MEDICI now! Startup Stories highlights the companies that are shaping the new financial technology industry. Keep an eye out each week for new stories! If you or someone you know should be highlighted, send us a note. Without further ado…
Company Name: FuturePay
Name/Title: Bobbi Leach, CEO of FuturePay
Industry Segment: POS financing
Target Markets: US
LTP: Tell us a little bit about yourself.
BL: As an ecommerce veteran, I have nearly 20 years of experience in the space. With the enormous growth of e-commerce, I saw an opportunity to offer an instant financing payment option for online shoppers to easily make a purchase without needing a credit card. As the CEO of FuturePay, I direct the overall strategies of the business from sales and marketing to product and credit.
LTP: Give us a paragraph pitch of your company.
BL: FuturePay is the simplest way for e-commerce retailers to offer instant credit to their customers at checkout. Shoppers can buy now and pay later with one click, creating a streamlined checkout process on every device. With upfront payments and an easy integration, retailers can start attracting new customers instantly.
LTP: In a sentence or two, what problem are you solving today?
BL: According to a recent FuturePay study, “The Big Ticket: What’s Stopping Shoppers?”, 26% of shoppers said their biggest concern when shopping online was that the payment option they were looking for wasn’t available. FuturePay is helping retailers offer more payment flexibility at checkout to help reduce cart abandonment and build loyalty with shoppers.
LTP: Who are you selling to?
BL: FuturePay works with e-commerce retailers and platforms like Salesforce Commerce Cloud, Shopify, Magento and SAP Hybris – helping them cater to the growing demands of omnichannel shoppers.
LTP: Why did you start the company?
BL: With more shoppers shying away from traditional payment methods for more flexible payment options, our team saw an opportunity to streamline the payments process through an instant credit option. Seeing the rise of e-commerce and mobile shopping, FuturePay was built to enable shoppers to make purchases in a way that fits their diverse needs.
LTP: What's the most important change coming to your segment in the next 3-5 years?
BL: The biggest challenge facing retailers in the next 3-5 years will be mastering mobile. Mobile adoption has grown significantly in recent years, but we’re only now seeing a shift from people just browsing retailers’ websites or apps on their phones to actually converting and making purchases.
In order to keep up with consumer demand, retailers will need to optimize their entire mobile experience, including the checkout process. Shoppers don’t want to waste time entering their 16-digit credit card number into a small screen. By giving shoppers more payment options that are faster and easier to use on mobile, retailers will be able to drive more sales with these mobile-centric shoppers.
LTP: What’s your next milestone?
BL: Our next milestone will be expanding into physical stores to allow our omnichannel retailers to seamlessly offer FuturePay to shoppers both online and in-store.
LTP: Anything else you want to say to our audience?
BL: Retailers need to give their customers more choices – whether that’s more product options or more payment options. The more you can cater to your audience, the more your business can grow.
Bonus - User’s Choice Question!
LTP: What's one thing you wish customers knew before a sales meeting?
BL: How many people don’t have credit cards. A recent study from Bankrate found that 67% of millennials don’t own a credit card. If your e-commerce strategy doesn’t include card-free options, you could be alienating the majority of millennials – the largest generation in US history.
LTP: Thank you, Bobbi!
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