Backstage with PayMaple’s Allen Caviles
Please state your name, title, company, and emall address to provide prospective partners and customers interested in receiving more information.
Allen Caviles, CEO, PayMaple LLC, [email protected]/.
How are you different than other brands in your space? Please state your name, title, company, and emall address to provide prospective partners and customers interested in receiving more information.
PayMaple is unique in the payment or fintech space. We are a SAAS, PAAS platform that provides Cloud based Omni-Channel POS (point of sale), DWO (Digital Work Order), EBPP ( Electronic Invoice Presentment and Payment), ExpressPay (a text to pay platform) as well as API’s for ISV’s and Payfac as a service. We’re a full service Payments Hub with the same license as PayPal, Stripe, Square and Toast. Our Infrastructure is based on hierarchical, digital roles-based permission architecture that can scale or easily be replicated in minutes to support other verticals besides Automotive, Powersports, RV and Marine Dealerships. The key differentiator is our advanced data and workflow optimization modules combined with integrated reconciliation tools unmatched by any gateway and/or processor alone. With PayMaple’s visibility throughout the entire transaction lifecycle, we’re uniquely positioned to deliver the best-in-class customer and user experience which translates to superior CSI score (Customer Satisfaction Index); which all automotive dealerships aspire to achieve. We offer processing for all payment methods including credit, debit, apple pay, ACH and emerging payment methods of all types.
How would you describe your value proposition to prospective customers and channel partners?
All automotive dealers utilize a specific ERP or more specifically DMS systems. These established but limited un-customizable workflows curtail innovation and limits customer engagement and best use cases. Since our platform is integrated with most DMS, we programmatically capture invoice or repair data and serve up a more modern but most importantly dealer specified workflow interfaces to streamline operations and consolidate vendors. Since we merge repair order, customer demographic and payment data, we’re able to optimize the transaction to process at the most optimum interchange or lowest cost. PayMaple is also a data aggregator so we can provide full transaction and/or repair order history within our datalake which can be utilized for BI and targeted marketing campaigns. The end result is a very sticky, malleable, customizable Omni channel experience for automotive dealerships unmatched in payments today. We have one case study of a 20 location dealership that experience 600,000 + savings in payment processing and an additional 1,500,000 in labor cost reduction with our platform.
Channel partners, ISV’s and resellers alike including Financial Institutions such as Truist Financial now have the tools at their disposal to future proof their payment solutions by reselling PayMaple’s suite of product offering and services. It is both an account retention tool for existing business and a new value added solution to acquire new business. ISV’s and Software companies can leverage our Payfac as a service to offer enriched white label payment solutions to call their own, while eliminating unnecessary third party processing expense. Our revenue share programs are not limited to Credit or ACH processing alone but partners can share in additional revenue streams such as RTP, Software license fees, additional modules in development today.
PayMaple’s product roadmap includes offering our platform in connected car marketplaces. Our mobile friendly platform has prioritized the customer experience and conceptual selling. With the advent of electric cars and OEM’s looking to offer subscription services to automotive owners, PayMaple’s access to user data and associated payment methods offers seamless and frictionless integrations within automotive application marketplaces.
What recent challenges have your company’s leadership faced and how did you overcome them?
PayMaple was launched at the onset of covid pandemic in 2020. With 18 months of development, capital infrastructure expense, PayMaple had a fairly significant burn rate mostly due to development, maintenance and support. With virtually the entire country shut down and all marketing opportunities such as trade shows disrupted, very little optimism to grow market share was at hand. PayMaple’s leadership which includes over 50 years collective experience in payments and past economic hardships including the financial crisis of 2008 were unfazed. With 3 successful exits in the past, leadership doubled down and accelerated more development to pivot and promote covid inspired technology. With our modern cloud based infrastructure and programmatic integration with DMS, our dealerships were able to maintain 70 % of their service tickets by leveraging our express pay or text to pay system. All others whose modules were embedded within premise only ERP or DMS systems were unable to promote remote repair orders. In essence, our covid inspired tech e-commerce enable retail automotive dealerships to keep them functioning during covid lockdown. It was during covid that PayMaple experience 10 % growth month to month due to these tools.
What recent milestone have you achieved and why is it significant?
PayMaple was bootstrapped by Founders. Around December of 2022, we turned Cash Flow positive despite not raising any growth capital. Recently we are on pace to process over 1 billion in Payment Volume even though we launched in January 2020 at the onset of Covid. Around December of 2022, we added OB Rawls, a Payments Industry Legend as part of our Board. We also recently integrated with DealerTrack, one of the top 3 ERP / DMS in the automotive industry. With Integrations with the top 3 DMS in the automotive industry, we’re able to offer integrated payment experience for 80 % of the marketplace.
What near-term opportunities will 2023 present to you and your team?
PayMaple is poised for rapid growth in 2023 due to the following reasons:
- Additional large Financial Institution Resellers
- Additional large Payment ISO resellers
- Partnerships with Large ISV’s in independent dealerships or chain automotive repair centers.
- Additional revenue from cross selling of value added products and services including ACH, RTP, and LMS systems
- Rapid promotion of Payfac as a service offering to major ISV’s, Enterprise accounts in Automotive or other verticals currently in incubation.
- Growth Capital to scale appropriately
What’s a key trend for your industry in 2023, and why do you think it’s important?
We see major consolidation in the payments industry due to pressures from economic downturn and well capitalized venture backed Payfac unicorns. VC’s and PE firms are reconsidering their thesis when funding Start up organizations with suspect business model and anemic revenue growth. There is still a lot of dry powder and that capital will be deployed to disruptive organizations with an established software or SAAS platform with proven revenue models. Entities with experienced Executives and board focused on operational efficiencies and a defined product roadmap including value added services and/or embedded payments will rise to the top.