Describe the company – the elevator pitch
The Paybase Platform is an end-to-end solution for payments, compliance and risk. It is perfect for companies of all sizes that would benefit from a sophisticated payments infrastructure which can offer more than simply processing inbound payments. Key examples of these companies would be online marketplaces, sharing and gig economy platforms and charities.
Our Platform utilises the latest technology to automate as much of the payments process as possible while ensuring that regulatory standards are upheld. This allows companies to focus their time and resource on their core offering and provide the best product or service they can.
— Paybase (@paybase) October 30, 2017
How are you different?
We are committed to delivering the most accessible payment solution in terms of usability and price, that cannot be matched by anyone in the industry. Our unwavering tech-first approach sets us apart from other providers – rather than using off-the-shelf services, we believe in developing state-of-the-art solutions.
The Logic Engine feature in our Platform is just one example of this. The Logic Engine allows our clients to hook directly into the lifecycles of customers, accounts, transactions and more. Rules can be put in place to instantly alter the behaviour of the Paybase Platform to meet a bespoke set of requirements. For example, Rules can block, flag and tag transactions; add fees and commissions; allocate reward points and much more. This means that our clients can inject their own business logic into the Platform, adding extra value to their product.
This flexible customer-centric type of feature, utilising the latest technology, is what sets Paybase apart from other payments providers.
Where are you based?
We’re based in London Bridge, in the heart of the city’s buzzing FinTech scene, and our Platform will initially be available in the UK, before opening up our services to Europe.
Read our latest blog on how eMoney offers so much more than escrow! https://t.co/hrZd8jKcN0
— Paybase (@paybase) December 14, 2017
When was the company launched?
Whilst the Payfriendz app has been running since 2013, the idea of the Paybase Platform was born in summer 2016. We have since been building our platform, speaking with potential partners, making important hires in compliance, operations, tech and marketing – all whilst powering and running the Payfriendz app with our own processor and infrastructure.
What tips would you give to others looking to build their business?
Focus is of utmost importance. Be passionate about the problem you’re trying to solve and always keep it in mind. It’s easy to become enthused about your solution and blinded by all the opportunities that it might apply to, but don’t forget what it is you’re trying to solve – try to do one thing well first. It is also important to hire subject-matter experts who know a lot more than you in their respective areas of expertise. This allows you to delegate tasks and complement each other well, which will help you grow faster.
Tell us about your team?
We’re a team of 16 and growing, with decades of experience in technical solutions, operations, compliance, business development and management.
Here is a quick guide to some of the head of departments:
Paybase CEO Anna Tsyupko is a finance and payments specialist – her passion for democratising payments for businesses of all sizes drives the Paybase team. Chris Wessels leads the company’s technology strategy and oversees the engineering team as the CTO. Joe Harlow, head of engineering, oversees the implementation of the Paybase Platform.
Russell West is the head of partnerships, responsible for fostering strategic business relationships for the company. Danielle Herndon is the head of compliance and MLRO, a vital role responsible for enforcing the highest level of compliance throughout all aspects of the business.
What are your long-term plans for your product/company?
The Paybase Platform is due to graduate from private beta early next year. We will then be able to offer it to any company that requires sophisticated payments infrastructure. We look forward to powering the payments of a variety of companies including online marketplaces, charities and platforms in the sharing and gig economy.
Our aim is simple. We want to democratise payments infrastructure so that companies of all sizes can utilise payments to fit their product without having to pay setup fees and high monthly minimums. We want to take payments from being an uncomfortable afterthought that is shoehorned in as a requirement to a flexible, responsive, purpose-built system to help companies get the most out of their business. That change in payments is our long-term goal.
How do people get in touch with you?
We would love to speak with you to hear about your latest project and discuss your payment needs. Please email us at [email protected]
Prepared and edited by @EdinaZejnilovic, Journalism Student at DCU