Product: Smart Switch
Company: PayNearMe
PayNearMe, a fintech company focused on driving better payment experiences for businesses and customers, created Smart Switch, a technology designed to provide processing redundancy within a single integration and contract. The solution enables users to onboard clients to multiple merchant processors and reroute transactions in the event of downtime or other disruptions, stated Steve Kramer, vice president of product at PayNearMe.
Noting that modern payment providers incorporate redundancy and disaster recovery into their platforms, Kramer suggested that relying on a single merchant processor could expose payment systems to disruptions and risk.
"We can't control when or how merchant processor failures or outages happen, but we can protect our clients from losses when card processing disruptions inevitably occur," Kramer said, noting that Smart Switch users can hit a button at time of need and instantly reroute transactions to another processor.
Kramer additionally noted that redundant card processing has long been the standard for enterprise-scale merchants but has been out of reach for most due to lack of complex technical expertise and ongoing maintenance requirements. Smart Switch solves for this by making redundancy available to all merchants, including billers and iGaming operators that require dedicated support and fast response times, he explained.
"The current industry standard for payments platform providers that serve billers and iGaming operators is to connect clients to a single merchant processor, which leaves these businesses helpless when that processor inevitably fails," Kramer said. "When a merchant processor goes down, the businesses connected to that processor can't process card payments—even when their payments platform is up and running."
In addition to protecting businesses from loss when processor failures inevitably occur, Smart Switch helps future-proof a business's payment stack by preventing disruptions and helping merchants maintain a seamless customer experience, he stated, citing further benefits as follows:
"Our team is agile, listens to our clients and implements new features and client requests much faster than our competitors," Kramer said. "As we continue to innovate, PayNearMe is taking a data-centric approach to payments by helping our clients unlock the potential of data to drive business decisions through dashboards and data shares."
Kramer pointed out that Smart Switch demonstrates PayNearMe's focus on being reliable partners and its ongoing commitment to doing the right thing for clients and customers. Building redundant systems no longer needs to be costly or time-consuming, because PayNearMe will manage the entire process and make it available as a managed service offering, he added. "Built-in card processing redundancy for billers and iGaming operators is no longer optional," he said. "It's essential and any payments platform that chooses not to invest in or build merchant card processor redundancy will quickly become irrelevant." 
Website: https://home.paynearme.com Contact: https://home.paynearme.com/contact-us
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