TodayPay Inc. emerged from stealth mode to unveil the world’s first faster payment technology solution helping merchants “offer their customers instant refunds in multiple payment choices.”
TodayPay is a technology company supporting a new category in payments “called Refunds as a Service™ – an entire suite of alternative refund solutions for merchants to Refund Now Pay Later and offer Better Refund choices for consumers.”
Jeremy Balkin, Founder and CEO, TodayPay Inc. and former Head of Fintech for J.P. Morgan, said:
“Time is money. I built TodayPay because I’ve seen firsthand how the speed of a payment can change somebody’s life. There’s over a trillion dollars of value exchanged every year in the form of refunds, yet there’s been almost zero innovation improving the refund customer experience. TodayPay is transforming the broken refund process into an intelligent customer acquisition channel for merchants.”
With the tagline ‘My Money, My Choice,’ TodayPay works best “for e-commerce merchants, marketplaces, logistics providers and insurance companies, aiming to increase checkout conversion rates and grow loyalty driven sales, while avoiding expensive disputes and fraud.”
TodayPay decouples the refund, which is a payment solution, from the return, which is a logistics problem.
Balkin said:
“This helps merchants compete end-to-end on customer experience based on the speed of a payment, instead of the speed of broken supply chains.”
For consumers, it means the ability to get paid instantly “with multiple redemption choices, instead of status quo, which is simply a reversal back to the original payment method on the next month’s credit card statement.”
Balkin said:
“TodayPay is transforming the broken refund process, from where money goes to die, into an intelligent customer acquisition channel for merchants.”
TodayPay delivers instant gratification for merchants and consumers “by offering refund certainty, speed, and choice. ”
In 2022, the U.S. Census Bureau estimated total U.S. retail sales reached $7.1 trillion and approximately one-fifth of everything bought in the U.S. is returned every year. Items bought online have a 3 to 5 times return rate than items bought in-store. Several hundred billion dollars have been invested in reducing friction and creating a seamless online buying experience, however the backend of the checkout experience remains antiquated.
Research by the Baymard Institute “shows average cart abandonment rates are 69% across the industry and disputes cost merchants and consumers $100 billion each year.”
The transaction friction has “moved to refunds with a monolithic broken process that’s outdated for the instant gratification driven digital economy.”
According to the National Retailers Federation, return fraud is “now estimated to cost 10.7% per transaction, hurting merchants and consumers.”