Ink on the Interview
Q: Can you share any highlights from the conference? Anything you’ve learned so far?
A: Yeah, great. This is actually our first time participating as a vendor with Eltropy, so we’ve had a long-standing relationship with Lexop, and once an acquisition occurred, so we’re looking to do a lot of great things with Eltropy, so we thought this would be a great time to kind of kick off that partnership.
Q: Give us a quick elevator speech on Repay, what do you guys think?
A: We are a payments fintech. We’re based out of Atlanta, where a lot of the other fintechs are. We’re a publicly traded company founded in 2006 by two individuals who are still leading our company. We do anything and everything around payments. So we have a consumer payments division that I’m a part of, a business payments division.
But what I do is I work very closely with community FIs across the country, just in and around anything that they need to do in regards to processing loan payments, share deposits. We have our own technology stack and solutions, but we do a lot of integrations with core systems, home banking platforms, collection platforms, so on and so forth. And that’s really where our strength lies, in those integrations.
Q: What brought Repay and Eltropy together?
A: We’re still kind of developing that relationship. We’re in the midst of doing some API work with them. So they’re going to be able to embed our payment solution as part of a lot of their solutions. But really the way we got here was through Lexop initially.
And then the ultimate beneficiaries are the credit unions and the community banks that are partnered up with Eltropy, right? And then the ultimate beneficiaries are the members and the consumers.
Q: Can you show how that trickles down?
A: That’s one thing that we really try to promote as part of our services is more self-service payments. So, making sure that the member experience or the client experience in the case of community banks – It’s great. It’s seamless. It’s easy. And that’s really what we want to do, is just make sure it’s going to be a great member experience or client experience. And then obviously make things a lot seamless and easier for the employees at the credit unions and the banks as well.
Q: Can you share the employee perspective because sometimes those folks get left out in the conversation because we’re so focused on benefiting the consumer or the member here.
A: So they have a very similar portal that they can utilize as well, much like the members and bank clients can use. But we want to make sure that’s easy. So if someone’s having a conversation like over the phone with a member, they’re trying to maybe handle a delinquency or something like that, a collections-type scenario.
We want to make sure that they can actually capture that payment over the phone or even maybe send the member or the client a payment link as well. So that’s embedded, very easy to use. We can do that via email or SMS text as well. But then we really focus on the reporting side of everything. So, everything is done in real time as it relates to reporting. We have a very good, robust, comprehensive dashboard as well. And then a lot of other different bells and whistles that come to the employees.
Q: I think the more opportune question went, what don’t you guys do?
A: We’re not into peer-to-peer or anything like that. We’re not doing the Zells of the world and things like that. It’s just being able to process payments for those members who have FI relationships elsewhere.
And just making sure that we give them every availability. So whether it’s card, ACH, any of the digital wallets as well. We even have a partnership with eCash. So for those members or bank clients that want to make a loan payment via cash, they can take their cash and a QR code to over 90,000 retail locations in the United States and be able to make that loan payment by basically handing cash to a cashier.
Q: What do you guys hope to achieve, or what are some goals here for you guys?
A: So my colleague Bruce Taylor and I have had some great conversations with Eltropy folks more on the product side just you know trying to engage and learn more about their services and solutions and how we can become a really good dedicated partner with them so we’ve had those conversations but again just kind of getting our foot in the door with Eltropy and looking to grow that partnership.
