HeroPay coming to the rescue of small business

When you’re a small business, every cent counts, and credit card processing fees gobble those pennies up fast, some faster than others.

Fear not, because HeroPay is coming to the rescue, founder and CEO Hiro Taylor said.

Mr. Taylor said HeroPay’s origins date back to his years spent at Visa, where he led the company’s entry into Myanmar and built its payment infrastructure from scratch. That gave him hands-on experience with everything from credit cards to merchant and bank services.

It also gave him an idea.

“There is a phenomenal market in the United States, but also a pain point,” Mr.Taylor explained. “The merchant community is largely underserved by payment services providers.”

Say hello to HeroPay, a startup helping merchants make more informed payment processing decisions. They help businesses compare service providers, review features and peruse reviews, saving them as much as 40 per cent in the process.

Small business owners don’t get the same breaks as larger companies, Mr. Taylor explained. In fact, they pay 79 per cent of industry fees despite accepting only 26 per cent of the collective payment sum. HeroPay helps them spend more time doing what made them want to start a business in the first place.

“Individual businesspeople need to run their business,” Mr.Taylor said. “We want to help them decipher the great and interesting products that can be confusing to sort through.”

When designing HeroPay, the team operated under the philosophy of taking that singular pain point and using as few clicks as possible to solve it. If comparison shopping works on Kayak for travel and Lending Tree for mortgages, why not for credit cards?

“We wanted to bring that into the credit card processing space,” Mr. Taylor explained.

Credit card processing fees of three or four per cent can take a big bite from the bottom lines of businesses with single digit profit margins, Mr. Taylor said.

Navigating HeroPay is like applying for a loan, Mr. Taylor said. Once on the landing page, the applicant identifies their business sector. After providing six pieces of information, they receive quotes from processors with an itemized list of requirements for their merchant profile.

 

 

 

 

One Comment

  1. HeroPay приходит на помощь МСБ - SME Banking Club | Новости
    August 3, 2017 at 10:05 pm

    […] Перевод: banklesstimes.com […]

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