TodayPay Exits Stealth at Money 20/20

TodayPay Launches Innovative Payment Solution

Former J.P. Morgan Managing Director and Head of Fintech Launches

New Payments Fintech Offering “Refunds as a Service™”

Provides Merchants and Consumers with Better Refund™ Options in Multiple Payment Methods

Las Vegas, NV – October 23, 2023 – TodayPay Inc. emerged from stealth mode today at Money 20/20 in Las Vegas, to unveil the world’s first faster payment technology solution helping merchants offer their customers instant refunds in multiple payment choices. TodayPay is a technology company pioneering a new category in payments called Refunds as a Service™ an entire suite of alternative refund solutions for merchants to Refund Now Pay Later™ and offer Better Refund™ choices for consumers.

“Time is money,” said Jeremy Balkin, Founder and CEO, TodayPay Inc. and former Head of Fintech for J.P. Morgan. “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.”

With the tagline ‘My Money, My Choice,’ TodayPay works best for e-commerce merchants, marketplaces, logistics providers and insurance companies, aiming to increase checkout conversion rates and grow loyalty driven sales, while avoiding expensive disputes and fraud. 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 transforming the broken refund process, from where money goes to die, into an intelligent customer acquisition channel for merchants,” said Balkin. TodayPay delivers instant gratification for merchants and consumers by offering refund certainty, speed, and choice. “Payments are sexy and TodayPay helps merchants transform refunds into revenues,” said Balkin.  

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. 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 Retailers Federation, return fraud is now estimated to cost 10.7% per transaction, hurting merchants and consumers.

“Traditional refunds are monolithic, inflexible, and uncertain. Consumers often don’t realize their refund doesn’t actually go back in their bank account, and this broken process is no longer fit for purpose in the dynamic digital economy,” said Balkin.

While operating in stealth mode, TodayPay has already generated significant traction with e-commerce merchants, insurers, investors, and the world’s leading payment technology companies, including Visa. 

The early success of TodayPay has been recognized across the industry with TodayPay recently named a Finalist for Startup of the Year, with the winner to be named at next week’s US FinTech Awards in New York City.

Learn More about TodayPay

  • Read the announcement blog by Jeremy Balkin, Founder and CEO, TodayPay Inc. 
  • Download the Where Is My Refund? white paper

Partners Powering TodayPay

TodayPay is working with some of the world’s leading corporate and strategic partner firms powering the business. 

Visa – a world leader in digital payments 

“Expanding access to financial tools and services is core to Visa’s purpose – uplifting everyone everywhere – and we’re excited to work with companies like TodayPay in bringing new solutions and approaches to this challenge,” said Patrick Williams, VP and Head of Accounts, Global and North America Fintech Partnerships, Visa

Amazon Web Services (AWS) – the world’s most comprehensive and adopted cloud

“We are excited to serve as the underlying technology powering TodayPay’s journey to make financial services a fairer, more seamless experience for consumers,” said Sam Edge, Global Head of Fintech Startups at Amazon Web Services (AWS). “Helping founders to defy the status quo and pioneer new ideas is exactly what our tech stack was designed for.”

Alloy – the world’s leading end-to-end identity risk solution

“We are thrilled to support TodayPay in their mission to decouple the refund payments and return processes. Their team understands the importance of maintaining a robust compliance program exceptionally well, and Alloy will allow TodayPay merchants to securely onboard users in order to reduce returns fraud.” – Tommy Nicholas, CEO and Co-founder at Alloy

Soma Capital – the top seed investing platform in the world

“The Soma Capital team is incredibly excited to back Jeremy Balkin and the TodayPay team in their official exit from stealth mode. Jeremy possesses all of the characteristics we look for in early-stage founders and more – our excitement is magnified by huge secular tailwinds of e-commerce penetration and higher returns rates for digital purchases.” – Soma Capital Investment team

Marqeta – the global modern card issuing platform

“At Marqeta, we know that faster payments can be vital to improving people’s lives, and we’re proud to work with TodayPay on its mission to simplify refund payments and democratize consumer payment acceptance. Marqeta’s platform gives high-growth companies like TodayPay the flexibility and control needed to overhaul a traditional market like returns. We’re excited to work closely with the dynamic leadership team at TodayPay to enable them to reduce friction and deliver a seamless experience for their customers.” – Todd Pollak, Chief Revenue Officer, Marqeta

Astra – the all-in-one platform for lightning-fast payments 

“TodayPay is solving a critical consumer pain point through real-time access to refunds. Astra is excited to partner with Jeremy and his amazing team through our push-to-card payments solution.” – Gil Akos, Founder & CEO, Astra

Ezri – innovative ecommerce brand

“TodayPay is like Klarna for refunds.” – Matias Lancewicki, Founder & CEO Ezri 

GrailPay – the cutting edge B2B payments infrastructure company

“TodayPay is revolutionizing the refunds industry and GrailPay is honored to power the bank payment and financing infrastructure for TodayPay. TodayPay’s next-generation refunds technology and GrailPay’s infrastructure to speed up settlement, finance payments, and process secure ACH payments is an unstoppable combo for the next era of payments.” – Will Messina, Co-Founder & CEO

Shippo – the shipping platform for 21st century e-commerce

“At Shippo, we’ve long been focused on helping businesses build trust with their customers by solving the complexity of shipping, including returns. We’re thrilled to find partners in TodayPay as it innovates to improve the refund process and helps merchants create a more positive e-commerce experience for their customers.” – Laura Behrens Wu, Co-Founder and CEO

Tango – the world’s leading rewards technology platform

“We’re thrilled to be partnered with TodayPay on this exciting new offering, particularly because we align so well with their goals of making payments faster, easier and overall more delightful for the user. The way that retail handles refunds has needed some real innovation for some time and TodayPay is doing this. It’s great to lend our strength in rewards, incentives, and payments to TodayPay’s vision and to leveling up the refund recipient’s experience.” – David Leeds, CEO of Tango

# # #

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™.

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.  


Meet TodayPay

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