProPay. In fact, ProPay is one of the payment solution providers that provide ProtectPay. This platform offers software integrators, SaaS providers, and payment facilitators. Additionally, it comes with all other necessary tools for payment processing implementation.

While other platforms called ProFac Express to assist in underwriting, instant boarding, and processing solutions. No doubt, ProPay has vast experience in the financial industry that becomes helpful to provide more secure payment solutions for clients. ProPay is one of the firms that help them succeed with innovative payment processing solutions.

Awards and Achievements

Since its foundations, ProPay is rising continually along with helping other businesses to succeed. Today, ProPay’s name is taken as one of the trustworthy payment processors globally. The firm has also been honored with several awards that raised the bar of the company in the financial industry. In 2013, ProPay was recognized as Top Online Payment Service Provider. 2009 and 2010 was a memorable year for the company as it received several awards in these years. ProPay awarded as Electronic Transactions Association’s ISO of the Year, Inc. 5000 Fastest Growing Companies in the U.S., and ETA ISO of the Year in 2010. While in 2009, it named in 5000 Fastest Growing Companies in America, Stoel Rives Utah Innovation Award winner, and awarded as Utah Genius Award.

In 2003, it honored as Direct Selling Association Partner of the Year.

The person behind ProPay’s revenue escalating policies- Gary Goodrich

Gary Goodrich steps into the shoes of ProPay’s CEO in 2000. ProPay was well-known for its strong products but several other factors lead to a shaky future of the company. In the year 2000, the company was facing problems related to high costs and little cash for its newly launched online merchant account. It leads to low revenue generation. After Gary became CEO of the company, he implemented the best policies for the company and put the ProPay on secure financial footing.

Under his policies, the company successfully acquired many private investors that raised the investment of the company. Also, he acted on all measures to increase the revenue generation of ProPay. In just two years, the firm became profitable and strengthens the value of the company in the financial industry.

Bottom Line

ProPay is adapting all required changes and improving the service with an innovative approach and the company is making progress. Presently, ProPay is reconnoitering the services to many other sectors. It is now offering the payment processing solution to accounting offices, small medicals, and other professional offices. The financial firm, ProPay is also admired for its fine work culture

LINCOLN

LINCOLN COMPANY’S LUXURIOUS VEHICLES SPEAK FOR ITS ROYALTY

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When the automobile industry started expanding, most of the companies aimed at making low-cost car designs. This was a revolution that started to make sure every people of the nation can afford one of them. For example, we know that Volkswagen started manufacturing Volkswagen Beetle which became famous as The People’s Car. But, many companies were also inclined towards producing luxury vehicles. Back in the early 1900s, the demand for personal luxury vehicles also existed. Some people loved the tinge of royalty that led to its mass production. Lincoln Motor Company, a division of the American automobile company, Ford specializes only on luxury vehicles. Henry M. Leland founded the company in August 1917 which gradually came under the acquisition of Ford.

Henry M. Leland

Henry is one of the most famous American automotive entrepreneurs who founded two major companies, Lincoln and Cadillac. He was born in 1843 and was the youngest among his eight siblings. Born into Vermont, Henry grew up in Barton. Later, he went to Brown & Sharpe Plant where he learned engineering and precision machining. His growing knowledge landed him a job in the firearms industry.

In the upcoming years, he served in many companies and also invented the electric barber clippers. In 1902, Henry started working for Ford. And, under his guidance, many changes were made in the engineering of its vehicles. Five years after founding Lincoln Motor Company, Henry was struggling to keep the company altogether and thus sold it to Ford. He sold Cadillac to General Motors.

Henry also took a very active part in politics to set his country free from corrupt politicians. He died on 26th March 1932.

What led to the founding of a new company?

Henry already founded Cadillac went to established Lincoln Motor Company. He came into a heated argument with William C. Durant, President of General Motors. So, he left the company in 1917 and planned to build a new company. He decided to name the company after Abraham Lincoln, as Henry cast his first-ever vote for him.

Henry founded the company with a capital investment of $10 million. He was focused on making Liberty V12 aircraft engines and he bought many parts from companies like Buick, Cadillac, and Packard. Due to World War I the production came to a halt. But, before it took place, the company produced 6,500 units of such engines.

After the acquisition by Ford Motor Company

Ford acquired the Lincoln Motor Company on 4th February 1922 for $8 million. Ford noticed that after General Motors bought Cadillac, they made an entire division for luxury cars. So, they did the same thing with Lincoln Motor Company and gave a tough competition to GM. Lincoln witnessed many changes after the acquisition.

In 1933, Lincoln became the first company to manufacture luxury vehicles with an exclusive V12 engine. The company introduced many models during this time. Some of them are Lincoln Model K (1931), Lincoln Zephyr (1940), Lincoln Continental (1948), etc. The company ended the production of Continental after producing 5,322 units. In the 1950s, Lincoln launched Continental Mark II as its model line. During this time, this model became the most expensive car in the automobile market in America.

The recession economy                     

Due to the global recession in the 1950s, Lincoln was forced to consolidate its model lineup to a single model line. Moreover, the model cycle of Lincoln witnessed an extension of nine years from three years. But, in the next decade, Ford decided to come up with a new model as the successor of Continental Mark II. So, in the last 1960s, Continental Mark III was released in the market.

During the 1980s, the company redesigned and launched the new Continental thus making it the lightest model in its history after World War II.

A new century

After entering the 21st century, the company ended the production of Mark series and started producing Navigator SUV. In 2006, the company released the redesigned Lincoln Zephyr which became the smallest sedan Lincoln ever produced. 2020 will witness a series of new models which includes Lincoln Aviator Black Label, Lincoln Corsair, Lincoln MKZ, and many more. The company has a very huge market in South Korea apart from introducing the Lincoln Navigator model. The company has stopped importing in Japan since 2016. Other markets where the company is available are Oman, Saudi Arabia, Canada, Mexico, United States, etc.

Payoneer_logo

YUVAL TAL’S PAYONEER IS HELPING GROW FREELANCERS AROUND THE GLOBE

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Many companies have made our lives easier through digital payments. The online transaction has become a very common practice as it consumes less time and transfers money with few clicks. Today, some companies that are not primarily based in this sector are starting their money transfer platform as well. The biggest example of this is Flipkart and Amazon. But, amongst all the companies proving financial services, the service of providing working capital is very unique. Payoneer, an American-based company is a famous platform for digital payments which also provides working capital. Yuval Tal founded the company in 2005 and after a few years, it started rising making it a part of the unicorn club. The company’s headquarters are situated in New York. And, it currently has around 1400 employees.

About the founder

Yuval is a citizen of Israel born in 1965. He completed his schooling from Ramat HaSharon. Before he went to pursue his bachelor’s degree, Yuval served in the Israel military as a special operation commander. He completed his bachelor’s in mechanical engineering followed by his master’s in biomedical engineering from Tel Aviv University.

He graduated in the year 1995. But, while pursuing his bachelor’s he worked at cubital as an Engineer. He was also the Project Manager of Scitex America. In 1998, Yuval joined RADWARE RDWR: NASDAQ as the VP of Business Development. He worked there for one year and co-founded E4X. Yuval served as the CEO of the company for five years and then he co-founded Payoneer. Currently, Yuval is the President of the company.

The beginning of Payoneer

Yuval established Payoneer with $2 million seed funding. Yuval himself contributed a part of this money along with some investors. Another round of funding took place in 2007 and the company raised $4 million. Some of the investors of Payoneer include Carmel Ventures, Crossbar Capital, Wellington Management, Nyca Partners, etc.

Payoneer, from the first day, focuses on digital payment services which include e-wallet and prepaid MasterCard Debit Card. The company also facilitates cross-border B2B payments across 200 countries.

Growth

In 2011, Payoneer launched Local Money Transfers and within a year it was processing more than $500 million a year. One of the biggest advantages of the users of Payoneer was they all owned the MasterCard Debit Card. So, they easily bought traffic using this card without the chaos of back and forth money transfers. In 2012, many companies started using the platform of Payoneer like Neverblue and uShip. This year, Payoneer also ranked 34th among the 500 fastest-growing companies in North America. In December 2012, ClickBank partnered with Payoneer to expand in Latin America.

The company also showed interest in strengthening the community of freelancers. In 2013, the company led to the development of Freelancer Payments in South America. The same year, the company came into a joint partnership with Fiverr, a famous platform for freelancers. In September 2013, i-payout joined hands with Payoneer.

In 2014, the company raised $25 million in a funding round led by Susquehanna Growth Equity, LLC. In April 2014, Lazaro Campos, ex-CEO of Swift joined the Advisory Board of Pioneer.

Success of Payoneer

From 2015, the company gradually started expanding its business to the Asian market. It tied up with Bank Asia to help the freelancers of Bangladesh receive payment swiftly. Payoneer did a case study where it found that the female freelancers in India receive 11% less money than males. So, the company focused more on the well-being of women freelancers to improve the work culture.

Payoneer partnered with PeoplePerHour and Teespring to expand globally. The company raised $50 million from another round of funding in August 2015. In March 2016, the company acquires Armor Payments to improve the cross-border trade. Later this year, Payoneer raised $180 million in a funding round led by TCV. BY this time, some of the biggest companies started using the platform of Payoneer for money transfer. Its biggest customers are Airbnb, Amazon, Google, and Upwork.

In 2017, Payoneer for the first time invested in the U.K. market thus opening a London office. Payoneer for the sixth consecutive year appeared in Deloitte’s Technology Fast 500.

Present Day

In 2019, Payoneer entered into a joint partnership with Toptal to allow more efficient cross-border payments. It also acquired Optile, a German open payment orchestration company. In August 2019, a Payoneer’s report revealed that Pakistan is the best Asian market for revenue growth. In 2020, Payoneer made it to the list of Fintech 50 2020.

Dwolla

Unstoppable Journey of Dwolla towards becoming an E-commerce platform for businesses building the future!

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Sometimes simple ideas give birth to game-changing businesses. Like a leading payment start-up Dwolla, based in Des Moines that is the product of a simple idea. The idea was related to money transfer. Founder thought it should be simple, speedy, and affordable to all, and as a result, they started a platform called Dwolla. Presently, it is the US’ only e-commerce Company, provides mobile payment networks and online payment systems.  It deals with moving money that is affordable yet, simple. Well, we know that dozens of platforms are available for money transfer. But, with the unique idea of Ben Milne and Shane Neuerburg, Dwolla stands out from others. Also, many other businesses chose and succeed with Dwolla as it is customer-centric and its several other features are just great. To take the progress further, recently on 30 March 2020, the firm appointed Brady Harris as a new CEO of the company.

About Founders of Dwolla

Any company is the product of ideas, dedication, and determination of founders. However, the further policies of them build a strong foundation for the company, and help in exploring the business. Dwolla is a perfect example of it. Its foundation is based on Ben Milne and Shane Neuerburg’s idea of moving money in a faster, simpler, and affordable way. In 2008, they set up Dwolla and made the money moving faster, simpler, and affordable than before.

Former CEO and co-founder: Ben Milne

He is the originator and CEO of the company. Under his policies, Dwolla raised a huge investment of approximately 22 million dollars for further exploration of the company. Ben helped to acquire investors like Union Square Ventures, and Andreessen Horowitz. Also, under his tenure, Dwolla honored as one of the world’s “50 Most Innovative Companies of 2014” by Fast Company.

As well, Milne honored as one of Forbes’ “Disruptors of the Year”. Additionally, he has appeared on an annual 30 under 30 collections of Inc. Magazine, appeared on The TODAY Show, and Bloomberg TV. For his work, he named in the list, “Innovators Under 35” by MIT Technology Review in 2013.

Shane Neuerburg- CTO and Co-founder

In 2008, he helped in the establishment of Dwolla as well as served as CTO. Apart from that, he is the advisor at Safe Talpa from 2019. Coming to his education, he attended the University of North Dakota for studying computer science. Today the idea of Shane and his co-founder fellow Ben enabled the money transfer with very low transaction costs, faster service, and a feasible approach.  

Brady Harris- Present CEO

He has 20+ years of experience in leadership in the e-commerce sector. Earlier, Harris served at Payscape as a president.

The Backstory of Foundation

In 2008, it is set up and earlier the firm provided local services especially in Lowa. That time, only two employees handled all work of the firm. The actual start of Dwolla is considered in 2010 when it was launched in the US. Earlier, services provided to a few small banks, shops, and retailers. After one year, the firm acquired 20000 users and also, the number of employees increased to 15. Only in the first week afterward, it successfully processed 1 million dollars. 

Significance of Dwolla as an E-commerce platform

It is an e-commerce firm that provides services related to online and mobile payments. Its White label service is constituted of APIs and these are expanded to include instant bank authorizations. In 2011, Dwolla improved its service with Fisync integration and enabled instantaneous transactions which it discontinued in 2017. Also, it has eleven financial firms signed on that provide access to many potential customers (600000 approx).

Lowa based Government authorities use the Dwolla platform as payment methods. In fact, Dwolla is added to the systems of the US Treasury Department’s Bureau of Fiscal for dealing with all kinds of electronics payments.

Controversy

Four years back, in 2016, Dwolla had been accused of inadequate security practices. CFPB charged Dwolla for data security-related issues. As per CFPB, Dwolla didn’t maintain adequate data security practices as mention on the company’s website.

Bottom Line

Despite all odds, Dwolla assisted many small to large businesses to achieve their goals. Also, the firm is known for its unique work method. As a matter of fact, you will never find the Dwolla team in one place. They believed in decentralization, and for that prefer building remote offices at various locations.

As per the idea of founders, the firm is successfully enabled the money transfer with lower transaction costs as compared to Credit card and other payment methods. However, it aims to make the platform more feasible for all kinds of a user in the coming years.