Intelligent Payment Networks – A Babson Hatchery Business
Receiving payments is crucial part of business. A majority of customers pay merchants with credit cards. In order to receive payments, businesses need to open merchant accounts in order to accept, process, and manage their credit card payment system. Max Miller ’16 and Eveline Dang ’14 from Intelligent Payment Networks (IPN) shared the story on their business during a Butler Venture Accelerator peer to peer session. Intelligent Payment Networks is the forefront of technology in payment processing industry and one of Babson’s undergraduate hatchery businesses.
Businesses suffer from fees that processor charge. Major players in the industry charge “junk” processing fees, according to Miller. The fees consist of two parts: base fees and markup fees. Base fees are non-negotiable and consistent regardless of which provider you choose. Markup fees, however, reflect how your current processor is planning to make a profit from your business. Some processors make it as difficult as possible to know how much markup you are paying by using bewildering terms and packages. IPN minimizes markup fees through 1) conducting comprehensive and complimentary analysis of existing merchant statements, 2) creating a saving proposal and payment processing strategy that are customized to each unique business, 3) assisting with an invisible installation process, and 4) support businesses with any forthcoming issues. IPN differentiates itself from other competitors by charging significantly lower fees and prioritizing customer in selecting payment processor.
IPN provides other services to clients in addition to payment processing service. Digital wallet is technology that people quickly embraces. In order to accommodate customer’s convenience, IPN provides digital wallet acceptance service to their clients. Also, IPN offers a full range of POS terminals, peripherals, and supplies designed to accept a variety of payment types quickly and safely at affordable prices. IPN’s POS terminal processes all major credit cards, PIN, signature and Electronic Benefits Transfer (EBT) debit cards, paper and electronic checks, gift and loyalty cards. Moreover, IPN offers a full range of merchant services to merchants across industries and sectors.
IPN has been operating about a year and currently focuses on the United States with plans to expand overseas. One of IPN’s successes is that they have been able to solve clients’ problem that the market’s high cost package could not be able to offer. As an entrepreneur, it is important to think about a solution that no other can provide. Once you succeed in providing a unique solution, customers will be loyal to your venture.