Explore TodayPay’s groundbreaking concept of Refunds as a Service and its impact on financial behaviors. Learn about their tailored MarTech stack, data-driven personalization, and commitment to user experience.
Jeremy Balkin, the Founder of TodayPay, sits down with us for an exclusive interview. We delve into the innovative concept of Refunds as a Service and its potential impact on how we handle finances. Balkin, a recognized thought leader in fintech, shares his insights on emerging trends and TodayPay’s strategic approach within the ever-evolving payments landscape.
Throughout the interview, Balkin sheds light on several key aspects of TodayPay’s operations:
- Their tailored MarTech stack: Discover how TodayPay utilizes a customized marketing technology stack to drive effective customer acquisition and retention.
- Data-driven personalization: Learn about their data-centric approach to personalizing customer interactions.
- Commitment to customer feedback and data privacy: Gain insights into TodayPay’s dedication to gathering customer feedback and maintaining rigorous data privacy and compliance practices.
This interview promises a comprehensive glimpse into TodayPay’s innovative approach to the financial sector, its dedication to user experience, and its strategic vision for the future.
Excerpts from the interview;
How does TodayPay’s focus on real-time refunds and payments affect financial behaviors and health?
There’s over a trillion dollars of value exchanged yearly in refunds, and we believe it’s about time for some innovation in that forgotten area of payments. We’re pioneering a new category in payments called Refunds as a Service™. That means offering merchants and their customers speed and choice regarding how they issue and receive a refund payment. Data shows that 62% of Americans live paycheck to paycheck, and TodayPay fundamentally democratizes consumer payment acceptance.
What fintech trends do you foresee shaping the industry? How does TodayPay plan to adapt and innovate in response?
TodayPay is playing the long game. Instant payments are becoming the standard expectation for merchants and consumers. Refunds are the last area of payments where speed hasn’t arrived. Five years from now, consumers will inevitably have a choice in how they receive a refund. Amazon is now offering their customers the choice of a refund to the original credit card next week (or even next month) or instant digital store credit. The trend is clear; soon, all consumers will demand refund choices across every aspect of omnichannel commerce. TodayPay is the only company in the world that legitimately delivers speed and choice in the refund space for merchants and their customers.
How does TodayPay’s Martech stack aid in acquiring and retaining customers?
A clear strategy defines everything we do. Therefore, the Martech stack needs to fit the overall strategy rather than the strategy needing to fit the stack. That said, there’s no out-of-the-box method for building your Martech stack. Every company is unique, and our perfect marketing stack will not look exactly like anyone else’s. We’ve invested heavily in original content creation, offensive and defensive SEO, IP protections, social media branding, earned media, and our cloud-native CRM platform. When we analyze trends, we focus solely on the signal, not the noise. Insights are important and can also be misleading. That’s where we overlay our experience to make judgments.
How does TodayPay use data to personalize interactions and enhance customer experience?
At TodayPay, we believe “the speed of a payment can change someone’s life.” That drives us to deliver real customer value and democratize consumer payment acceptance. Data shows that 62% of Americans live paycheck to paycheck, and 93% of consumers want a choice in how they get paid a refund. Consumers want to get paid instantly, and that’s the standard expectation in every aspect of payments except refunds. We’re fixing that.
How does TodayPay collect and integrate customer feedback for product and marketing enhancements?
We’re stubborn about our vision but very flexible about the details. When the data changes, we recalibrate our models accordingly. We’ve already conducted the most comprehensive study into consumers’ payment preferences: Where Is My Refund: Understanding When, Where & How Consumers Want Their Money Back. That study was based on interviewing hundreds of qualified U.S. consumers across all ages and demographics to get real data and insights that never existed in the category. We also conduct focus groups and talk to customers all the time to get unfiltered product and design feedback.
How does TodayPay balance data protection and compliance with GDPR and CCPA while maintaining a personalized customer experience?
Before founding TodayPay, I served as a Managing Director at J.P. Morgan. That means I come to the startup world with a compliance-focused mentality, and we’re consciously building with a mindset to be modular and scaled by protecting our customers and the industry as a whole for the future. We take compliance and data protection extremely seriously and are SOC 2 and PCI DSS compliant.
