TodayPay Invited To KBW Fintech & Payments Conference

TodayPay is one of the leading fintech companies in the payments space and was invited to join the KBW Fintech & Payments Conference in New York City. KBW hosted a VIP dinner for payment industry leaders and investors that TodayPay attended last night on the sidelines of the conference.

“When I was at J.P. Morgan, the KBW Fintech & Payments Conference was always an event for the best of the best leaders in payments,” said TodayPay Founder, Jeremy Balkin, “(and) it’s a profound honor to be invited and join the payments industry c-suite and leading investors to understand the TodayPay mission to revolutionize refunds.”

TodayPay was recently featured prominently in Issue 1257 of the prestigious Nilson Report in February 2024. The Nilson Report is the most respected payments journal in the industry, and the leading publication covering payment systems worldwide.

“Refunds are an emotional, anxiety-producing experience,” said Jeremy Balkin during his recent remarks at the Merchant Advisory Group conference, “(and) it doesn’t have to be this way in the 21st century.”

Last month, TodayPay unveiled an historic refund research paper titled, Where Is My Refund? Understanding When, Where & How Consumers Want Their Money Back.

TodayPay Presents at Merchant Advisory Group Meeting

TodayPay was invited to present at the Payments MAGnified conference in Dallas, hosted by the prestigious Merchant Advisory Group (MAG). The MAG represents thousands of the country’s leading merchants – and their decision makers – who collaborate on the industry’s most pressing issues. Conference organizers invited TodayPay Founder, Jeremy Balkin, alongside Walmart’s Head of Payment Acceptance, Trent Addington, to lead a session on refunds for merchant attendees. The session was standing room only and the line of merchants waiting after the session to speak to TodayPay lasted half an hour.

“Refunds are an emotional, anxiety-producing experience,” said Jeremy Balkin during his remarks, “(and) it doesn’t have to be this way in the 21st century.”

The MAG organizers certainly captured the mood of the industry by prominently addressing the issue of refunds for merchants on the important first day of the conference. That set the tone for the rest of the industry agenda and highlighting refunds as a pressing issue for the industry. Walmart shared their number one call center reason code is “Where is my refund?” and Best Buy shared a similar data point during the session. Last month, TodayPay unveiled an historic refund research paper titled, Where Is My Refund? Understanding When, Where & How Consumers Want Their Money Back.

Refunds, often synonymous with frustration and inconvenience, emerged as one of the most common pain points felt by merchants at the conference. In fact, during merchant-only sessions the consensus was clear: the current refund process is broken for merchants. Merchants are frustrated with the way refunds are processed and the entire process is outdated and needs a transformation.

TodayPay is leading the refund revolution and the only company able to help merchants turn this problem into a winning solution.

TodayPay Unveils Landmark Refund Study

Comprehensive “Where Is My Refund” White Paper Shows Nearly All Consumers Want Refund Choice

New York, NY – January 16, 2024 – TodayPay Inc., a technology company pioneering a new category in payments called Refunds as a Service™ announced today at the National Retail Federation Big Show (NRF 2024) the unveiling of the much anticipated research study and white paper titled, “Where Is My Refund? Understanding When, Where & How Consumers Want Their Money Back.”

TodayPay, in consultation with The Refunds Blog™, commissioned the comprehensive refund research study to further highlight consumer preferences and behaviors regarding refunds. The study surveyed nearly 800 U.S consumers that have made an e-commerce purchase and subsequently returned the item for a refund in the 90 days leading up to the study.

“There’s over a trillion dollars of value exchanged every year in the form of refunds, yet there’s been almost zero innovation improving the refund customer experience,” said Jeremy Balkin, Founder and CEO, TodayPay Inc. and former Head of Fintech for J.P. Morgan. “Traditional refunds are monolithic, inflexible, and uncertain. TodayPay is transforming the broken refund process, from where money goes to die, into an intelligent customer acquisition channel for merchants and instant gratification for both merchants and consumers by offering refund certainty, speed, and choice.”

Key data from U.S. consumers in Where Is My Refund? Understanding When, Where & How Consumers Want Their Money Back” includes:

  • 78% received an e-commerce refund in the last 90 days
  • 93% want a choice in terms of how they get their refund
  • 92% would complete checkout if guaranteed a refund
  • 79% would increase the order value if offered refund certainty
  • 90% would make repeat purchases from a merchant if offered instant refunds
  • 83% would leave a positive review for merchants who offer instant refunds
  • 56% have heard of instant refunds

In 2022, the U.S. Census Bureau estimated total U.S. retail sales reached $7.1 trillion and approximately one-fifth of everything bought in the U.S. is returned every year. That equates to $1.4 trillion worth of refunds and items bought online have a 3 to 5 times return rate than items bought in-store. Several hundred billion dollars have been invested in reducing friction and creating a seamless online buying experience, however the backend of the checkout experience remains antiquated.

Research by the Baymard Institute shows average cart abandonment rates are 69% across the industry and disputes cost merchants and consumers $100 billion each year. The transaction friction has moved to refunds with a monolithic broken process that’s outdated for the instant gratification driven digital economy. According to the National Retail Federation, return fraud is now estimated to cost 13.7% per transaction, hurting merchants and consumers.  

TodayPay decouples the refund, which is a payment solution, from the return, which is a

logistics problem. “This helps merchants compete end-to-end on customer experience based on the speed of a payment, instead of the speed of broken supply chains,” said Balkin. For consumers, it means the ability to get paid instantly with multiple redemption choices, instead of status quo, which is simply a reversal back to the original payment method on the next month’s credit card statement.  

Last week at CES 2024, TodayPay announced the seasoned Visa executive Mike West has joined as a Strategic Advisor. West joins TodayPay with more than 25 years of experience in payments including senior roles at Visa, PayPal and American Express. West helped Visa Direct expand globally to support successfully scale the business to over 8 billion card, account, and digital wallet endpoints, across 200 countries, with double-digit year-over-year growth.  

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Read Where Is My Refund Consumer Study & White Paper

The study can be downloaded here and accessed at https://refunds.expert/  

About TodayPay

TodayPay is the world’s first faster payment solution helping merchants offer their customers instant refunds in multiple payment choices. TodayPay is a B2B technology company pioneering a new category in payments called Refunds as a Service™. TodayPay has commercial relationships with Visa, Amazon Web Services, Marqeta, Alloy, GrailPay, Astra, Tango and Shippo.

About TodayPay Founder

Prior to founding TodayPay, Jeremy Balkin served as Managing Director for J.P. Morgan in New York City, where he led fintech innovation and corporate development in the Payments business. Mr. Balkin is well known across the fintech industry for coining the phrase, “Payments are eating the world” and he received the PayTech Award in 2022 recognizing his leadership across the payments industry.

Contact: 

media@todaypay.me 

TodayPay Presents at CES 2024

The annual Consumer Electronics Show (CES) took place this week in Las Vegas, TodayPay was invited to present at this prestigious gathering of consumer and retailer technology leaders. CES is the world’s most influential consumer technology event, drawing in a staggering 130,000 attendees, 1,200+ startups within Eureka Park, and 4,000+ exhibitors all converging on Las Vegas. The event serves as a melting pot for partners, customers, media, investors, and policymakers from across the globe.

The CES tagline, “Where Business Gets Done,” aptly captures the essence of an event that unites the entire tech ecosystem under one roof. In the dynamic realm of technology, there’s an annual gathering that stands out as the epitome of innovation and progress. It’s therefore appropriate for TodayPay, the leading player in the refund payment solutions arena, to be invited and make waves at CES 2024, an event backed by the Consumer Technology Association (CTA).

TodayPay’s presence at CES signifies a major shift in how refunds are finally being taken seriously by the retail merchant community and their consumers. “CES shares a commitment to pushing boundaries, embracing innovation, and contributing to the ever-evolving tech landscape,” said TodayPay Founder Jeremy Balkin. “We see a world where the future of payments is about speed, choice and certainty, end–to-end from purchase to refund transforming the way we transact and interact in the digital age.” 

CES is famous for setting the scene for which consumer technology themes will dominate the year ahead leaving a lasting imprint on the world of consumer behavior. Will 2024 be the Year of Refunds? TodayPay thinks so!

TodayPay Appoints Seasoned Visa Executive

Mike West Joins TodayPay As Strategic Advisor

Money20/20 Named TodayPay As A Company That “will revolutionize the world of money”

Las Vegas, NV – January 11, 2024 – TodayPay Inc., a technology company pioneering a new category in payments called Refunds as a Service™ announced today at the Consumer Electronics Show (CES 2024) that Visa executive Mike West has joined as a Strategic Advisor. Mike West brings deep industry expertise from leading Visa Direct’s international commercialization and the network expansion by launching new use cases, innovative payment capabilities and value-added services.

Mike West joins TodayPay with more than 25 years of experience in payments including senior roles at Visa, PayPal and American Express. West helped Visa Direct expand globally to support successfully scale the business to over 8 billion card, account, and digital wallet endpoints, across 200 countries, with double-digit year-over-year growth.  

During remarks on stage at CES 2024, Jeremy Balkin, Founder and CEO of TodayPay Inc. and former Head of Fintech for J.P. Morgan, said “Mike is a leading expert in the payments industry, product commercialization and Go-to-Market, and helping companies navigate the transition from market entry to global scale. We’re excited to leverage his breadth of experience and expertise to bring our innovative TodayPay suite of alternative refund solutions to merchants and consumers.” 

“I built TodayPay because I’ve seen firsthand how the speed of a payment can change somebody’s life,” said Balkin. “There’s over a trillion dollars of value exchanged every year in the form of refunds, yet there’s been almost zero innovation improving the refund customer experience. Mike will help us revolutionize the refunds experience for merchants.” 

TodayPay decouples the refund, which is a payment solution, from the return, which is a logistics problem. “This helps merchants compete end-to-end on customer experience based on the speed of a payment, instead of the speed of broken supply chains,” said Balkin. For consumers, it means the ability to get paid instantly with multiple redemption choices, instead of status quo, which is simply a reversal back to the original payment method on the next month’s credit card statement. 

“TodayPay is a revolutionary force for transforming the refunds process which is a trillion-dollar problem for retailers, e-commerce platforms, and marketplaces. TodayPay’s momentum and growth shows no signs of slowing,” said Mike West. “I look forward to bringing my experience as a leader in the payments industry to a business that is establishing itself as a new market champion.”

West has over 10 years of experience at Visa, most recently overseeing Visa Direct, a global real-time money movement platform and the launch of new products, use cases and growth of international markets. Prior to Visa, West spent 4 years leading Product Marketing at PayPal, where he supported the company’s successful launch of new digital payments solutions and services and subsequent rapid global expansion.

West holds an MBA from the University of New England, and a Corporate Finance Executive Program Diploma from London Business School.

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TodayPay Presents at Plug and Play Annual Summit

TodayPay was invited to present at the prestigious Plug and Play Annual Summit in Silicon Valley. Plug and Play, are a world leading innovation and VC platform connecting startups with 2500+ corporate partners. The event united some 300 startups with 3000 attendees from corporate clients around the world. 

Founder Jeremy Balkin delivered a compelling presentation to a highly engaged audience of VC investors, retailer, merchants, insurers and banks, all key customers and stakeholders for TodayPay. 

“The speed of a payment can change someone’s life” said Jeremy Balkin, “and that’s why I’m building TodayPay.” 

Our presentation highlighted our mission to revolutionize payments and refund processes across industries, generating an overwhelmingly positive response. Attendees expressed support, acknowledging the universal need for our Refunds as a Service™ solution.

Plug and Play’s extensive network of over 50,000 startups, 2,500 corporate partners, VC firms, and universities underscored the event’s magnitude. Being part of this diverse ecosystem was an honor and a shared commitment to driving impactful change through innovation. Plug and Play‘s goal to build the world’s leading innovation platform aligns perfectly with the TodayPay vision.

Forbes – Secret World Of Consumer Refunds And One Man’s Fight For Change 

https://www.forbes.com/sites/jaimecatmull/2023/11/27/secret-world-of-consumer-refunds-and-one-mans-fight-for-change/?sh=16dbb8e467ef

PYMNTS – TodayPay Gives Consumers Instant Refunds and Helps Merchants Avoid ‘Rocks in a Box’

TodayPay Gives Consumers Instant Refunds and Helps Merchants Avoid ‘Rocks in a Box’

TodayPay Honored at US Fintech Awards

TodayPay were nominated and selected as a Finalist for Startup of the Year at the 2023 U.S. FinTech Awards held in New York City.

The U.S. is home to the world’s premier financial services destination and the world’s most developed financial technology (FinTech) market.

“This time exactly a year ago, I was leading a big team with a massive global responsibility serving as a Managing Director for J.P. Morgan,” said TodayPay Founder Jeremy Balkin “and tonight I’m here leading the TodayPay team and we’re truly astounded at the progress, perseverance and recognition we’ve received in such a short period of time.”

Wall Street Journal – Former J.P. Morgan Fintech Head Launches Refunds Start-Up

ttps://www.wsj.com/livecoverage/stock-market-today-dow-jones-10-23-2023/card/former-j-p-morgan-fintech-head-launches-refunds-start-up-IWMW6CYU3GphhxpB6OMz