In the Press
Today’s business world is one of rampant change. While technology is driving much of this disruption, evolving customer expectations are dramatically altering the face of the financial services, payments and fintech industries. As we move through the second half of 2018 and into 2019, B2B e-commerce expert Brandon Spear, president of MSTS, a global B2B payment and credit solutions provider, shares with PaymentsJournal readers several insights and perspectives he believes will impact fintech in the near future.
MSTS, a global B2B payment and credit solutions provider, today announced that its innovative Credit as a Service solution is now available to mid-market and small businesses. The original enterprise product, with a record of accelerating sales growth for companies by as much as 500 percent, has been optimized to meet the needs of businesses with simpler payment and credit processes.
"It’s unusual for a 40-year-old business to have successfully navigated the multitude of technological shifts and survive," MSTS CEO Brandon Spear said. When the company launched in 1978, the internet didn’t exist, and neither did personal computers. It began as a fuel card provider for fleet owners, helping them shift away from cash and find a more efficient system for tracking fuel use among drivers. At the time, it was a novel offering. MSTS also developed the first live electronic authorization of a credit card from a truck stop.
Accordingly, some payments providers are finding success by focusing on one or two international markets for e-commerce, while others are targeting more niche markets around the globe. dLocal, for example, focuses on emerging markets. The company, whose biggest market is Brazil, is continually broadening its global reach. In mid-August, dLocal announced the expansion of its payments platform to the Middle East and North Africa, starting with Egypt and Morocco.
Dan Zimmerman serves MSTS, a global B2B payment and credit solutions provider, as chief information officer. He is responsible for strategy, innovation, and engineering for the company’s software product lines. Zimmerman has over 20 years of experience leading technology, product, and software engineering teams concentrated in the card and payment processing industry including senior roles at TSYS, Western Union and vice president of technology at Nordstrom Bank. Over his career, Zimmerman has led the launch of multiple SaaS applications, led three successful agile transformations, and won two CIO 100 awards.
Today's B2B customer is a digitally-savvy omnichannel connoisseur with high expectations of a B2C-like buying experience that still meets their more complex B2B needs. What this means is that the traditional B2B sales cycle is changing - from one based on time-consuming in-person interactions with sales reps to a streamlined, convenient process with a consumer-grade customer experience that stretches across both offline and online channels.
Multi-Service Technology Solutions (MSTS) was founded in 1978 by a former trucking company owner who wanted to automate payments for trucking services. It used its expertise in business payments along with other technical ideas to devise a unique turnkey way to provide credit as a service to the B2B community. Over the years, the platform expanded into more technologies, assets, and verticals.
Most businesses have a natural aversion to risk, experience resource constraints and often a need to cater to customers who use disparate merchant networks. This poses a tremendous challenge to scalability. As demand shifts towards adopting seamless, frictionless digital payments, the need to differentiate using a consumer-like, ubiquitous customer experience becomes paramount.
In today’s digital economy, most people think that sending money across borders is a seamless process.
While it’s true that most front-end user experiences now offer a more frictionless environment for both consumers and businesses, the behind-the-scenes processes that allow for money to move from payor to payee still rely on an incredibly archaic system.