Partnership Leverages CSI Enterprise’s globalVCard Platform and Technology to Reduce Cost and Risk in Merchant Acquiring within Specific Industry Verticals
BONITA SPRINGS, FLORIDA (PRWEB) JULY 10, 2017
CSI Kick Start, a FinTech startup incubator founded by leading global payments innovator CSI Enterprises, Inc., announced today its investment in ConnexPay LLC, a financial technology and global payments start-up which has designed a payments solution geared towards reducing risk and the cost of card acceptance within specific industry verticals such as travel and e-commerce.
ConnexPay has created a consolidated merchant acquiring and virtual card issuing solution by leveraging the globalVCard virtual card issuing technology.
ConnexPay creates a bridge between intermediary entities which accept a significant volume of customer credit card payments while facilitating outgoing B2B payments to their suppliers for customer order fulfillment. This transaction flow is a common theme in e-commerce and with travel agencies in particular. Merchants acting as an intermediary often leads to higher cost of card acceptance and increased risk for credit card processors and their sponsor banks.
By accepting the merchants’ customer payments and in real-time issuing a virtual credit card via the globalVCard system for making payments to the merchants’ suppliers, ConnexPay has created a completely integrated solution which offsets merchant acquiring fees with a card issuing rebate, while also providing complete transaction reconciliation capabilities. Through this integration, ConnexPay offers merchants lower fees for accepting cards, and significantly reduces bank sponsorship reserve requirements.
“Our business model is something that hasn’t been seen before in the travel reservation industry,” said Robert (Bob) Kaufman, Founder and CEO, ConnexPay. “We are thrilled about the investment that CSI Kick Start is making in our business and the organization’s faith in our ability to reduce risk and drive payment acceptance costs down in industries that are more traditionally viewed as higher-risk business verticals.”
Prior to founding ConnexPay, Bob had a distinguished 20-year career at U.S. Bank, and most recently was the General Manager of the Virtual Pay division of U.S. Bank overseeing product, marketing, and supplier enablement for all virtual payment solutions, as well as a virtual-pay-focused sales team.
The CSI Kick Start model is unique in the world of venture capital funding. The company not only looks for innovative new solutions but also provides access to resources and expertise in all areas of business development including technology and overall guidance from a network of successful entrepreneurs and advisors.
“We are extremely supportive of the integrated and streamlined business model that ConnexPay offers,” said Keith Stone, CEO, CSI Kick Start. “The success of this venture will be possible not only because of the passion, dedication, and willingness of Bob and his team to learn and solve critical industry challenges that were previously unaddressed, but also due to CSI Kick Start’s support. This business fits extremely well within CSI’s product and corporate culture and we are thrilled to welcome the new partnership with Bob and ConnexPay.”
ConnexPay is an innovative financial technology and payments company offering a combined virtual card issuing and merchant acquiring solution to mid-size corporations. The company’s technology reduces risk resulting in lower cost of accepting cards, unlimited credit, and additional cash to invest in growth. ConnexPay’s partnership with CSI globalVCard leverages CSI’s 27 years of experience in the card industry and strong reputation for continued innovation. ConnexPay is becoming the industry leader in payments for industries historically viewed as high risk to payment providers. Learn more at http://www.connexpay.com.
About CSI Kick Start, Inc.
Founded in 2015 by a leader in corporate payments innovation, CSI Enterprises, CSI Kick Start provides funding and an incubator environment from which promising FinTech startups can find the resources and tools needed to grow their business. Entrepreneurs partnering with CSI Kick Start can expect not only funding but also expertise, guidance and mentorship of a true partner to help them grow a successful, sustainable business. Learn more at http://www.csikickstart.com.
About CSI Enterprises, Inc.
Founded in 1989, CSI Enterprises has provided innovative payment solutions to world leading brands, while providing the highest level of customer service. CSI’s highly secure corporate payment solutions include the globalVCard® electronic accounts payable solution, which was a 2015 CODiE Award finalist for the software industry’s best financial management system. With one payment file upload, customers can automate 100% of their B2B payables and disburse payments through virtual credit card, ACH, check, or FX with cross-border payments settled in local currency. Learn more about CSI globalVCard at http://www.csiglobalvcard.com.