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Nick Murosky, vice president at SkyRocket Group,
The very point of salery point of sale agreed that name changes are not always necessary
The ve
when companies rebrand. "A complete rework of brand
strategy and messaging to target prospects goes a long
way, informing all content for the brand moving forward,"
he said. "Also, visually rebranding without changing
the company name can capture attention and/or better
communicate the benefits of the brand."

Smith mentioned Secure Bancard recently refreshed its
image but kept its name to demonstrate its consistent focus.
What's in a name? Admitting the name wasn't very flashy or original, Smith
decided to keep it anyway and change the company's colors
By Dale S. Laszig and logo instead. "We changed the face of the company
without changing the core values," she said. "The goal of
DSL Direct LLC our rebrand was to articulate our core values more clearly
to our target audience, and I believe we accomplished that."
hat's in a name and why are so many orga-
nizations changing theirs? On Oct. 7, 2021, However, Smith noted that name changes are sometimes
The Emerging Payments Association became necessary, especially if the name has a negative connotation,
W The Payments Association. The new name is difficult to remember or could be easily confused with
reflects the organization's growth, inclusivity and evolu- another company's name. And when acquisitions attempt
tion, according to Tony Craddock, founder and director to integrate two companies, it makes sense for both entities
general at The Payments Association. to operate using the acquirer's name, she stated. And
for companies still on the fence about changing a name,
"With the industry's rapid expansion, the Emerging she recommends testing the new name on Google to see
Payments Association became a community where we if existing and prospective clients can easily find the
found our individual talents shining brighter when we company when searching online.
worked together," Craddock said, "Now, our purpose is to
empower what has become the most influential community When to fold
in payments, where connections, collaboration, and Matt Nern, managing partner at SignaPay, pointed out that
learning shape an industry that works for all." brand extensions can be a safer bet than a complete name
change. This approach paid dividends for SignaPay when
Craddock, a payments industry veteran and public speaker, the company launched its PayLo brand in 2016. At the
launched the UK-based EPA in 2012 and went on to lead time, cash discounting was a relatively new concept in the
EPA communities in Asia, the European Union, Africa payments industry, he recalled. So, instead of replacing the
and the United States. In each location, researchers and longstanding SignaPay name and all the brand equity that
working groups are helping fulfill his vision of creating a went along with it, the company let its flagship product
global network of interconnected capabilities, people and stand on its own.
knowledge, Craddock stated.
"Our industry was boring us at the time," Nern said. "We
Current areas of interest at the industry association include move money and there simply was no sizzle to that. So, we
regulatory issues, financial crime, financial inclusion, created a product with its own catchy, eye-appealing brand
international trade and open banking, Craddock noted. and aggressively marketed PayLo nationwide."
"It has become increasingly clear that we had outgrown
our original name, and we needed one that would reflect Designed to be simple for partners, PayLo had a simple
where we see ourselves now and into the future, and so our two-page application specifically for PayLo, and not its
journey continues as The Payments Association," he said. parent company, SignaPay. Simplicity and white labeling,
When to hold which allowed partners to sell PayLo under their own
brands, helped the solution scale, Nern stated. At the onset,
Elaina Smith, CFO at Secure Bancard, suggested that brand SignaPay knew PayLo would be a marathon, not a sprint,
messaging is more important than a company's name. "You and had never planned to take shortcuts; soon, PayLo
can change a name, but if you're not communicating using became a rising star within the SignaPay family of brands,
consistent, meaningful messaging that resonates with your he added.
target audience, the name is meaningless," she said. "For
example, the name, 'Apple,' tells us nothing about how "We are very proud of the numerous satellite offices
the company makes our lives easier with technology; it's throughout the Midwest and East Coast that are carrying
the consistent messaging that does the job so well for this the SignaPay brand, and we will continue to make further
brand." investments to continue this growth throughout the United

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