TodayPay Inc. has officially launched from stealth at the Money 20/20 event in Las Vegas, introducing a pioneering payment technology solution that promises to transform the way merchants handle refunds.
Founded by Jeremy Balkin, former Head of FinTech for J.P. Morgan, the firm has pioneered comprehensive suite of alternative refund options for merchants, under the moniker, Refunds as a Service.
The emergence of this new payments category is driven by the understanding that time is of the essence when it comes to payments. TodayPay aims to turn the often cumbersome refund process into an intelligent customer acquisition channel for merchants.
The solution decouples the refund process from returns, addressing the inherent inefficiencies of the traditional system. By providing faster payments with multiple redemption choices, it benefits both merchants and consumers. This approach helps e-commerce businesses, marketplaces, logistics providers, and insurance companies increase checkout conversion rates, enhance customer loyalty, and reduce disputes and fraud.
The US startup has already gained significant traction within the industry while operating in stealth mode. It has secured the interest of e-commerce merchants, insurers, investors, and major payment technology companies, including Visa.
Balkin said, “Time is money. I built TodayPay because I’ve seen firsthand how the speed of a payment can change somebody’s life. There’s over a trillion dollars of value exchanged every year in the form of refunds, yet there’s been almost zero innovation improving the refund customer experience.
“TodayPay is transforming the broken refund process, from where money goes to die, into an intelligent customer acquisition channel for merchants. TodayPay delivers instant gratification for merchants and consumers by offering refund certainty, speed, and choice. Payments are sexy and TodayPay helps merchants transform refunds into revenues.”
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