Prepaid Ventures: Transforming the Fintech Industry Through Addressing the Customers’ Requirements

Since the introduction of cloud technology, several industries across the globe have acknowledged benefits of using cloud based computing in day-to-day business operations. It allows companies to be highly efficient, cost-effective, along with numerous other advantages that contribute to a company’s growth. However, the acceptance of cloud technology is scattered. Only a few industries were quick to embrace the technology, while others were skeptical about the adoption. Amongst such industries, fintech is still in the early stages of cloud implementation gradually growing at a steady pace. With years passing by, several new fintech platforms have emerged to leverage cloud technology. This has helped in offering innovative cloud-based payment processing services, which are beneficial to businesses and users.

Founded in 2007, Prepaid Ventures is one of the early users of cloud technology in the fintech industry. This allowed the company to create a revolution in the fintech market. Currently, Prepaid Ventures is one of the leading cloud-based payment processing, program management, and prepaid debit card solution providers. It is said that the journey of a company is born with the idea to solve a problem in society. Andrew Siden, CEO, who founded Prepaid Ventures 13 years ago, had various personal experiences which led him to become an entrepreneur. He has been a major driving force in the success of Prepaid Ventures.

Acknowledging the Needs

As an industry leader, it is important to have vast experience which eventually helps the company’s long term growth. With over 30 years of financial services and electronic payment processing experience, Andrew’s leadership has been crucial which allows Prepaid Ventures to expand its services to various clients. The veteran leader started his career at Smith Barney in 1991, where he worked as a Guided Portfolio Manager and ultimately became an Equity Trader with Knight Capital Group. He left Wall Street in 2003 to pursue the rapidly evolving Alternative Financial Services (AFS) market, where he joined a leading New York-based check-cashing business. While there, Andrew put in motion new organizational strategies, leveraged technology, improved compliance and operational procedures. At the same time, he was gaining a broad understanding of the AFS landscape and ultimately launching Prepaid Ventures and developing its initial product, NexsCard.

In the earlier years of Prepaid Ventures, Andrew understood the changes that the payment and card industry were undergoing. He observed that companies like eBay were hitting the mainstream, and people who relied solely on cash could not participate in the online economy. Prepaid cards were not widely available at that time, nor was it common in the industry. To address this, Andrew figured out a way to customize a prepaid card for check cashing stores and their customers. This motivated him to start Prepaid Ventures. He raised capital and NexsCard was formed. Through tenacious effort, research, and a few false starts, Andrew persevered and designed a product to meet the needs of customers and bridged a gap in the check-cashing industry.

The launch of NexsCard

Andrew’s notion of offering this to a select group of NY check cashing stores quickly grew to a national program. It was with this demand that the seasoned leader started a core team that pushed the product to a large distribution network of retail locations. He states, “The most challenging years were the first two, even though there was tremendous growth.” Andrew still felt that the product needed to be refined. He recruited more technical staff, and PPV was able to build upon an already great product known as NexsCard

In 2009, after two years of developing and fine-tuning his model, Andrew launched NexsCard, a prepaid debit card in the market. NexsCard allowed checking cash customers to load cash onto a network-branded prepaid card at their local check cashier, or obtain direct deposits, and to use the card anywhere with Visa brands approved (Prepaid Ventures exclusively partners with Visa to provide its prepaid card solutions). In addition to the cardholder advantages, NexsCard agent check cashiers have been able to maintain their check cashing income, retain the customers who would otherwise have lost direct deposit, and increase their revenue sources by providing NexsCard. Throughout the establishment of this PPV, Andrew brought in resources such as Customer Support and Technology in-house to empower the Prepaid Ventures platform.

Customizable Financial Products

As a leader in the fintech industry, Prepaid Ventures utilizes its in-house technology to launch other products for itself and third parties. The company offers payroll cards, corporate prepaid cards, general-purpose reloadable cards, and a remote deposit capture of checks. It empowers clients with its disbursement services and flexible payment management software with bank-level security, focused on replacing manual paper-based processes with electronic payment and documentation.

For businesses looking to enter the electronic payments space, Prepaid Ventures provides a wide range of customizable financial product functionality that includes multiple wallets, online bill pay, direct deposit, mobile apps, websites, IVR’s and more. The solutions operate as a platform that enables companies to grow their customer base and benefit from new technological trends. Leveraging a consultative approach involves understanding a client’s needs and those of their customer base. This is because the goal is to ultimately become a partner to the client rather than be limited to a transactional relationship. Prepaid Ventures does not rely on a one-size-fits-all approach, as each client has a unique vision.

By collaborating with several different supply chain providers PPV is able to seamlessly and vertically integrate solutions in a competitive industry. To add to its full suite of processing, payments, and program management services, Prepaid Ventures uses a customized consultative client approach, coupled with the agile methodology to develop a platform and new solutions for itself, partners, and customers.

Commitment to Service Excellence

Prepaid Ventures has successfully managed to maintain a highly valued relationship with their customers. This symbiotic relationship with its wide customer base affords PPV an opportunity to maintain growth as a result. “Customers are essential to our business. While some companies tend to outsource their contact centers, we recognized that maintaining an in-house call center is the key to our success,” states Andrew. Prepaid Ventures, being customer obsessed, knows having several avenues to hear customer feedback is the cornerstone of their commitment to service excellence. The company follows the utmost professional approach with its customers. It has bilingual representatives which assist the customers 7 days a week.

These representatives are friendly, dedicated, and customer-focused ensuring an enjoyable experience. The company also offers numerous self-service options available 24 hours a day. To enhance the customer experience more, it constantly updates and improves its interactive voice response system to maintain top quality and useful interactions at any time. With every call, it has multiple layers of security that guarantee the privacy of its cardholders, and its award-winning customer service department has been recognized by national and local media.

Being professional and polite are no longer the gold standard to meet customer demand. PPV recognizes that their employees are also their customers and as such training is at the forefront of every customer interaction. Empowering representatives to share their opinions affords them the opportunity to quickly adapt to an ever-growing clientele. By giving their employees the tools and resources necessary to meet these needs, it has improved loyalty by delivering products and services that are hassle free. Prepaid Ventures believes that customers remain loyal for going above and beyond but exceeding their expectations is what keeps them coming back.

Addressing Security Concerns

With the increase of online transactions, customers have raised their concerns over security. Prepaid Ventures recognizes this demand, and therefore, it implements any regulatory changes swiftly, monitors its systems, and relies on stringent risk management approaches to ensure consumer protection. The company employs security tools on a product, program, and portfolio level. Moreover, it undergoes an annual PCI audit and has achieved Level 1 PCI, the industry’s highest standard.

Being at the forefront of payment technology, Prepaid Ventures has immediately recognized the recent influx of fraud. The company quickly adapted by implementing the highest level of smart security and enhanced fraud protection by adding the global standard of EMV technology to all of its card products. In 2020, the company added an extra layer of security and control by implementing a dynamic fraud rules engine which allows staying a step ahead of these bad actors.

Meeting Future Needs

Prepaid Ventures has actively transformed the fintech industry. 2021 has brought the launch of additional products such as a payroll card and a companion card. They will continue to build upon its existing suite of offerings with Avid Prepaid, NexsCard For Business and their remote deposit capture feature, mobile teller.

Looking for new and creative ways to grow Prepaid Ventures plans to revolutionize the payment sector through offering more cloud-based processing and adding more dynamic functionality for its clients. Today, clients want more options available to them and PPV will be there to meet their needs.

As consumers continue to shift from cash to a more digital method of payment, Prepaid Ventures believes that it is important to meet this demand through offering products such as mobile wallets and program management as a service. This foresight has been the foundation for much of its growth strategy for the past decade and will continue to be into the future. Andrew concludes, “We feel that offering them products such as free mobile apps and real-time balance alerts gives them more control over their daily lives which in turn helps reduce their anxiety in uncertain times.”