TodayPay is the world’s first faster payment solution offering Refunds as a Service™ for merchants, helping their customers with refund certainty, choice and instant gratification. With TodayPay, merchants can now turn refunds into revenues, instead of a place where money goes to die. For merchants that means more sales, higher conversion rates, bigger basket sizes and greater customer loyalty. 

We’re here to solve a $1.4 trillion problem. In 2022, total U.S. retail sales hit $7.1 trillion and 1/5th of that was returned. That’s a huge payment volume. There’s no choice for merchants or consumers about how or when the refund rail works, and that hurts every participant in the marketplace. Our mission is to revolutionize the refund to become an intelligent acquisition channel and payment channel. For merchants, it also means less friction, avoiding expensive disputes, lower customer acquisition costs and monetizing fraud losses. 

That’s why we call it a Better Refund™ solution for everyone.

“The speed of a payment can change someone’s life” – that’s the mantra motivating our team. 

In the past decade there’s been half a trillion dollars of investment in fintech innovation making ecommerce buying absolutely seamless. All the friction that was removed from the front end of checkout, simply shifted to the back end of checkout! That made buying stuff a breeze, and returning stuff a pain. The refund process is uncertain, monolithic, slow and not fit for purpose in the modern, flexible and dynamic digital economy. 

Payments should be about certainty, speed and choice. “My money, my choice” is on our company t-shirt.

Refunds have been fascinating me since 2019 when my twins were born. My wife would often buy stuff for the twins in different sizes, with the intention to return the stuff that didn’t fit. That meant buying four items to keep the two that fit, and return the two that didn’t. She noticed that her refund would appear within a few days when buying on her debit card, but often the refund would only appear next month on her credit card statement. She had to continuously monitor her statements to see if or when the refund would even appear, and she was always calling the merchants who insisted they’d issued the refund weeks ago.

Fast forward to 2020, and I had a deposit on a hotel booking for a conference in Las Vegas. Some months later the hotel canceled the booking with the global travel shutdown, and offered me a full refund of the deposit. Only problem was the credit card I used for the original booking had expired, and I no longer used the card because I closed it down. So the hotel literally couldn’t issue me my refund because of the inflexible way refunds worked. The hotel literally tried every way to get me the refund, and they’re systems were unable to do it. They profusely apologized and promised me there would be a credit in my account for a future booking. Well, I stayed at the same hotel on a future business trip two years later and there was no record nor credit issued.

What a mess!

I’ve heard thousands of similar stories of pain and suffering from merchants and consumers about refunds. That piqued my interest in understanding everything I could about refunds. If no one was brave enough to fix refunds, then I would give it a try. 

That’s why I left behind a really big job leading fintech at J.P. Morgan, to build TodayPay from the ground up. I’m not going to lie, leaving J.P. Morgan was the hardest professional decision of my career. So many friends, priceless memories, brilliant colleagues and the honor of working with Jamie Dimon, I had the best job in the world! 

It was a lot to walk away from the wonderful J.P. Morgan family and go from Goliath, to being David. I started bootstrapping TodayPay myself and haven’t taken a salary. Failure is simply not an option. I’m honored to share that we’ve since welcomed some amazing investors on the journey who understand entrepreneurship, payments and what it takes to build big businesses from the ground up.

If that’s you, we’ll be happy to keep you in our network for the future. We’re now full steam ahead.

But this is my calling. Because, “the speed of a payment can change someone’s life.”  

This philosophy is what drives TodayPay.

We’re creating an alternate payment option offering speed and choice for 30 million merchants and 150 million consumers who finally have someone fighting in their corner.

TodayPay all started with an idea on a blank sheet of paper. Now we have a company with a team of brilliant people and the most amazing distribution partners powering TodayPay, including Visa, AWS, Marqeta, Alloy, Shippo, Tango, Astra, GrailPay and so many more powering our products.    

Follow TodayPay on our social media platforms: LinkedIn, X, Instagram, and the TodayPay blog. 

Are you brave enough to help us change the world?

Time is money.

Jeremy Balkin

Founder & CEO, TodayPay Inc