Page 31 - GS170202

CompanyProfile

ISO/MLS contact:
Orlando Alvarez
President and CEO
305-869-9018
orlando@prospay.net
www.prospay.net

A working partner committed to your success

rlando Alvarez, President and Chief Executive wireless payments, check acceptance, and ATM cash.
Officer of Prospay Inc., believes offering inno- Prospay said it maintains one of the highest merchant
vative technology solutions is key to acquir- approval rates in the industry and generally approves
O ing new merchants in today's payments merchant accounts within two days or less.
industry, where landing new accounts is an increasingly
formidable challenge. Prospay stated it also provides e-commerce solutions to
merchants, getting them boarded quickly with virtual
"A lot of ISOs are no longer here because they didn't adapt terminals through its Prospay Connect solution and
to changes in technology," he said. "If you aren't using application programming interface. "The key is how
technology to acquire merchants, you aren't going to be fast we can get a merchant up and running, not only
in the game, because everyone is tired of being told, 'Hey, approved," Alvarez said.
let me lower your rates!' It doesn't work anymore because
rates are so low. Where am I going to take you? From 15 He also pointed out that no third party is involved in
basis points to 10? There's no value there." gateway setup. "We set up our own gateways ourselves," he
said. "We have technical support that sends the merchant
Helping the underserved their email address, their user name, their password right
One of the ways Prospay provides value is by offering away. We then do a follow up call asking merchants if they
merchant cash advance (MCA) services to unbanked need any help logging in to their gateway. We go through
Hispanic merchants through its Avanzame Dinero a little training with them on the virtual terminal side if
brand. Alvarez said unbanked merchants don't typically they are using the virtual terminal."
qualify for bank loans due to lower FICO scores; however, Putting agents first
excellent revenue streams can offset the underwriting
risk these merchants present. One of Prospay's primary goals is to be an exceptionally
agent-friendly company. "We try to have that bond
Prospay began offering MCA to this market after Alvarez with our agents, that trust, and we have an open-book
noticed the growing demographic was not a priority policy," he said. "If they ever want to audit us, they can
for most domestic payment providers. "The Hispanic do so at any time; we have no problem with doing that. I
market in the United States is huge, and nobody was think that is one of the key things that has made us very
addressing that vertical," Alvarez said. He added that successful. Not only do we pay on time, but we help our
many Hispanics do not speak English, so the road to agents create more verticals and, obviously, if agents are
becoming an ISO is typically closed to them because making money, we are making money. You have to help
nobody has been catering to their needs. "Our Hispanic them be successful."
model for our agents is incredible because our portal is in
Spanish," he said. "When they call here, our applications In addition, Prospay has ambitious plans. "Our future is
are in Spanish, and all our agents speak Spanish." in innovation and staying in the forefront of technology
by offering POS systems, online ordering, mobile apps,
End-to-end focus on customers cash advances and e-commerce solutions that people

Founded in 2006, Prospay derived its name by shortening need," Alvarez said. "These are the key factors for an ISO
and combining the words "processing" and "payments." to be successful. If you are not pushing those products,
The company provides a full line of payment processing then it is going to be very tough. We are in the business
solutions for credit and debit cards, contactless and of processing, and I have to give you the technology. …
That's the bottom line."

31