FintechValley continues with its fourth series on Fintech company profiles. Today we introduce you Payment.Ninja, from the United States. The company provides payment processing with no fees, combined with targetted advertising. Further information under: https://payment.ninja
FintechValley: Could you please give a short description and history about Payment Ninja for those companies and audiences that are not familiar with the company and the products?
Payment.Ninja is the world’s first 100% free card payment solution, which helps merchants around the globe to sell more by its built-in programmatic re-marketing tools. Users can pay with any credit or debit card, as usual, and the system is also able to securely save card details for future one-click payments. Merchants can charge customers in any currency, and in case they do not have a credit card, the system also offers local alternative payment methods. All the user experience will be in the user’s native language. The system also supports different subscription models and trial periods.
The company was found by Daria Dubinina, Andrey Morozov and Alexander Novozhenov. Daria and Andrey share more than 18 years of experience in international payments and business development, while Alexander is a guru in digital marketing technologies, with more than 10 years of experience – this mix of expertise allowed to create the unique product which will change the whole payment industry
FTV: What are the Unique Selling Points of Payment.Ninja, what value do you bring to your target audience?
The system can easily be plugged into any website or mobile app by merely adding a few of lines of code and then it helps to run the business – sell merchandise, manage marketing campaigns, increase a shopping cart value and protect transactions from fraud. And, of course it will process payments without transactions fees, no interchange, or else.
Payment.Ninja intellectually routes card transactions to the best available international processor, this is why we can guarantee one of the highest approval rates on the market, by processing payments domestically and in the user’s home currency. It also means that there is no processing down-time ever.
Payment.Ninja blends easily into any web or mobile interface.
We are now offering our product to banks and payment companies as a white-label solution in the cloud.
FTV: Where are the Payment Ninja headquarters? Is there an special reason for settling the company here? Do you have regional offices in other countries?
Payment.Ninja’s headquarters are in San Francisco Bay Area and the company also has a European office in Riga, Latvia. The specific reason for having the US office is to be a part of the unique technology community, which is specially developed here in Bay Area and Silicon Valley. We also see many prospectives for implementing new business models and solutions, because the US is sometimes surprisingly old-fashioned when it comes to payments for goods and services.
FTV: What has happened in the last years to the main Financial Corporations to finally adapt new technologies? Do you believe they are reacting quick enough?
As technologies are developing fast and gaining trust of more and more customers, Financial Corporations are forced to follow the trends. For smaller companies it has become easier to launch new solutions, which are willingly used by customers, so that their market share becomes bigger and bigger. As this happens, we see quite a bit of acquisitions that allow main Financial Corporations to implement the technologies quicker, we also see that big established banks are taking part in startup events, opening the doors for newcomers and supporting them from the very early stage. They are reacting quite well, but we must also say that in many cases technologies are impossible to work with the main players without partnerships, because the industry is still highly regulated, so these two worlds are still interdependent.
FTV: In your option, how relevant are the following 5 factors in the success of a Fintech Company. Can you please grade them with a percentage of relevance. (20% for each one of them, for example, would grade all of them as equally important.) Please feel free to add an extra factor that you believe could be important:
Consumer adoption: 30%
Marketing budget: 15%
Human talent: 20%
FTV: Has it become easier for you to reach Finance corporations and make them hear what you have to say in terms of finance innovation?
For our team it is not very difficult to communicate with Finance corporations as we have been working with them for many years before. We have built the solution for one of the most painful problems – high processing fees. Many companies have tried to solve this by using bank transfers or electronic wallets, cash payments or bitcoins. All of these require a massive user adoption and a change of consumer behavior. Payment.Ninja eliminates all the payment costs for the merchant while offering a familiar user experience of paying with Visa and MasterCard, which can be rather disruptive for more established players, but healthy for the industry overall.
FTV: What is the most important market for Payment Ninja? What are the next plans?
In 1-2 months we are launching the solution on the US market, so we are working intensely on this right now. It is important to say that the solution is international from day one, initially focusing on the US, the EU and China.
FTV: In your point of view, when is regulation good for Fintech and when is it bad for Fintech ? Is regulation helping or deterring financial innovation?
Actually regulation should not be considered as evil. Regulation protects us from fraud, unfair players and is very important for the industry as it is working with funds. The other thing is the compliance process. Automatization is really important as it can speed up many processes, like KYC, merchants on-boarding, legal checks and so on. And there are many things that could be done better here.
FTV: Which is the Fintech capital of the United States in your point of view? Why? Is there a recipe or formula for being a successful Fintech capital?
We believe that there is no specific capital for Fintech and we have always seen that some great Fintech projects can appear from anywhere. As well as we cannot strictly say that New York or Atlanta, or San Francisco can be considered as the capital. The other interesting tendency is European Fintech innovations coming to the US. The reason for that, I believe, is that the US is a bit old-fashioned, with all its checks, MOTO payments and lots of cash, so there are still a lot of things to be fixed
FTV: New York has innovated tremendously as finance market, what can other American capital cities learn from them?
New York is historically prone to becoming a strong finance market. With Stock exchange and really developed investment community, many Fintech innovators decided to build business in New York. We must also admit that it is a big, fast city and it cannot afford outdated technologies specially if we are talking about payments, so the city and community always demands innovations to be better, faster and stronger.
FTV: Thank you very much to Payment.Ninja. Further information under: https://payment.ninja