As one of the newest members of the Traxpay team, I am thrilled to be joining at such an exciting point in the company’s growth. With a compelling product suite, a strong management team, and customers who are clamoring for a better way to pay, Traxpay is uniquely positioned to drive the innovation necessary to redefine the online B2B payment process.
During my time working at a leading card association and a major alternative payment provider focusing on both B2C and B2B payments, I have spoken first hand to many treasury managers and small business owners. Perhaps surprisingly, they share similar frustrations related to the outdated and inefficient payment options currently available: Why can’t I send payments 24/7? Why can’t I include detailed information with my payment to help my suppliers? Why am I still printing the same type of check that has been used for the past 50 years? Why indeed!
While alternative payment providers like PayPal have done an impressive job enabling easy transfer of money from peer to peer and from consumers to online retailers, their services do not scale effectively to serve corporate payment needs. Key elements such as support for the four eye principle, ability to process larger payments (e.g. over $10,000 USD), user activity audit capabilities, and advanced security are sorely lacking in these consumer focused solutions. Plus, merchant complaints of unilateral account holds and reserve requirements abound. Until Traxpay, no provider has effectively put the corporate user first in designing a solution to meet their specific needs.
As for the card associations like Visa and MasterCard, they have spent years crafting a rock solid, lightning fast network to process retail payments. However, their entire infrastructure is designed to enable a consumer purchase, not more complex B2B transactions such as a supplier payment. For example, due to the minimal data captured in a typical card purchase, the card associations pay considerable sums to travel suppliers so that corporate credit card holders can actually track their own spend. Again, by starting with the corporate user in mind, Traxpay has created a solution that is not shackled by the legacy technology of the current players.
I am looking forward to working with my colleagues (and our customers!) in the U.S. and Europe to deliver the first real time, 24/7, secure financial B2B transaction platform. With Traxpay, companies large and small will finally be able to leverage today’s technology to effectively and securely manage their B2B payments.