F1 payments was founded in 2017 by payments veteran Shane Hibbeler with sons Taylor and Tristan Hibbeler. From the beginning, the company's business model has been steeped in ethical practices and community service, according to Beau Tyndall, vice president of sales at F1 Payments.
"Our vision is simple: at F1 Payments, you aren't just a merchant, you are a member of our family," Tyndall said. "We use this family approach to build relevant, lasting relationships and we believe the right behaviors and attitudes are key cogs to individual and company success. This is what sets us apart."
Tyndall summarized the F1's core values as H.I.G.H.E.R. (Hope, Integrity, Guide, Humble, Engaged and Relevant) and pointed out that these principles guide F1's approach to merchant services, partnerships and team building.
Tyndall further noted that F1 Payments boards merchants from regular and challenging verticals, helping them keep their businesses up and running with optimal cash flows on a long-term basis. F1 Payments helps all types of merchants find banks that match their credit policy, he stated, adding that F1's proprietary, best-in-class merchant portal allows merchants to see key metrics and statistics, as well as their overall "health." This means they don't have to worry about high chargeback rates, funds availability from card processing or being shut down by their payment processor, he stated.
"Our technology stack allows us to empower stakeholders with information so that they make timely business decisions," Tyndall said. "Our risk expertise protects them. We make payments simple and transparent to bank partners and clients while optimizing our risk profile."
Tyndall stated that F1's in-depth intake system satisfies the stringent guidelines of its banking partners and their know-your-customer (KYC) criteria, and it uses risk heuristics to monitor each account for exception characteristics. For F1 partners, this means more placements, lower attrition and more robust residual streams, he added.
F1 Payments has established exclusive, long-term and trusted executive relationships with large ISOs, leading processors, third-party vendors and payment partners, and the company offers competitive splits and an online boarding engine, Tyndall stated. Partners can see key metrics and statistics using F1's merchant portal, where they can view individual merchant statuses or their entire portfolio.
F1 Payments has more than 40 members and has grown year-over-year after boarding its first MID in 2017. The company became a registered ISO of MB Financial, now Fifth-Third Bank, in 2018 and moved its headquarters to Austin, Texas, the following year. In the fourth quarter 2020, Shane Hibbeler retired, following a strategic recapitalization and growth investment from an affiliate of York Capital Management.
Chad Anselmo, who joined the company shortly after its founding as president, now leads the company as CEO. He was previously senior vice president of development and strategy at Paysafe Group, as well as its chief financial officer of payment processing. He has also held executive positions with Meritus Payments and Experian. Tyndall described Anselmo as a high-integrity, intelligent, calm, focused and positive individual for whom family is a high priority at work and at home.
As he reflected on F1 Payments' journey, Tyndall mentioned that the company will be building out its proprietary platform in the coming months by adding more third-party tools, including a single app for all banks. F1 plans to continue leveraging advanced technologies to monitor and elongate the merchant lifecycle and create products and services, particularly within its continuity and subscription billing models.
"We will continue to scale by adding smart acquisitions and adding one or two more banks who are comfortable with our primary continuity vertical and can provide exclusivity," Tyndall said. "Additionally, we plan to invest in three or four more verticals that have similar risk/performance attributes to leverage our current risk expertise and procedures."
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