Global Fintech Series Interview with Frank Pagano, Executive Sales Director at VizyPay

Frank Pagano, Executive Sales Director at VizyPay chats about the evolving digital payments landscape and how AI is set to change the way global businesses will initiate payment models in the future:

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Hi Frank, tell us about yourself and your role at VizyPay 

Frank Pagano, Managing Partner at VizyPay. I am a veteran small business owner and currently serve as the Managing Partner of VizyPay, overseeing all departments and bringing in new sales. 

What are some of the latest enhancements in VizyPay’s platform that you’d like to highlight more about? 

VizyPay is constantly innovating its platform and its workplace. Some of its latest enhancements are adding a Dual Pricing option to our True Cash Discount App. We’ve also strengthened our partnership with Clover, by making them our main POS partner and purchasing almost a million dollars worth of hardware to ensure small businesses get the necessary solutions. This permitted us to add a subscription model allowing merchants to pay a set price for a device, plan and perks. The perks include a three-year warranty, dedicated support, a free mobile device, overnighted replacements and a quarterly case paper. We also have a purchase and payment plan option too.  

Internally, we also created a Priority One department, which supports our top agents who have met the monthly volume criteria. We also established a business development department that supports our current merchants and their needs. 

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When it comes to digital payment processing today, what are some of the fintech trends and innovations defining this space? 

Innovation that has typically gone horizontal, is now going vertical and much deeper. More complex problems are being solved with POS equipment (and smart terminals) and payments are innovating as well with the journey. Fintech hardware is helping to transform the industry.

The hardware is becoming capable of vertical integration, the industry is creating smaller, nimble devices for mobile and pay-at-the-table solutions, full-service kiosks have been developed, and an array of apps through the app markets can be tailored to fit just about any industry. 

What fintech innovations are still needed to drive rural payments for the digital payment market in your view? 

There is still a very large gap for innovation in rural markets. Legacy payment processor companies pay little attention to the needs of small businesses, especially those located outside major metro areas. This requires small businesses to use expensive and complex software that many mom-and-pop shops cannot afford.

To innovate this market, smart terminals and POS options with simple functionality will help SMBs thrive. It goes beyond just payments but also creates simpler, transparent technology that can help merchants with reporting, clocking in and more. 

Can you talk about some of the impacts AI has been having on the global payments market today? 

From an ISO perspective, AI tools that take a look at account patterns, history and what customers fit from the profile are improving the landscape, scalability and ease in the payments market. For example, Arcum helps merchants manage their portfolios from anywhere and provides key insights to empower these clients. AI tools are taking the manual work out and providing more accuracy. 

If you had to share five thoughts on the future of fintech and digital payments before we wrap up, what would they be? 

1. AI is the future. It will not replace people, but will help streamline processes, help make better decisions and provide a better experience. We will be able to do more with less. 
2. More vertical integration with offerings. Hardware and software companies are getting smarter and introducing offerings that are not just payments or software, like embedded payments, are being welcomed in the fintech landscape. 
3. Merchants need more program options – companies that offer dual pricing or cash discount programs allow merchants ease and transparency in accepting payments. 
4. Sales will remain – nothing will ever replace the relationship of a salesman. There is proof that you do not have to have an agent to close a deal, but when problems arise, people want a local representative, especially in the rural markets. Not just with agents, but also with a company with great customer service that will fix an urgent problem. 
5. Digital payments are continuing to grow, as theme parks, stadiums, etc. are going cashless. With this evolution, there needs to be more access to small and rural markets. With mobile banking, digital wallets and more, rural areas need innovation and support from the fintech industry to allow them to catch up.

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