Consumer Finance

  Built On 3-Decades of

Digital bank Innovation

 

Paymency

Paymency disrupts merchant payments with a new low cost mobile payment network and proprietary clearing house (settles payments) that removes interchange and the middleman (costs) from payments. 

The challenge of distribution led to a new consumer finance ecosystem that will focus on the intersection of retail stores and consumer banking. Retailers will take the leadership position in merchant payments and this new consumer banking alternative.

To complete this new consumer banking and finance ecosystem, we include a consumer marketplace platform for consumer financial products including FinTech that we do not offer directly.  This is a free and more efficient marketplace for consumer banking and all financial products. This marketplace will be a particularly good source for bank deposits and loans that will be listed and sold without a fee.

The new Paymency ecosystem includes three main components:

  • A new mobile payment network built outside of existing networks like Visa
  • A new clearinghouse to clear the mobile payments
  • A free to use marketplace platform - Like Amazon for consumer banking and finance

 

The Bankers' Dilemma

The 1994 launch of Amazon and our CEO's launch of La Jolla Bank on the Internet is a perfect representation of the bankers' dilemma. No one at that time would have predicted that the retail industry would outperform banking in maximizing value on the Internet. The retail industry has redefined their model, increased competition, and lowered prices. Banks, with rare exception, allow little more than Internet access to accounts. Bank regulation is the handicap that dampens bank innovation. Retail already has the consumer and we will make them an important part of Paymency.

 

The New Paymency Ecosystem

Paymency has developed a platform strategy that uses US free banking techniques from the 1850s and current successful techniques from China for App payments.  In addition we look to India for our text based unbanked city digital currency .

Paymency is the only business that is focused on lowering merchant payment costs and is committed to providing free payments and banking for all consumers. The retail community, cities, and tribal casinos are perfect partners.

 

Banking Regulation is a double edged sword

Consumer banking and merchant payments operate under the protection of regulation that blocks competition and protects the high bank fees charged to merchants and lower income consumers. This protection is not cheap, banks and card companies are being handcuffed by regulations and the high cost of compliance.

 

Paymency is Not a Bank

Using the "First Principle" design process, Paymency recognizes that we must work outside of a bank charter to meet market needs. Paymency designed the best solution, not the typical solution like putting credit cards on a phone. Consumer banking and merchant payments are expensive and inefficient, and therefore Paymency's integrated solution will alleviate this issue.

Banking regulation has the unintended consequences of excluding many consumers and merchants from participation in banking and payments.  Approximately 35% of households are underbanked and 10 million+ people are unbanked. Native Americans have been completely ignored. Imagine our technology used by a tribal casino for banking and payments.

 

Merchants Save Between 50% And 90% of Card Fees

Paymency is changing the banking industry fundamentals to give consumers a better way to hold, spend, and manage their money.  Paymency is also the first design that will profit by removing interchange and driving transaction fees toward zero.

Paymency Banking as a Service model (BaaS), removes the middleman and is very profitable.  Paymency will charge less but earn more than competitors. Paymency should earn between 2x to 6x what Visa and MasterCard earn.

 

Paymency Creates the missing Link

Starbucks holds $1.6+ billion in customer funds. Imagine using your Starbucks app or similar to make online or offline purchases at other retailers. Starbucks is a perfect representation of what can be done. Paymency takes the Starbucks' closed, in house system, to the next level and will support payments at all merchants. Our technology and experience supports all elements from consumer interface to settlement.

 

Merchants Will Share in Our Payment Fees

Selected retailers, non-profits, cities and tribal communities will be designated as sponsors. Sponsors will use Paymency technology and training to open accounts and process payments using Paymency services. Other merchants will be able to accept payments just like they would with Visa.

The sponsor will be rewarded with the lowest transaction fees and a share of Paymency transaction fees when the consumer spends money at unrelated merchants.


     

    A Career of Banking Innovation

    CEO Evans is the right person for leading a paradigm shift in consumer banking and merchant payments.  Evans' successful transformative vision is documented.  In 2014, The Motley Fool (Motley Fool Link) claimed that Evans revolutionized banking in 1994 when he pioneered Internet banking as President of La Jolla Bank. Paymency is bigger.

     

    Fast Company reports that 1 out of 3 MillennialS do NOT see a traditional bank in their future

    The combination of a proven digital banker's design and the marketing expertise of retailers makes a powerful team. Paymency believes that recent studies and surveys grossly underestimate the opportunity. The consumers affinity and value provided by Paymency partners, will prevail against any chartered bank alternative. 

    In addition, "According to a 10,000-person survey by consultants at Scratch, 70% of respondents said they'd rather go to the dentist than deal with their physical banks."  Paymency will lead America to app payments as has been successfully done in China and the Paymency technology will be perfectly positioned for digital US currency.

     

    Paymency Features

    • Selected retailers are defined as sponsor merchants and operate like a bank, get closer to customers, hold customers funds, and clear funds spent elsewhere.
    • A new cloud-based payment network - first since Discover in 1985
    • A new clearing house - first since ACH in 1974
    • Text (SMS) based digital dollars for the unbanked - Like text payments in India
    • Paymency API's built into retailers apps  – like the payment apps in China that serve over 2 billion people - Ours are built into merchant apps
    • A marketplace platform (like Amazon) for finance and banking - Includes low income consumer data aggregation to help them qualify for saving accounts and loans
    • The marketplace platform will help many banks with demand deposits and is a new distribution channel for all bank product sales. 

    •  

      Paymency Benefits

    • Selected sponsor retailers earn payment transaction fees when their app is used at unrelated merchants
    • Solving the unbanked problem in America is our first societal problem to solve
    • Paymency makes Interchange a thing of the past
    • All retailers that participate save 50% to 90% of current card fees
    • Inclusive for all consumers and retailers - Unbanked to Gen Z - Mom and Pop to Big Box Merchants
    • Consumers are always free - this includes the unbanked
    • Consumers will benefit from merchant rewards that are better than card rewards
    • Costs are low enough to support micro payments i.e.: News Articles

     

strategically We Target

 cash and THE UNBANKED

 1st - Text Before Apps

 

1first product is text-based (SMS) payments.

Built for the unbanked, and can be used for mass distribution with cities, and Native American  tribes.

No Problem
2

OUR SMS UNBANKED PAYMENTS WITH CITY DISTRIBUTION IS OUR BANKING Like PRODUCT THAT can ALSO SERVE AS a Local ID

ALL MERCHANTS QUALIFY AND PAY VARIABLE LOW FEES FROM A FEW PENNIES FOR A $1 SALE OR $0.24 FOR A $100 SALE

NO ID OR BANK ACCOUNT IS REQUIRED For Consumer

custom payment designs for cities, religious groups and nonprofits


3

MERCHANTS OPEN ACCOUNTS IN LESS THAN 10 MINUTES AND CAN START TAKING PAYMENTS IMMEDIATELY - CONSUMERS OPEN ACCOUNTS faster



4

customer receives SMS for payment Receipt and new balance

 

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