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: PayDock
Name/Title: Robert Lincolne, CEO
Industry Segment: Payments
Target Markets: Asia-Pacific, UK, USA
LTP: Tell us a little bit about yourself.
Robert Lincolne: When I’m not being referred to as a left-handed Tasmanian, I’m a passionate entrepreneur with over 14 years of experience in digital strategy, analytics and payments. I worked early-on in the not-for-profit sector, solving complex payment needs which ultimately drove me to create PayDock as a broader market offering.
LTP: Give us a paragraph pitch of your company.
RL: PayDock is a unique payments platform that removes feature-set, data and compliance barriers for online merchants who need access to multiple payment types worldwide. We provide developer tooling, SDKs, and a single API to access all payments services while also taking care of compliance needs. In a nutshell, we improve customer experiences and reduce cost in the payments stack without the typical fragmentation of personal and payment data.
LTP: In a sentence or two, what problem are you solving today?
RL: Online merchants and resellers cannot efficiently connect and deliver payment services to their customers and their businesses are limited as a result. Integration costs, compliance gaps and data fragmentation also combine to limit growth and reduce market access for new payment methods and services. PayDock solves these issues for both parties in a single service.
LTP: Who are you selling to?
RL: Online marketplaces and resellers as well as larger online merchants who value the freedom to easily build and evolve payment ecosystems without becoming trapped.
LTP: Why did you start the company?
RL: PayDock was created as a response to significant profit erosion experienced by online sellers. Navigating the complex world of online payments is tough and we saw an opportunity to re-empower merchants and reduce payment system costs by as much as 80% in a typical platform.
LTP: What's the most important change coming to your segment in the next 3-5 years?
RL: Banking-as-a-service platforms mixed with a rise in alternative payment methods will change the face of consumer experiences with increased options and a consolidation of identity whether online or offline.
LTP: What’s your next milestone?
RL: Our next milestone is to penetrate the UK and Asia market.
LTP: Anything else you want to say to our audience?
RL: Great to have such an enthusiastic community out there – please connect with me anytime on Twitter via @roblincolne.
Bonus – User’s Choice Question!
LTP: What's one thing you wish customers knew before a sales meeting?
RL: How much money they were actually losing in their payments configuration.
LTP: If you could change one thing that financial services people do incorrectly, what would that be?
RL: Not getting in their customers’ shoes enough.
LTP: What keeps you awake at night?
RL: I think we have an enormous opportunity to make a difference in a very challenging area. Our KPIs are really around the benefit we give our clients, and we want to see our customers grow 100x and to know that we helped. I think this vision gives me the motivation to keep pushing, so I’m often there in bed thinking about how to help the company move further and faster in that goal.
LTP: Thank you, Robert!
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