Paynear Solutions is a transactions processing company, which builds solutions for payment processing, customer and store management, and enabling merchants to offer lots of value added services to their customers, which in turn increases their revenue. They believe that accepting payments should not be complicated, requiring high cost infrastructure. Through a wide range of innovative & reliable payment solutions, Paynear provides a secure & streamlined customer experience irrespective of the channel.
Paynear offers Paynear ONE – India’s first ever Omni Channel transaction solution. It’s a simple and easy to use smartphone/tablet app that can be downloaded from Google Play Store and Apple App Store. Paynear ONE enables business owners to accept payments from their customers, earn extra income through value added services, and manage their businesses from anywhere using inbuilt tools. Using Paynear ONE, business owners can accept all types of payments (credit card, debit card, net banking, wallet, cash card & EMI) instore, online and at customer’s place. Paynear is the first company to provide 50+ payment options to an offline merchant along with EMI options through their smartphone application.
Mr. Prabhu Ram, Co-Founder, MD & Chief Strategy Officer of Paynear Solutions is the driving force & mentor for Paynear Group of Companies. Prabhu has over 15 years of entrepreneurial experience and today he leads & heads the overall growth of Paynear. His vision and passion have accelerated Paynear to be one of the fastest growing companies in payment space.
Prior to Paynear, Prabhu has ventured into software & e-Commerce companies and the last venture he co-founded was one of the biggest success stories in the payment space, EBS (E-Billing Solutions) where he was in the capacity of Executive Director & CEO. Under his leadership, EBS became the second largest payment processor in India and was acquired by Ingenico, a French conglomerate.
Prabhu is a commerce graduate with in depth knowledge of Payment Processing, Business and Product Development. As a visionary, evangelist and leader, Prabhu has been an inspiration and mentor for many start-ups.
Other co-founding team members include: Ms. Priti Shah (CEO), Mitesh Majithia (Director), Anil Bharadwaj (CCO), Krishna Kishore (COO), Ravi Kiran (CTO), Maulik Shah (Executive Director).
Greatest Hurdles Crossed
Team Paynear knows the in and out of payment industry, as they have 15+ years of in depth payment industry experience. The myth in this industry is that if you are a start-up, you need to be heavily funded and only then you can scale up. They have built an exceptional product that can be used by any business owner to increase their sales and grow their business. When asked about the challenges and obstacles they encountered in their journey, team Paynear said that convincing the merchants to pay where the existing competitors are offering their products for free was the toughest. They have been constantly doing it from the past one year and when compared, their product offering is much better than the competitors.
Team Turns All Gold
The payments industry is a highly regulated industry. Unless and until the team has a very clear understanding of the compliances & regulations, surviving there is very tough. Team Paynear believes that those are the overall attributes which differentiate them from others and lead them to success.
Payment industry in India is just opening up and with the Digital India initiative and Jan Dhan Yojana, team Paynear is expecting a minimum of 10x acceleration in terms of transaction volume, merchants in the coming years.
Predominantly, Paynear would like to position themselves as an Omni Channel processing company by providing what all it takes to give the fullest to the merchants. When you see an economy similar to us having a volume share of 30-50% of card transactions on their personal consumption expenditure, yet India is still at 5%. This is going to change drastically in the coming years and Paynear being the enablers of change, give on a great hope. Rather than they call it a concern, they call India being the country with the 2nd largest population, which makes company’s enormous market share and the easiest way of doing it is by giving discounts. While team Paynear is concerned on the price discounting model, they also believe it is not going to be forever and people are going to pay the right price and they will be targeting those merchants.
Prabhu’s Tip to Start-Ups
“Stay grounded, build a business model where you can see absolute revenues and if you achieve your operational break even in 36 months, half the battle is won.”