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NewProducts

Drive value, profit from always-on

processing redundancy

• Improve efficiencies: Consolidate vendors and make
it easier to manage multiple processors.

• Implement failover: Connect clients to multiple pro-
cessors and enable them to switch to another proces-
sor in seconds.
ayNearMe, a fintech company focused on driv- • Maintain redundancy: Protect transactions and data
ing better payment experiences for businesses with always-on backup support that will not impact
and customers, created Smart Switch, a tech- a business's contract, settlement or reconciliation re-
P nology designed to provide processing redun- ports when merchants failover to a backup processor.
dancy within a single integration and contract. The solution
enables users to onboard clients to multiple merchant pro- • Drive profitability: Protect businesses by minimiz-
cessors and reroute transactions in the event of downtime ing the impact of a failed processor by employing
or other disruptions, stated Steve Kramer, vice president of redundant processing, ensuring higher acceptance
product at PayNearMe. rates and reducing the cost of failed payments.

Noting that modern payment providers incorporate redun- • Reduce customer friction: Provide an uninterrupted
dancy and disaster recovery into their platforms, Kramer customer experience and avoid expensive calls to
suggested that relying on a single merchant processor customer support centers when card payments are
could expose payment systems to disruptions and risk. declined due to outages.

• Increase customer choice: Increase customer choice
"We can't control when or how merchant processor failures across all points of interaction by offering Venmo,
or outages happen, but we can protect our clients from PayPal, Apple Pay, Google Pay and Cash App Pay in
losses when card processing disruptions inevitably occur," a single integration and contract.
Kramer said, noting that Smart Switch users can hit a but-
ton at time of need and instantly reroute transactions to an- "Our team is agile, listens to our clients and implements
other processor.
new features and client requests much faster than our
Redundancy for all merchants competitors," Kramer said. "As we continue to innovate,
PayNearMe is taking a data-centric approach to payments
Kramer additionally noted that redundant card processing by helping our clients unlock the potential of data to drive
has long been the standard for enterprise-scale merchants business decisions through dashboards and data shares."
but has been out of reach for most due to lack of complex
technical expertise and ongoing maintenance require- New recurring revenue streams
ments. Smart Switch solves for this by making redundancy Kramer pointed out that Smart Switch demonstrates
available to all merchants, including billers and iGaming PayNearMe's focus on being reliable partners and its on-
operators that require dedicated support and fast response going commitment to doing the right thing for clients and
times, he explained. customers. Building redundant systems no longer needs
to be costly or time-consuming, because PayNearMe will
"The current industry standard for payments platform pro- manage the entire process and make it available as a man-
viders that serve billers and iGaming operators is to connect aged service offering, he added. "Built-in card processing
clients to a single merchant processor, which leaves these redundancy for billers and iGaming operators is no longer
businesses helpless when that processor inevitably fails," optional," he said. "It's essential and any payments platform
Kramer said. "When a merchant processor goes down, the that chooses not to invest in or build merchant card proces-
businesses connected to that processor can't process card sor redundancy will quickly become irrelevant."
payments—even when their payments platform is up and
running."

In addition to protecting businesses from loss when Company: PayNearMe
processor failures inevitably occur, Smart Switch helps
future-proof a business's payment stack by preventing Product: Smart Switch
disruptions and helping merchants maintain a seam- Website: https://home.paynearme.com
less customer experience, he stated, citing further ben- Contact: https://home.paynearme.com/contact-us
efits as follows:

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