Orlando Alvarez, President and Chief Executive Officer of Prospay Inc., believes offering innovative technology solutions is key to acquiring new merchants in today's payments industry, where landing new accounts is an increasingly formidable challenge.
"A lot of ISOs are no longer here because they didn't adapt to changes in technology," he said. "If you aren't using technology to acquire merchants, you aren't going to be in the game, because everyone is tired of being told, 'Hey, let me lower your rates!' It doesn't work anymore because rates are so low. Where am I going to take you? From 15 basis points to 10? There's no value there."
One of the ways Prospay provides value is by offering merchant cash advance (MCA) services to unbanked Hispanic merchants through its Avanzame Dinero brand. Alvarez said unbanked merchants don't typically qualify for bank loans due to lower FICO scores; however, excellent revenue streams can offset the underwriting risk these merchants present.
Prospay began offering MCA to this market after Alvarez noticed the growing demographic was not a priority for most domestic payment providers. "The Hispanic market in the United States is huge, and nobody was addressing that vertical," Alvarez said. He added that many Hispanics do not speak English, so the road to becoming an ISO is typically closed to them because nobody has been catering to their needs. "Our Hispanic model for our agents is incredible because our portal is in Spanish," he said. "When they call here, our applications are in Spanish, and all our agents speak Spanish."
Founded in 2006, Prospay derived its name by shortening and combining the words "processing" and "payments." The company provides a full line of payment processing solutions for credit and debit cards, contactless and wireless payments, check acceptance, and ATM cash. Prospay said it maintains one of the highest merchant approval rates in the industry and generally approves merchant accounts within two days or less.
Prospay stated it also provides e-commerce solutions to merchants, getting them boarded quickly with virtual terminals through its Prospay Connect solution and application programming interface. "The key is how fast we can get a merchant up and running, not only approved," Alvarez said.
He also pointed out that no third party is involved in gateway setup. "We set up our own gateways ourselves," he said. "We have technical support that sends the merchant their email address, their user name, their password right away. We then do a follow up call asking merchants if they need any help logging in to their gateway. We go through a little training with them on the virtual terminal side if they are using the virtual terminal."
One of Prospay's primary goals is to be an exceptionally agent-friendly company. "We try to have that bond with our agents, that trust, and we have an open-book policy," he said. "If they ever want to audit us, they can do so at any time; we have no problem with doing that. I think that is one of the key things that has made us very successful. Not only do we pay on time, but we help our agents create more verticals and, obviously, if agents are making money, we are making money. You have to help them be successful."
In addition, Prospay has ambitious plans. "Our future is in innovation and staying in the forefront of technology by offering POS systems, online ordering, mobile apps, cash advances and e-commerce solutions that people need," Alvarez said. "These are the key factors for an ISO to be successful. If you are not pushing those products, then it is going to be very tough. We are in the business of processing, and I have to give you the technology. … That's the bottom line."
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President and CEO
Company Profile originally appeared in
The Green Sheet Issue 170202
220601 - Nationwide Payment Systems
211102 - Kalamata Capital Group
210701 - Choice Merchant Solutions
200601 - Delta Payment Solutions
190802 - Credit.net, a division of Infogroup
190702 - Samsung Electronics America Inc.
181201 - Network Merchants LLC
180902 - MainStream Merchant Services Inc.
180801 - Century Business Solutions
180502 - Priority Payment Systems Northeast
180501 - Merchant e-Solutions Inc.
180301 - Wirecard North America
180201 - Sysnet Global Solutions Ltd.
171202 - Secure Cryptopayments
171002 - National Benefit Programs LLC
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170802 - Apogee Payment Systems LLC
170702 - Active Software & Hardware Systems
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170502 - Frontline Processing Corp.
170501 - Platinum Choice Bancard LLC
170201 - Electronic Payments Inc.
161202 - International Bancard Corp.
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161101 - Residual Sheriff LLC.
160801 - DigiPay: Solutions Inc
160702 - CreditCardProcessing.com
160201 - Lead Tracking Systems LLC
151202 - Benseron Information Technologies Inc.
151201 - CardWare International Inc
151101 - Lion Capital Group LLC
150801 - Topcreditcardprocessors.com
150702 - Vision Payment Solutions LLC
150601 - Conformance Technologies
150502 - Global Processing Systems
150402 - Mercantile Processing Inc.
150401 - Field Guide Enterprises
150302 - Signature Card Services
150301 - Premier Payment Systems Inc.
150201 - Humboldt Merchant Services
150102 - Expansion Capital Group LLC
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141001 - Instant Credit Manager
140902 - Merchant Cash and Capital LLC
140701 - National Transaction Corporation (NTC)
140601 - Total Merchant Services
140501 - Nationwide Payment Solutions
140501 - BPC Banking Technologies
140301 - Meritus Payment Solutions
140201 - Process Pink Payments LLC
131202 - First American Payment Systems L.P.
131102 - Evo Payments International LLC
131001 - Live Reps Call Center
130901 - Regal Payment Systems LLC
130901 - The Merchant Solutions
130802 - North American Bancard LLC
130801 - Payment Logistics LLC
130702 - Plug n Pay Technologies Inc.
130601 - U.S. Merchant Systems LLC
130402 - National Processing Co.
130202 - Charge Card Systems Inc.
130202 - Layered Technologies Inc.
130102 - Glazer_Kennedy Insiders Circle LLC
121202 - American Microloan LLC
121102 - Keep in Touch Systems Inc.
121102 - Merchants Choice Payment Solutions
121002 - Washington Bancard Merchant Services LLC
120902 - Central Payment Co. LLC
120802 - Royal Merchant Holdings LLC
120801 - National Benefit Programs LLC
120602 - Cardinal Commerce Corp.
120601 - Veritrans Merchant Services LLC
120502 - ExecuTech Lease Group
120502 - The Small Business Authority
120402 - Chargeback Guardian Inc.
120401 - Electronic Payment Exchange
120301 - Complete Merchant Solutions LLC
120201 - CSR - Compliance Solutions and Resources
120102 - Alpha Card Services Inc.
111002 - Lead Source Call Center
111001 - First Annapolis Consulting Inc.
110902 - Point of Sale System Services Inc.
110901 - Sage Payment Solutions
110801 - Century Payments Inc.
110702 - Creative Vision Studio LLC
110702 - Network Merchants Inc.
110701 - Capital Access Network Inc.
110602 - eProcessing Network LLC
110602 - Moneris Solutions Inc.
110502 - Paragon Application Systems Inc.
110401 - Merchant Implementation Services
110301 - FrontStream Payments Inc.
101202 - CheckAlt Payment Solutions
101102 - Impact Payments Recruiting
101101 - Global Electronic Technology Inc.
101002 - TriSource Solutions LLC
100802 - Federated Payment Systems LLC
100801 - Voltage Security Inc.
100601 - NETSURION (formerly Vendor Safe Technologies)
100502 - Transaction Network Services Inc.
100402 - Secure Payment Systems Inc.
100401 - Elite Merchant Solutions
100302 - Retail Decisions Inc.
100102 - Payment Alliance International
091201 - Performance Training Systems Bankcard Boot Camp
091101 - Merchant e-Solutions Inc.
091002 - Whitehall Capital Advisors LLC
090901 - CoCard Marketing Group LLC
090801 - First National Merchant Solutions
090701 - checXchange Money Transfer Systems Inc.
090601 - Sterling Payment Technologies
090502 - Infinity Payment Systems
090501 - Merchant Cash and Capital
090401 - UseMyBank Services Inc.
090401 - Data Delivery Services Inc.
090302 - Velocity Merchant Services
090302 - Metro Merchant Services
090301 - Smart Transaction Systems Inc.
090301 - DCC Merchant Services USA LLC
090202 - TransFirst Holdings Inc.
090201 - ACH Payment Solutions
081202 - Affirmative Technologies Inc.
081201 - On-line Strategies Inc.
081101 - Vision Payment Solutions LLC
081002 - Veratad Technologies LLC
081001 - International Merchant Solutions LLC
080801 - GreenSoft Solutions Inc.
080702 - Smart Circle International
080601 - International Bancard Corp.
080502 - DRG Telemarketing Inc.
080501 - BCC Merchant Solutions
080402 - U.S. Merchant Systems
080401 - Greystone Business Resources Corp.
080302 - Transmedia Payment Services Ltd.
080102 - Sonoma Technical Support Services
071202 - Barclay Square Leasing Inc.
071102 - FirstView Financial LLC
071001 - Sage Payment Solutions
070902 - YourTownMall Business
070901 - Nxgen Payment Services
070802 - All card Processing-AAMonte-USA
070801 - Money Movers of America Inc.
070602 - Central Point Resources Inc.
070601 - Positive Feedback Software LLC
070502 - Premier Payment Systems
070501 - Amacai Information Corp.
070402 - National Bankcard Systems