A former head of fintech at JP Morgan has unveiled his new venture, called TodayPay, that lets merchants offer their customers instant refunds in multiple payment formats.
Brought out of stealth at Money 20/20, TodayPay bills itself as a Refunds as-a-Service provider targeting e-commerce merchants, marketplaces, logistics providers and insurance companies, that want to increase checkout conversion rates and grow loyalty driven sales, while avoiding expensive disputes and fraud.
The startup cites research by the Baymard Institute that shows average cart abandonment rates are 69% across the industry and disputes cost merchants and consumers $100 billion each year.
TodayPay is the brainchild of Jeremy Balkin, who previously served as managing director for JP Morgan, where he led fintech innovation and corporate development in the payments business.
“I built TodayPay because I’ve seen firsthand how the speed of a payment can change somebody’s life,” says Balkin. “There’s over a trillion dollars of value exchanged every year in the form of refunds, yet there’s been almost zero innovation improving the refund customer experience.”