Since launching in 2008, Chosen Payments has demonstrated an affinity for technology while hiring key personnel and expanding to six full-service offices spread across the nation to accommodate growth in the vertical markets it serves. In 2017, Chosen Payments became a first-time honoree on the Inc. 5000 list of fastest-growing U.S. companies, placing 800 in the overall rankings.
"We're a technology company that's really good in payments," said Jeff Brodsly, President and Chief Executive Officer at Moorpark, Calif.-based Chosen Payments. "We've built internal systems for CRM and app flow processes, as well as client-facing point-of-sale and back-office ERP systems for the vertical markets we specialize in."
Niche markets include auto, bridal, chiropractic, eye care, financial institution, funeral, ground transportation, housewares, jewelry, moving and storage, pet care, resort, trade association, and uniform businesses, among others. "Within those vertical markets, we become the preferred vendor," Brodsly said. "We also invest in the POS or software systems, where we become either the exclusive or semi-exclusive ISV."
According to Brodsly, the technology and support teams at Chosen are experts in these niche markets and the company maintains an active presence in markets served. "We go to the tradeshows, we sponsor the events, we get written up in magazines, and everyone knows us as the trusted and go-to processor for that industry," Brodsly said. Earlier this year Chosen became the preferred card provider for the National Hot Rod Association.
Another differentiator for Chosen Payments has been its gateway. "Owning our own gateway has allowed us to be really nimble and not have to depend on the year- or two-year waiting list of the big processors and gateways to get their [EMV] certifications done," Brodsly said. "We've been able to streamline the process, which has brought us to the finish line faster than others."
Delivering transparency to merchants and partners has always been important to Brodsly, who started in the industry as a merchant level salesperson (MLS). "When I built Chosen, it was all about transparency and really giving the agents what I needed and wanted as an agent," he said. "That theme and motto hasn't changed. We invest literally 95 percent of our income right back into the company to create more options for our ISVs, MLSs and sub-ISOs."
One example on the merchant side is Chosen Payments' proprietary Cloud Connect software, which performs card-present and card-not-present interchange optimization to help merchants obtain the lowest possible interchange rates. "It also does signature capture with EMV and automates chargeback reconciliation," Brodsly said, adding that auto dealers and government municipalities have benefited from the technology.
Sales partners gain a 360-degree view of merchant activity and residual reporting through the company's customer relationship management system, Brodsly noted. "Our CRM system is soup to nuts," he said. "From the time you get a lead through the time the merchant gets their batches, you can see everything. Our customer service is all done in-house and everything is tracked via the CRM system."
In addition to the Inc. 5000 recognition, the payments industry has also acknowledged company initiatives. "Jeff and his team at Chosen Payments are one of our most valued partners," said Kevin Sisk, First Data Senior Vice President of Partner Solutions. "They have been a Chairman's Council winner at First Data six times, and they do tremendous work expanding First Data's brand, products and solutions into new markets."
Brodsly believes that working with a technology-driven company has helped agents get ahead, since they're able to leverage the technology without having to expend costs necessary to diversify their portfolios. "They can leverage what we've already built at no cost to them," he said. "A lot of ISOs, and even back-end processors, charge a dollar here, $5 there just to use the product or service. We give it to our agents for free."
Notice to readers: These are archived articles. Contact names or information may be out of date. We regret any inconvenience.