August 26, 2017
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: ItsPayd
Name / Title: Ken Green, Founder & CEO
Industry Segment: Accounts Receivable Automation
Target Market(s): The United States and Canada
LTP: Tell us a little bit about yourself.
Ken Green: Since 2015, I have been CEO of ItsPayd, an automated payment platform utilizing cutting-edge technologies to give control back to a company’s billing processes as well as providing users peace of mind knowing their invoices are confidential and affordable.
Prior to ItsPayd, I was involved in collections for more than 20 years, including the role of CEO for a collections agency from 2013 to 2015. I graduated with an MBA and received a certificate in Health Information Technology, both from Cal State University San Marcos. I also received a certificate in FinTech: Future Commerce from MIT.
LTP: Give us a paragraph pitch of your company.
KG: ItsPayd is a SaaS platform that automates accounts receivables and helps companies reach past-due/at-risk customers (to their mobile device or tablet/pc) and set up payment plans – all in an automated process. A convenient and easy-to-use platform, it significantly reduces time and expense while improving customer experience at the least likeliest moment. Within three simple steps, at-risk customers will be able to pay directly without the need for a username or password. Our clients find ItsPayd very convenient, saving them time and money.
LTP: In a sentence or two, what problem are you solving today?
KG: Collection agencies – just hearing those words bring thoughts of fear, anger, despair, avoidance, and a whole host of other negative feelings. The collections industry has always had a negative image, and rightfully so. But instead of sending a customer to collections, what if companies were in complete control of their customer lifecycle, even when they perceive that relationship is ending? If a company were able to reach out to their customers where they are most likely to be (their mobile device), with a friendly message and reasonable options, the answers are obvious. Customers can avoid the embarrassment of collections, avoid taking a call from an unknown number, and avoid having to speak with anyone during an inconvenient time. Customers feel more respected and will take the opportunity to re-engage at a time that is convenient for them.
LTP: Who are you selling to?
KG: Our typical clients are those that operate on a subscription/recurring revenue model and/or looking to automate much of their accounts receivable function. We also work with companies that carry outstanding accounts receivable with DSOs averaging 30+ days and normally either write-off or send to collections after 90 days.
LTP: Why did you start the company?
KG: When I was CEO of the collection agency, I witnessed many accounts being turned over to collections unnecessarily and quickly realized there was something fundamentally wrong with the collections process. I believe that given the opportunity, most people will pay their debts. With today’s technology, it is more convenient for both companies and their customers to re-engage, resolve and eliminate the need for collections, thereby extending the customer’s lifetime value. Our vision to leverage mobile billing technology to help customers reduces customer account write-offs and improve the consumer's experience. The company’s overriding mission is to create a mobile billing and payments system that helps merchants eliminate the need for collections.
LTP: What's the most important change coming to your segment in the next 3-5 years?
KG: With the rapid advancement in payment technology, I see the need for collections diminishing. The days of traditional collections are ending. Agencies and the industry will need to either redefine themselves or become a casualty of innovation and disruption. I envision that collection agencies will become ‘customer engagement’ agencies where value is derived by growing the customer’s lifetime value, not debt collections.
LTP: What’s your next milestone?
LTP: Anything else you want to say to our audience?
KG: We want to transform the way business is done; away from the antiquated and confrontational process that alienates customers, to positively engaging customers thru facilitating communications and providing alternative ways to pay. We believe we can help nurture relationships, control finances, and eliminate collections. We believe there is a better way.
LTP: What's one thing you wish customers knew before a sales meeting?
KG: We’re not just an automated billing company; we focus on improving the consumer’s overall experience with our clients. That’s why 9 out of 10 past-due consumers surveyed found their experience using ItsPayd very satisfying, very easy to use and would continue buying from merchants using ItsPayd.
LTP: If you could change one thing that financial services people do incorrectly, what would that be?
KG: Usurious rates being charged. Financial literacy is at an all-time low among consumers and that needs to change.
LTP: What keeps you awake at night?
KG: Unintended consequences of AI.
LTP: Thank you, Ken!
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