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Also, it's no secret that banks have the power to shut a fundamentally de-risk the payment process that banks
client off in a split second—or prevent them from issuing face with perceived "high risk" clients.
payments at all—as I've seen happen many times over the
years. For example, just recently I know of a company in After removing risk from the transaction scenario for
the broker space that was processing hundreds of millions these companies, they can then enjoy lower merchant
of dollars per year through their bank. processing fees, saving businesses money and improving
their cash flow.
However, this company's former bank recently shut them
off from issuing virtual cards because this broker was Bob Kaufman is the founder and CEO of ConnexPay. He started
functioning as a payments intermediary and not fulfilling ConnexPay with a passion to remove pain and friction, and a clear
the product or service directly. It pains me to see companies
like this being treated so harshly by their banks. purpose to improve the customer experience of paying and getting paid.
His strategic foresight and visionary leadership have built ConnexPay
How can businesses protect themselves? into a company that now serves a multitude of businesses spanning sev-
eral industries globally. Prior to founding ConnexPay in 2017, Bob spent
Businesses working in perceived high-risk sectors by nearly 20 years at U.S. Bank, where his tenure included serving as CFO of
banks have to walk the line between accepting that they the Payments Services division as well as senior vice president, leading
will always pay more than other merchants and doing innovation projects across the bank's payments division. In addition, he
what they can to ensure that they don't incur any further served as the general manager of U.S. Bank's Virtual Pay division, where
penalties. They need to show their banks and card schemes he led product, marketing, and supplier enablement for all virtual pay-
that they can be trusted and are not truly high risk.
ment solutions, as well as a sales team focused on virtual payments.
How can companies solve these problems? By using a pay- ConnexPay is the first and only company to bring together the two sides
ments solution that handles both incoming and outgoing of the payment process — payments acceptance and virtual payments
transactions, plus a fraud prevention solution for further issuing — into a single platform with one contract and one reconcilia-
protection—all inside a single platform—businesses can tion. Learn more at www.connexpay.com, and follow us on LinkedIn at
www.linkedin.com/company/connexpay/.

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