Thought Leaders in Financial Technology: Erich Litch, Chief Revenue Officer, 2Checkout (Part 2)

Sramana Mitra: Can we talk a bit about the competitive map around this ecosystem? The direct competitors are Chargify and Zuora, right?

Erich Litch: Since we operate in so many parts of the ecosystem, we compete with a number of different companies. In the subscription billing space, we compete against Zuora or Chargify. If you do choose one of those providers, then you also have to choose a payment processor. You may have to choose somebody that handles other elements of your e-commerce system.

We compete with those just for subscription billing whereas we provide much, much more. They don’t really handle any of the regulatory or tax >>>

Thought Leaders in Financial Technology: Erich Litch, Chief Revenue Officer, 2Checkout (Part 1)

The payment industry is going aggressively digital. This discussion takes stock of the ecosystem and its trends.

Sramana Mitra: Let’s start by introducing our audience to 2Checkout and yourself.

Erich Litch: I’m Erich Litch. I’m the Chief Revenue Officer for 2Checkout. 2Checkout is a leading payment and e-commerce company. We do business all over the world supporting over 10,000 merchants in every part of the world and handle payment processing, e-commerce management, subscription billing and management, and all kinds of things that enable businesses to seamlessly and easily sell all over the world.

Sramana Mitra: Can you double-click down a little bit and talk about what kind of customers are the ones that you are going >>>

Thought Leaders in Financial Technology: Jeremy Almond, CEO of PayStand (Part 3)

Jeremy Almond: We have another product where most of the time when a payment that needs to be authorized goes beyond a certain amount, there are controls in place. Maybe your accounts payable clerk can pay bills under $10,000. For over $10,000, it needs to go to the controller.

Over $50,000, it needs to go to the treasury and CFO. One of the areas that we use Blockchain is for the sign off and approvals. We can keep track of all of the sign off records. Blockchain ensures that the person who’s signing off on the approval has not been tampered with. Those are two of the several ways that we use Blockchain in internal operations to improve our payment network. >>>

Thought Leaders in Financial Technology: Jeremy Almond, CEO of PayStand (Part 2)

Sramana Mitra: My question also is, what is the value proposition versus direct deposit?

Jeremy Almond: In the US, you have effectively three ways to get paid if you’re a business. All three of these are systems that were built before the internet. The first way is paper check. As consumers, we don’t use them anymore.

The second is through direct deposit. That system is also built before the internet. It has many days of delay. It doesn’t connect into the financial system. It’s not automatically connected to ERP or other financial systems. It’s prone to fraud and compliance issues.

The third way is credit cards. Credit cards are probably the most problematic. What we do is we take all of the advantages of a modern >>>

Thought Leaders in Financial Technology: Jeremy Almond, CEO of PayStand (Part 1)

The B2B digital payment space is changing. Listen to Jeremy discuss the developments.

Sramana Mitra: Let’s start by introducing our audience to yourself as well as PayStand.

Jeremy Almond: I’m the Founder and CEO of a company called PayStand. PayStand is a B2B digital payment network. What Venmo does for consumers, we do for commercial transactions. We believe that there is a huge transformation that’s going on in the commercial side of financial services. We’re bringing about change in three clear ways. We call it no paper, no fees, and no monopoly.

Sramana Mitra: When you say B2B payment, could you elaborate on how you’ve gone to market. What segments >>>

Thought Leaders in Financial Technology: Levi King, CEO of Nav (Part 3)

Sramana Mitra: Is there any dynamic that you see in people seeking credit versus not seeking credit by industry sectors?

Levi King: The answer probably won’t surprise you. There are certain industries where your credit comes into play way more often than others. My first business was an electric sign company. I would get 50% downpayment from the customer. I had to manufacture and install the job. I was a lender to my customer for 30% to 40% of the job because our margin was only 10% to 15%.

In those industries, you use your credit all the time to get financing. There are some industries where the credit is way more >>>

Thought Leaders in Financial Technology: Levi King, CEO of Nav (Part 2)

Sramana Mitra: These hundreds of thousands of customers that you have through the channels, do you directly touch them or do you deliver your software through those channels?

Levi King: We do directly touch them, but they may or may not know that because it can be white-labelled or a co-brand. If it’s a co-brand, they know that it’s us powering the solution. In a white-label scenario, they probably attribute the value to the partner that’s offering it up.

Sramana Mitra: What is your business model? >>>

Thought Leaders in Financial Technology: Levi King, CEO of Nav (Part 1)

Levi King offers a unique perspective into small business lending in this TLFT interview.

Sramana Mitra: Let’s start by introducing our audience to yourself as well as Nav.

Levi King: We started the business about six years ago. My business partner is an attorney. We offer free credit and financial education to small businesses in the US. Eventually, we’ll move to other parts of the globe. Small business owners can sign up and see their personal credit, business credit, and their checking data through an educational lens that helps them understand how >>>