50 Smartest Companies of the Year 2020
The Silicon Review
When you are selling online, one of the frequently asked questions is about payment processing. It is a part of the job while launching an online store, and as the ecommerce store owner, it is your responsibility to protect the customers’ data. Payment processing is not a difficult concept to understand; in fact, there are companies that provide payment processing solutions that will allow you to focus on your business’s core functions. The whole payment processing system works on its own separate from your business, and it will get activated only when the customer is ready to make the payments.
PaymentVision provides businesses with leading technology in payment processing. The company was founded in 1988, and it is headquartered in Jacksonville, FL. PaymentVision provides an omnichannel experience to clients that allows for the centralized management of their payment solutions while providing a seamless and distributive collection capability across a variety of channels. Over the last 30 years, PaymentVision has evolved from one of the first providers of digital check processing solutions into a leading payments processor and payment gateway provider. In 2020, PaymentVision released a new payment technology, “Pay by Text™.” It is an integrated solution that allows businesses to capture payments from their consumers within the palm of their hands. PaymentVision recognized the shift to digital and mobile, making a significant investment to deliver a seamlessly integrated solution that allows clients to capture a consumer’s payment by text, mobile app, online, IVR, over the phone, via agent, kiosk, point of sale terminals and a robust suite of APIs.
In conversation with Rob Pollin, CEO and Founder of PaymentVision
Q. What motivated you to reinvent payment processing technology?
While it may sound cliché, innovation is part of our culture. It is a core component of PaymentVision’s values-based approach. As PaymentVision evaluated the market, it was clear that consumer’s behaviors and expectations were changing. Mobile devices are now used by over 80% of consumers to conduct financial transactions, doubling over the last three years, according to the CFPB. In addition, customer experience continues to grow in importance as new technology delivers greater capability; a customer’s expectations have grown. PaymentVision has evolved into a human-centric design approach that puts the customer at the center of the design and the iterative build-out of payment solutions. Let’s face it; no one likes paying a bill. The bill-paying experience must be seamless and reliable so that the consumer can get in, make the payment, and get on with their day. That’s our goal, to put the most seamless, reliable payment experience on the market. It will help clients improve their payment collections and drive greater satisfaction with their customers. Consumer’s desire choice, control, and convenience. While I don’t recommend it, with our Pay by Text™ capability, consumers can make their car payments while parked at a stoplight. It’s that easy. By placing the payment experience on the mobile device, consumers are able to choose how to interact, control the time of the interaction, and provide the utmost convenience.
Q. Do you provide tailor-made solutions depending on the clients’ requirements?
A core value proposition for PaymentVision’s solution is our customizable and tailorable approach. With PayAPI™ and our complete payment channels, clients can integrate and build a tailored experience. Within each payment channel, the client is able to customize, configure options, update branding, and integrate with core systems. PaymentVision is currently integrated with over 40 leading software providers.
Q. Cyber/Data security is the top priority of any financial services company. How do you secure your clients’ data without increasing the complexity of the financial activities?
PaymentVision is a PCI compliant level 1 solution provider and can demonstrate the strongest of controls environment through an annual SOC review process. Clients can remain confident that their information is stored in a safe, secure, and compliant manner. In addition, PaymentVision has two patents related to hosted tokenization. Hosted tokenization is a unique capability that encrypts financial information and allows this information to be hosted on a PaymentVision system, reducing the clients’ system exposure to PCI risks.
Q. How do you keep your service standards up and running?
PaymentVision is committed to providing reliable and redundant systems. We continually make investments in our infrastructure and leverage a hybrid cloud-based approach and proactive system monitoring tools. PaymentVision has been able to exceed a 99.99% planned system uptime consistently.
Q. Transparency and hidden charges are the main concerns of customers in e-payments industry. How do you manage to overcome this issue?
PaymentVision’s goal is to provide clarity and transparency in the value of its products and the savings available to the client. As PaymentVision works with a client to optimize their solutions, PaymentVision will provide a cost comparison. In addition, PaymentVision is able to work closely with the client to help optimize internal processes to streamline and reduce operational costs, which can create considerably more savings for a client. PaymentVision takes a holistic approach to deliver the best solution most efficiently and effectively for the client.
Q. What are your plans for the future development of your company?
PaymentVision is excited to announce we are making an extensive investment in our core products and payment capture channels and will be announcing a new product by the end of the year. We are making significant strides in redesigning the consumer payment experience, and early testing indicates it will help clients capture more payments, improve adoption, and maximize customer satisfaction.