Originally developed for travel companies, ConnexPay broadens reach to other industries
ConnexPay, an industry-leading payments provider that seamlessly connects acceptance and issuance for commerce intermediaries, has reached its 5th year in business. The company has achieved exponential growth, more than doubling each year on a compound basis. The company’s success is evident in its continued growth; in the first four months of 2022, ConnexPay has already achieved more revenue than it earned in all of 2021.
“We started this company to make a difference in the payments industry, and we’ve been very successful,” said Bob Kaufman, Founder and CEO. “I’m thankful for each one of our employees and clients who have helped us achieve this milestone.”
ConnexPay began as an idea in Kaufman’s mind when he worked as a senior executive at a top national bank. Kaufman witnessed firsthand the disconnected payments process that travel companies experience as they sit between two transactions — the incoming traveler payment and the outgoing supplier payment.
“Seeing travel companies get squeezed on already thin margins showed me that there had to be a way to serve this market,” said Kaufman. “That’s why I felt inspired to start ConnexPay — the first company to fully integrate merchant processing with outgoing supplier payments, which allows us to take more risk out of the payments process, give more control, and provide fairer rates back to travel companies.”
In this innovative model, ConnexPay has visibility into the entire payments process because the company facilitates both the acquiring and issuing transactions. In addition, this solution allows clients real-time access to incoming funds that can immediately be used to pay suppliers.
Since its inception in 2017, ConnexPay has grown from a purpose-built solution dedicated to the travel industry to expanding its service to other verticals, including marketplaces and ecommerce intermediaries, online media and advertising agencies, loyalty and rewards companies, delivery services, and more.
In March 2022, ConnexPay announced its entry into Canada, with the company’s European launch slated for the second half of 2022.
ConnexPay is the first and only company to bring together the two sides of the payment process — payments acceptance and virtual payments issuing — into a single platform with one contract and one reconciliation. The flexibility of this technology allows clients to adopt the full end-to-end acquiring and issuing solution or leverage ConnexPay’s innovative intelligent routing issuing-only platform.
The company’s technology simplifies an antiquated workflow, eliminates the need for pre-funded accounts, reduces supplier risk and the cost of accepting card payments while safeguarding consumer spend.