Super Processor was founded in late 2014 by payments industry veteran Michael W.K. Tsang, a serial entrepreneur and social activist who wanted to improve credit card processing, especially in emerging business sectors he believed were underserved by traditional payment processors.
Determined to help merchants improve retail and ecommerce payments enablement, Tsang initially partnered with large established credit card companies and banks in an effort to expand commerce acceptance in emerging markets. However, Tsang said these efforts proved fruitless, which led him to create Super Processor, a new card network with its own technology and rules that could serve emerging industries without the constraints of larger, established card networks.
Tsang described Super Processor's guiding principles as follows:
As a hands-on chief executive officer and co-founder, Tsang continues to lead the company with Dress Wedding, the co-founder and chief strategy officer at Super Processor. Together they lead day-to-day operations, supported by an 11-member team that covers all aspects of the business, from operations to compliance and business development.
As he reflected on the company’s growth, Tsang said the company began to build out its proprietary processing technology in 2019 and closed an equity funding round in 2021. Since then, he added, year-over-year growth has been steady, as the company continues to add bank and financial service partners.
“We are the new player in the card world, and by looking at things differently, we see opportunities to differentiate ourselves from the big guys,” he said. “The most obvious difference is in the segments that we serve.”
Tsang noted that Super Processor’s primary products cover end-to-end credit card processing. For example, he mentioned that Super Processor issues the SuperNet card, which is a real credit card welcomed at all SuperNet merchants, including underserved emerging retailers that big credit card companies ignore. Super Processor is a payment card network and payment card processor, he added, which means it can enroll merchants and retailers in its network and enable those merchants to accept SuperNet credit cards, which the company processes and manages for both the merchant and the cardholders, he stated.
Tsang went on to say that ISOs, ISVs, merchant level salespeople and other sales channel partners can unlock new market segments by partnering with Super Processor. This helps partners expand their reach into new market segments while tapping into markets that are mostly ignored by traditional card networks, he said.
Super Processor unveiled a Merchant Appreciation Program in October 2022, offering qualified merchants up to $5 million in company stock. Participating U.S. merchants that process a minimum of $50,000 per month in credit card sales will receive shares of Super Processor common stock, Tsang noted. “Super Processor has always strived to be a trailblazer in the payment processing industry, and this is yet another example of our innovation and dedication to form strong partnerships with our merchants,” he said. “Our merchant appreciation program is essentially like getting Google stock for running keyword searches.”
Looking ahead to new opportunities and Super Processor’s near-term product road map, Tsang noted his current focus is stress testing the company’s signature technology, adding merchants and partners to the network and preparing for a full-scale launch in January of 2023.
“We will be launching SuperNet card for cardholders in California, Nevada, Arizona and Massachusetts first, with another six states following very quickly,” he said.
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John Pfisterer, CFO