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How is PayPugs different from a bank?

Blog by Alex Zelinsky, Chairman at VelvetPlatform and PayPugs

PayPugs is the swiss army knife of online payments.

The demand for digital experiences is skyrocketing. Accelerating digital transformation and banking automation initiatives have become key to meeting the needs of new revenue models.

No brick and mortar

Here enters banking-as-a-service (BaaS) which helps meet these needs differently from traditional banks in several meaningful ways. For PayPugs, instead of a bricks-and-mortar facility, our end-to-end model enables digital banks as well as other third parties to connect with banking systems directly, via application programming interfaces (APIs). 

High tech- high touch

With traditional banks, the personal touch is also a thing of the past, with very few human touch points at all. But most new businesses and entrepreneurs want to know that there is a person or a team ready to resolve queries and offer advice on new services.

Our approach is different in that we are heavily invested in understanding each customer’s case, which is a complicated process and far from straight forward.

We are also trying to educate our customers by asking them a lot of questions in order to better understand them and their needs.

Our aim is to support our customers and help them as much as we can in the onboarding stage, collecting papers and resolving any questions they may have.

For example, I do not know of any other financial institution where the CEO or chairman personally replies to customers as we do, but we find that having a decision maker within the institution that customers can call really helps expedite the process.

Ultimately, we try to find solutions for our customers.

Our power is in our partners

We also understand that although many of our customers are high risk, they need to be served, and they still need to be given a solution.

We have around nine partners at the moment, different licensed entities under one umbrella, to create solutions for our customers.

At PayPugs we take things to a new level by giving customers access to a bank’s core functionality, including credit cards and loan providers.

Our partners can bring benefits to our customers, without them having to do the heavy lifting as is the case with traditional banks.

In essence, this makes us a one stop shop for multiple providers, which is particularly helpful when it comes to addressing the needs of high-risk industries.

No one-size fits all

At PayPugs we see ourselves as integration partners between different parties, more of a “Swiss Army Knife” which gives our customers the various tools needed to do the job.

A ‘one-size-fits-all’ approach cannot work in the digital era, we offer our clients the best service to meet their business needs, and one that understands and works with their business.

Our approach is a personal one. We start by setting up a personal call to explain everything from IBAN to SWIFT, to make the process simple and fast for customers, whether they are freelancers, entrepreneurs or medium to high-risk businesses.

We remove the painful checkbox legal and security checks. Our team members are highly trained and certified in all the necessary requirements and it is at the core of everything we do. We view and consider customers and their businesses on their own merits, not a faceless list of categories and risks.

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