Paybotic: Your natural choice for high-risk processing
Welcome to Paybotic. We’re excited to introduce our founder and CEO, Eveline Dang. Eveline’s vision and payments industry know-how are shaping next-gen, customized processing solutions for our clients and partners worldwide.
The Green Sheet recently interviewed Eveline about our industry and how we can better serve high-risk merchants. Following are highlights from our discussion.
What excites you most in the current payments landscape?
The financial service sector continues to open for the cannabis industry. There are nearly 700 financial institutions that have put in place policies and procedures that meet regulatory requirements for accepting cash deposits from and providing related services to these businesses. There are fintechs that have created platforms so that financial institutions can leverage to board cannabis merchants in ways that are compliant with various local, state and federal requirements, and also are scalable.
Despite the rapid growth of the financial services for the cannabis industry, it remains evident that the financial and payments products currently being offered to the cannabis space are quite “fragmented” in a sense that there is no true financial ecosystem for merchants to take advantage of. This presents a huge challenge, yet opportunity for financial service providers like Paybotic to come in and fill the gap.
So, in this sense, the challenges (that come with opportunities) of the current payments landscape makes it exciting!
How is Paybotic participating in this innovative, ever-changing space?
Paybotic ensures that no merchant is left behind with this ever-changing space. The company continues to assess the needs of its cannabis merchants and has committed itself to make sure these canna businesses are able to run their stores and access the proper payment and financial services needed to do so. It's unfortunate, however, that the laws haven't caught up yet! This time can be critical because there might be great opportunities for cannabis entrepreneurs out there who have opened stores but just don't have access to proper financial services. Paybotic wants the merchants to take advantage of our financial services so that they may grow and prosper over time while staying ahead of the game by keeping abreast with technology developments.
How has Paybotic evolved in recent years, as a company and technology service provider?
The evolution of Paybotic can be seen in many ways. First, our team, Paybotic, could not evolve or change if we didn't have the proper talent and culture to do so. We have expanded our team significantly in 2021 to support the growth and development of Paybotic’s suite of services. In addition we are expanding our service offerings into different related verticals such as Lending, Insurance, and Accounting services that cannabis merchants need access to, but have difficulties to do so.
What recent enhancements have you made to your technology and service offerings?
With more states preparing to go live with adult-use cannabis, we understand that access to capital is one of the urgent needs of retail operators. We have automated several processes to help our merchants get approved for capital seamlessly and quickly. This can be done right on the Paybotic platform by any merchants processing with Paybotic. In addition, we are offering ecommerce and B2B payments to our customer base, together with options to finance vendor payments where applicable.
How can ISOs, agents and ISVs better serve merchants in industries classified as high risk?
Knowledge is power. I believe ISOs, agents and ISVs who understand the challenges and opportunities of these high risk industries will be able to deliver on the needs for merchants in such industries. Also, as cliche as this may sound, customer service needs to remain at the core of payments and financial services provided by ISOs, agents, and ISVs, and that is the one and most effective ways to understand the merchants to better serve them.
How does working with Paybotic benefit channel partners, including ISOs, agents and merchant level salespeople?
Paybotic is working towards creating a platform that powers the financial ecosystem for cannabis merchants. ISOs can also work with us to provide support for cannabis merchants in several ways, while building residual streams on all of these avenues in a fast growing industry:
Where do you see Paybotic in ten years?
A brand that not just the merchants are familiar with, but their customers. Up until this point, we have only tapped into the cannabis industry on the merchant’s end. We see tremendous value in continuing the growth of the end-user base to bring the merchants and their customers even closer.
Do you see legalization as a threat? An opportunity?
Legalization is an opportunity for every stakeholder in the cannabis industry. The only way to move forward and create more value for our merchants and their customers is by replacing our current offerings with better solutions and services. That is the core philosophy here at Paybotic. We are all looking at legalization with a positive mindset and entrepreneurial spirit.
What’s it like running a company in hyper growth, and what keeps you up at night?
Running a hyper growth company is thrilling, challenging, and even exhausting at times, but definitely rewarding - I have to say. As a company grows, naturally the team culture may shift in ways that we do not expect, so maintaining the core values is of the utmost importance for us. Also, the tough part about the job is how do we get “uncomfortable” enough in order to make the necessary changes to our current service offerings to come up with better solutions and services to better serve our customers.