The cloud-based technology enables financial institutions to fully rebrand Payfirma's platform and launch their own merchant services platform with their branding and marketing.
As payment technology rapidly evolves and consumers seek multiple ways to pay for goods and services, financial institutions have struggled to offer solutions to their business customers. Instead of referring customers to legacy payment processors, they are now partnering or collaborating with nimble financial technology startups like Payfirma.
Financial institutions, now recognizing that merchant services have become core to increasing customer deposits, are white labelling Payfirma's PayHQ technology and offering the latest in payment acceptance solutions to their customers. Additionally, financial institutions can use real-time payment data in PayHQ to offer loans or equipment financing, further deepening their relationship with their customers.
"Collaboration with banks and financial institutions has been pivotal to Payfirma's growth and product development," said Michael Gokturk, CEO of Payfirma. "By working with our bank partners, we are able to offer our solutions to more customers, banks are able to offer the best payment technology, and ultimately our mutual customer benefits by increasing their sales and lowering their costs."
PayHQ enables small- to medium-sized businesses to accept credit and debit cards from their customers on mobile devices, on their websites, and in-stores — all from a single account. The platform also bundles in commonly-used tools such as electronic invoicing, recurring/subscription payments, and credit card tokenization through its PCI-compliant technology.
"CWB's launch of PayHQ has been a great experience," said Keith Hughes, senior vice president of sales and marketing at Canadian Western Bank. "Payfirma's professional and knowledgeable team has enabled us to offer an innovative merchant services solution that is user-friendly and consistent with our brand. Their interactive training sessions were very well-received by our employees who are now prepared and excited to offer this service to our business clients."
In addition to the partnership with Canadian Western Bank, Payfirma has announced three new financial institution partnerships in 2017 and has been working with one of Canada's largest banks, CIBC, since 2014. With their white label payments platform, Payfirma will continue to collaborate with banks and financial institutions to bring innovative technology and a better end user experience to both merchants and consumers.
