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CompanyProfile
ISO/MLS contact:
Andrew Bart
Chief Growth Officer
andrew@surchx.com
602-697-6223
Reducing the pain of processing fees
hat happens when a group of friendly Plug and play
entrepreneurs and technologists assemble
to solve a new problem? If serial entre- The SurchX proprietary technology platform integrates
W preneur Robert Maynard gets involved, it with a merchant's ecommerce platform via application
could easily result in a new venture. programming interface (API) code. According to the
firm's marketing materials, the merchant just needs to,
This was the case with SurchX, a Phoenix-based startup "download a plug-in and flip a switch to turn SurchX on
founded by Maynard in 2017. The company was created and start surcharging."
to build and market technology that enables merchants to
easily calculate and recover credit card processing fees by SurchX APIs already exist for many of the standard
passing a percentage of them to the consumer. ecommerce shopping cart applications; a merchant can
also request a custom API be built. The company reported
"Surcharging is a viable defense for merchants looking it offers "virtually any online merchant with a seamlessly
to reduce their credit card processing fees or improve integrated, safe, secure, and fully compliant turnkey
their net margins," Maynard said. "It's legal in all but six credit card surcharge solution."
states, has no upfront costs for the merchant, and doesn't
sacrifice consumer choice or convenience." The company also stated, "In most cases, the SurchX plug-
in requires zero upfront cost and zero risk to the merchant
A worthy disruptor [and when the integration is live] the SurchX technology
identifies card type and associated fees and adds it to the
Maynard and his expert team had already created two customer's invoice in a matter of seconds."
public companies worth over $6 billion by the time
he established SurchX. The technologies developed to Additionally, Maynard indicated SurchX was built as a
support those ventures were varied, including an in- platform-agnostic solution for ecommerce surcharging.
network Internet filtering system, a large identity theft He also noted that the launch strategy included studying
prevention platform and one of the largest Internet the market and strategically partnering "with all the
Service Providers in the United States, he noted. biggest players who have decided to use SurchX rather
than build their own solutions, which would take two
According to a SurchX representative, when the years and be very expensive." First Data, TSYS, Authorize.
surcharge idea sparked in his mind during a meeting, net, Stripe and Magento are among SurchX's partners, a
Maynard "immediately saw the possibilities for a huge company representative noted.
business that would disrupt an existing industry, create
some social good in the ecommerce realm, and help both Grow and scale
merchants and consumers."
SurchX has had to defend against erroneous perceptions
Maynard made sure he was on solid legal ground in the market regarding surcharge legalities as well
technology-wise and then tasked his development team as speculation regarding whether surcharging could
with building the SurchX platform. The company spent negatively impact a merchant's sales. The company has
the first two and a half years ensuring the technology addressed these and other claims using data from real-
was up to code and launched the product publicly in early world case studies that indicate consumers "want to use
2019. credit cards – especially rewards cards – to buy things
online, and SurchX preserves that opportunity."
"2019 is the year we established ourselves in the
marketplace," Maynard said. "The technology works, the As a result, Maynard's view of the future is tremendously
distribution channels are in place and we are beginning optimistic. "2020 will be a year of growth, and I project
to see revenue." Maynard also predicted the company $15 million in revenue," he said. "2021 will be a year of
will "end the year at about $1,000,000 in revenue." scale, and we project about $100,000,000 in revenue."
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