Payments during the pandemic

Payment Facilitation, Payments

Payments during the pandemic

The majority of our clients service small business owners who have weathered the brunt of the economic downturn caused by COVID-19. As a fintech infrastructure company, we operate as a hidden layer of technology that helps our customers do more for their merchants via payments and financial services. We’re proud of the many ways Finix customers have rallied their organizations together to develop helpful solutions and programs to support businesses and consumers amidst coronavirus.

Clubessential keeps member communities connected

Clubessential is a SaaS platform that serves over 1300 member clubs and 2 million members across the globe. Providing the tools to facilitate exceptional member experiences (in person) is the bread and butter of their business. Naturally, when COVID struck, a vast majority of their member clubs were put in danger as stay-home orders took effect in the United States.

CEO, Randy Eckles says, “On the business front, we had early indicators of what was happening for our customers. As SaaS providers, we could see trends in activities as things like participation and registrations for events dropping off. We could see the payments activity ebb and flow as end-customers were making hard decisions about whether they would go into clubs.”

As soon as it became clear that COVID would create long-term changes to the ways customers interact with member clubs, the Clubessential team mobilized to decide how they could support their customers. The first goal was to provide technical support for many member platforms to access broadcast video services to extend classes and workshops outside of in-person studios. Many of Clubessential’s customers service franchises -- independent business owners who saw their revenue virtually disappear overnight. The Clubessential team responded by enabling a program to help these small businesses access Paycheck Protection Program (PPP) loans. Since COVID began, the team at Clubessential has helped more than 100 franchises get access to financing.

Randy continues, “None of this would have happened without the focus of the business looking at customers and their overall financing requirements -- we were able to be fast and responsive. Our access to the levers related to payments (as a payment facilitator), being able to deal with information, control experiences, and turn on and turn off as needed kept us above the fray.” As some states have relaxed stay-at-home orders, Clubessential has also launched a helpful resource page to guide member clubs on best practices to ensure safety while delivering quality member experience.

Fattmerchant helps customers do more

When it came to helping merchants weather the economic storm brought on by COVID-19, Fattmerchant decided to do what they know best: offer their award-winning and cost-effective payments service to even more merchants through a series of partnerships with software companies such as SaaSOptics, HindSite, and Finix (that’s us!). These partnerships and their recent Omni Connect offering allow Fattmerchant to service small businesses with a single integration, managed risk tools, and seamless merchant onboarding. In a COVID world, software platforms in every vertical have been searching for creative ways to offset losses and maximize revenue on their remaining and reduced payments volume. Fattmerchant found that extending their reach through partnerships proved to be a great way to grow their business while helping platforms and merchants stay afloat.

Fattmerchant has also ventured outside of payments to support small businesses. In April, Fattmerchant partnered with Womply to offer Paycheck Protection Program (PPP) loan facilitation to ensure their merchants were provided with the most effective application process. Additionally, they partnered with GiftUp to provide a gift card program for small businesses, to keep cash flow going to merchants that were forced to shut their doors due to shelter in place orders. Finally, following the trend of low and no-touch commerce experiences, they recently launched a suite of contactless payment solutions.

Kabbage provisions PPP support for SMBs

Automated lending platform Kabbage provides financial support tools to simplify the day-to-day cash flow concerns small business experience. From products that help small businesses more efficiently accept payments to providing access to flexible lines of credit, with Kabbage, business owners can focus on doing what they do best.

Small businesses have been the hardest hit by the economic impacts of COVID. All across the United States, small business owners have had to make tough choices regarding staff, unemployment, and remaining open. From the start of COVID, Kabbage pivoted its business almost entirely to aid in the application process for Paycheck Protection Program (PPP) loans. Many of the stories that dominated news cycles acknowledged just how difficult accessing the federal loans have been for many business owners, with many failing to receive funding. But throughout the COVID crisis, Kabbage has helped more than 200k small businesses maintain more than 700k jobs.

By helping small businesses get access to federal loans, Kabbge built trust with an entirely new subset of prospects and acquired valuable potential-customer data. Information like business size, length of operation, industry, and financials from the small businesses they supported gives Kabbage a unique market position to better serve these same small businesses in need with payments and checking products when they’re ready for service upgrades.

Through Kabbage Payments, any business can sign up to sell gift certificates online, and anyone can purchase them to support participating small businesses. Kabbage’s innovative small business gift certificate offering has had a positive two-fold outcome for their business. First, it allows any business patron to support their favorite store by purchasing gift certificates now that they can redeem at a later date. Second, through this program, Kabbage has signed up more than 10k merchants who now can process payments with Kabbage in the future.

One sign of a sound business is resilience. While every business will undoubtedly face trying circumstances along the journey of success, massive global and economic shifts, like the nature of the ones COVID has caused, can cripple the staying power of even some of the most well-thought-out and planned organizations. Payments can transform what’s possible for businesses of every shape and size. No matter your customer base, embedded payments allow companies to create the kinds of product experiences that support growth and delight customers. We are passionate about giving our customers the payments tools and infrastructure to innovate thoughtfully, pivot rapidly in the face of changing conditions, and prepare for the future their customers deserve and desire.