We are looking to change the experience for these merchants
MIAMI (PRWEB) June 16, 2020
Approvely, a financial technology company offering payment solutions to high risk businesses has launched with Chelsie Cooper, ETA CPP as the CEO. Cooper was previously the President of Afimpay and is an Electronic Transactions Association 40 Under 40 honoree as one of the “game changers of the payments technology industry.”
With 30.7 million small businesses in the USA, Approvely looks to fill the gap of helping businesses who are not being supported by standard payment processing providers and platforms. These “high risk merchants” are commonly left paying higher fees, having their money frozen inside their payment platform for unknown periods of time, or permanently removed from the platform. A merchant is deemed high risk by the payment platform that they’re using based on their risk of fraud and chargebacks. As Cooper explains, “We are looking to change the experience for these merchants who are considered high risk or difficult to underwrite.”
While digital and online fraud increases, the solutions to these problems have previously been too expensive to implement and tend to only serve enterprise clients. This leaves small business owners behind, despite being one of the most fragile subsects of the business world. “We want to focus on proving the same level of security to our clients in the small business space with an easy to integrate solution that can address fraud and chargeback protection,” says Cooper. Approvely launched as an answer to this problem, focusing their financial technology platform on the small business entrepreneurs who are overlooked in place of an established payment platform’s larger clients.
Approvely understands this is a long-term game, looking to prove themselves to small business owners before shifting their focus to profits. “As a company we are focused on customer acquisition and not revenue during this time. We want to help as many businesses that we possibly can, so we are reducing the costs significantly to start and process payments. Our team has been trained to do everything they can to reduce processing costs to businesses who already have a provider or onboard a new client with very little cost to them. Additionally, our fraud screening and chargeback tools help businesses to have security when they accept payments, feeling protection behind every sale that they make.”
Cooper’s team has found a surprise reaction to their product from more than just the high risk merchants they initially built it for. They’ve quickly built a fanbase of small business owners who aren’t high risk, but wanted a higher level of fraud and chargeback protection. “We have seen an amazing response not only from businesses in the high risk industry but businesses who operate with the majority of their sales coming from online and want a higher level of fraud and chargeback protection. Since we are able to protect and reduce liability for merchants we are seeing an amazing response so far.”
As a platform built for small businesses, Approvely is realizing just how much a high risk business payment platform is needed right now. With COVID-19 establishing the importance of online commerce for every business and pushing brick-and-mortar retailers online, these businesses need a payment platform that can support them in ways large payment processors have proven unable.
“Small businesses who were predominantly online are a lot less impacted than retail businesses, so our customers aren’t struggling the way small business brick-and-mortar businesses are. However, we want to help retail businesses and new entrepreneurs who are looking to generate an income online. We have created simple tools to very quickly help companies establish themselves online and start collecting their first payments.”