Forces in Fintech

Michael Cottrell — Next-Gen Clearing and Settlement

For consumers, making a purchase is simple, but behind the scenes, payment processing depends on a complex system of operations between banks and merchants. There must be a methodical, traceable trail connecting transactions to card issuers, consumer bank accounts and businesses. In order to juggle the task of processing and recording billions of dollars’ worth of transactions, how can payment processors create a streamlined network that will assure smooth and efficient payment experiences?   In this episode of Forces in Fintech, we’ll learn more about the technology that manages all these moving parts to make transaction processes seamless. We speak with REPAY’s SVP of Clearing and Settlement, Michael Cottrell, to understand the communication that occurs during each step of the clearing and settlement process. He’ll also tell us about the modernization of the tech stack that is expanding data collection and risk management capabilities for payment transactions.    We’ll also find out:   (1:26) – How did Michael begin his career in payment processing, and what led him to REPAY?   (2:21) – What is the REPAY Clearing and Settlement platform and what is its role in payment processing?    (3:59) – What differentiates REPAY’s in-house Clearing and Settlement process from competitors?   (5:12) – Who are REPAY’s RCS clients and target audiences?    (8:58) – How is this innovative process being received in the sales process?     (10:24) – What are Michael's thoughts and opinions on Payfac (or payment facilitator) as a service, and those that offer the service?    (12:41) – How does Michael see the future of the payments industry evolving?

Chad Probst — Fintech’s Way Forward

Constant innovation in the tech industry opens up countless opportunities to ease strain on businesses and their customers, but it can also leave consumers, providers, and legislators struggling to keep up with the field’s evolution. Regulation changes, escalating growth and acquisitions, and introducing additional compliance efforts are just a few factors testing the field’s agencies and their ability to maintain pace. How can the ARM vertical’s smaller operators begin to maneuver a landscape with so much complexity and change?    In this episode of Forces in Fintech, we’ll analyze the state of the market to understand which tech strategies businesses can implement to stabilize and strengthen their position against current competition. We speak with REPAY’s Senior Vice President of Sales, Chad Probst, to learn how REPAY has streamlined innovative tech and built efficient teams to solve these common industry challenges. He’ll also teach us how an increase in compliance tactics can also increase profitability and efficiency.    We’ll also find out:   (1:27) – How did Chad’s previous work lead him to his role at REPAY?   (1:49) – What is the current landscape of the accounts receivable management vertical, and how has it evolved over time?   (3:53) – Is churn potential the main driver of the market’s current acquisition trend?   (5:37) – What is the status of field competition?    (8:13) – What approach should be taken when it comes to selling in the ARM space?     (9:08) – How does seasonality or countercyclical timing in an economic cycle affect the business and their customers?    (11:13) – What does the future of payments in the arm space look like?

Erik Skinner — Modernizing Mortgage Payments

Whether we’re buying something online or in-store, the number of payment options we now have at our disposal is enormous. With credit cards and debit cards in both our physical and digital wallets, we no longer need to rely solely on cash or check, and we can even complete transactions with our smartphones or watches.   No matter the purchase, we now have a plethora of ways to pay. But why can’t we have the same choice when it comes to our mortgage payments too?   In this episode of Forces in Fintech, we explore this very question and take a look at the solutions available for borrowers to pay off their mortgages using newer and more convenient means. We speak with REPAY’s Mortgage Vertical Executive, Erik Skinner, to understand the innovations transforming the mortgage payment space. We’ll take a look at the industry to find out why evolution in this sector is so important, and we’ll explore why mortgage providers need to update and expand their payment options.   We’ll also find out: (1:10) – What were the career experiences that led Erik to REPAY? (3.01) – What are the unique characteristics and complexities in the mortgage payments space? (5:24) – What’s the competitive landscape like in mortgage payments? (7:30) – What makes REPAY's service offerings unique? (9:10) – Why are REPAY’s partnerships with Black Knight and Visa game changers? (11:50) – What is the growth opportunity like in this space? (13:06) – What is REPAY’s GTM strategy in this vertical?

Aaron Dils — Integrating Innovation at Credit Unions and Banks

Manual processes create room for error. For consumers, traditional methods of payment processing can be hard to organize and keep track of. As more industries go paperless, automated digital payment methods create an opportunity to streamline both payments and communication, offering convenience and simplicity for all parties involved.    In this episode of Forces in Fintech, we’ll learn about the digital revolution happening in the credit union and bank space. We’ll discover what tools and technologies are assisting consumers with their payments, how they enhance the user experience, and how this tech is accelerating transactions. Joining us on the episode today is Aaron Dils, Senior Vice President of Sales at REPAY, to discuss how REPAY is creating product enhancements, partnerships, and integrations, providing clients with quick, and scalable solutions for their payment needs. Plus, we’ll hear why Aaron thinks there has never been a better time for credit unions and banks to go digital.    We’ll also find out: (1:09) – What was Aaron’s journey to his work at REPAY? (2:01) – What makes the credit union industry ripe for digital transformation?  (4:11) – When adopting modernized payment processing like REPAY, what are the credit unions and banks looking to achieve for their members and customers? (7:04) – What is competition like in the Fintech payment processing market? (9:24) – How has REPAY partnered with and integrated into these platforms? What is instant funding in the context of personal financing? (9:41) – How is REPAY’s relationship in an existing integration different from a future integration? (13:07) – How do you see the future of payments related to credit unions and banks evolving?

Preston Cecil — Transforming Consumer and Automotive Payments

Buying a car is one of the largest purchases a consumer will make in their lifetime. And while it can be an exciting process, it can also be stressful. Because, traditionally, financing a new automobile has never been a quick and easy process – requiring long applications and complicated repayment methods. And these processes aren’t just a source of friction for the customer, it prevents dealerships from moving stock quickly, and it takes up valuable time and human resources for the lenders who approve and provide the loans. But our consumer and auto financing payment solutions are getting an upgrade. In this episode of Forces in Fintech, we’ll find out how digital payments are transforming the consumer and automotive payments space by giving individuals access to funds more easily - all while making repayments faster and more accessible than ever before. Joining us in our episode today is Preston Cecil, Consumer and Auto Finance Leader at REPAY, to discuss how digitization is modernizing consumer and auto financing, making vehicle (and other big-ticket) purchases simpler than ever before. We’ll learn about the tools and services allowing lenders to move more nimbly on finance applications and how these solutions benefit customers, merchants, and lenders alike. We’ll also find out: (1:01) – How did Preston come to be with REPAY? (2:56) – Who are the clients REPAY serves within consumer and auto financing? (4:44) – What differentiates REPAYs consumer and auto financing solutions from the rest of the market? (6:50) – Who are the biggest competitors in the auto financing market? (8:00) – What is instant funding in the context of personal financing? (9:41) – Who is driving demand for new payment capabilities? (11:23) – How has REPAY’s go-to-market approach evolved and how has the sales pipeline developed? (14:06) – What does Preston see in the future of consumer and auto financing payments? To find out how real-time electronic payments can benefit your business, head over to https://www.repay.com/ [https://www.repay.com/] for more.