Converting recurring expenses into meaningful rewards
Consumers and businesses have regular monthly expenses that they have to pay out at a predefined period consistently. Some of these payments are done through autopay systems provided by banks. Others particularly those paid by individual consumers and small businesses are often done with cash or checks or through ATMs or wire transfers. In addition to being recurring expenses, the only other commonality is that the payor gets nothing extra for their money. As for the payee, all that is important is that they get paid consistently on time.
Fintech startup, iPaymy Technologies, aims to let payees get a little bit more from their recurring expenses. Like consumers, businesses have recurring expenses like rent, supplies and salaries. Banks want to shift these transactions into their card portfolio and doing away with wire transfers.
iPaymy co-founder and CEO, Ethan Dobson says wire transfers are not profitable for anyone involved. In this exclusive interview with Fintech Innovation, he discusses the rational for iPaymy’s platform and the business benefits that such a platform can provide to the payments ecosystem.