PayVida focuses on common shortcomings and inconveniences that can often hinder a merchant.
Robert Ronning, co-founder of PayVida Solutions, details the specific advantages the revolutionary online payment platform will provide, as it ensures modern, cost-effective solutions that uniquely address glaring operations needs within the fintech industry.— Nowadays, companies that do not expand online or on multiple digital and mobile platforms find themselves falling flat early on. While these methods have brought about needed changes, small and mid-sized companies still face a number of issues that can hinder their successes and future revenue. PayVida’s innovative Payment Facilitation, set to launch in early 2018, will be the first to offer instant mobile, online, and in-store payment acceptance and financial services to merchants in North America, creating new opportunities and conveniences for merchants in today’s economic landscape.
“As it stands today, merchants have two main options; one being a traditional account provider through a larger bank, and the other being a payment facilitator like Square or PayPal,” says Ronning. “Both are effective and can meet a number of business’s needs, but they tend to be cumbersome due to an extensive signup process, as well as long waits for verification, approvals and funding. They also have implemented high fees due to the associated risks.” He describes PayVida as a hybrid between the two that retains their best features, focusing on common shortcomings and inconveniences that can often hinder a merchant, while also accommodating emergent pay methods and cryptocurrency conversion.
With the PayVida platform, instead of a long application process and waiting period, the user provides 12 simple lines of information, which includes a quick facial scan and uploading of a government ID. Approval status is offered almost instantly, which then enables access to a proprietary Smart Terminal and ecommerce suite, along with an optional debit card that can accomodate real-time transfers for both the business and its employees. All of this is built on a transparent and understandable pricing model, with no contracts, cancellation fees or monthly minimums. PayVida integrates with most online payment platforms, and even provides a developer-friendly API for those who want to customize it to their particular operation’s needs.
Another major aspect the company takes on is the possible trouble some businesses may run into when seeking to obtain a loan. Instead of approaching banks and payment facilitators, a merchant can use the PayVida Capital to see how much they qualify for, and then receive access to their funds within 24 hours after approval on the PayVida debit card linked to the account. “Smaller vendors often have challenges working with larger banks and qualifying for lending,” Robert Ronning says. “PayVida Capital makes the loan application process frictionless and easy to qualify for. The amount is based directly on sales, as opposed to the financial track record of the merchant,” he explains. “For example, if the user’s business does $20,000 a month in sales, we will typically lend them $20,000. It’s that simple.” Ronning believes this streamlined method to borrowing will give businesses the necessary resources needed to increase their revenue long term, avoiding the common roadblocks that deter many from securing the additional funding needed to reach their goals.
Robert Ronning is a financial technologies expert from British Columbia. In 2013, he co-founded PayVida, a groundbreaking payment processor on a mission “to rebuild the payment industry from the ground up,” radically changing the way businesses get paid and acquire capital. PayVida aims to spearhead the creation of a healthier marketplace by offering ethical and affordable payment processing solutions to business owners and entrepreneurs.
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