iGF Fintech Futures Series: Payments? It’s Paytently Clear, Dear iGamer
The payments department is the lifeblood of any iGaming operator. This can often be a complicated process, especially when operating in multiple jurisdictions.
With so many new tech innovations and growth opportunities emerging in the iGaming sector, the demand for the most robust and agile fintech solutions is higher than ever.
Into the breach steps Sam Barrett CEO of digital payments disruptor Paytently, who has harnessed all that’s best in his ambit and industry–foresight, vision, courage, vast experience and cutting-edge technology–to synergise the one-stop solution for all your payment issues.
Sam took some time out of his busy schedule to explain Paytently’s rise and how they plan to support the iGaming industry as it transitions into the new digital age!
What was your inspiration for forming Paytently? What is the mission objective?
“There was always a pull towards entrepreneurship, a clear sense that launching my own business was not a matter of if, but when. Financial technology, with its continuous advancements and capacity to disrupt the status quo, has always captivated my interest.
“Thirteen years in the trenches, working for some of the best brands in digital payments, gave me a panoramic view of the industry. The chance to craft my own solution was a matter of timing.”
“As digital transactions become more prevalent and the demand for online payments grows stronger, the market demand for sophisticated fintech services is clear. Recognising this, we’ve positioned ourselves to deliver solutions that align with the shifting needs of today’s consumers and businesses.
“Our mission with Paytently is straightforward. We aim to bridge the gap in high-risk sectors like the betting and gaming industry with financial services. My co-founders and I share a collective ambition: to extend the reach of financial services to these sectors, ensuring access to a comprehensive suite of offerings from banking to payment orchestration.
“In the traditional financial landscape, complex structures can impede access and transparency. At Paytently, we’re working towards removing unnecessary intermediaries, forging a more direct link between merchants and financial services. The outcome, lower costs, increased efficiency, and an improved sense of financial autonomy for players.
“The rise of technology has made the world more interconnected than ever, expanding cross-border transactions and international business opportunities. We’re ready to harness this development. Paytently will deliver solutions focusing on cross-border payments, foreign exchange, and alternative local payment methods. This approach will enable both local and global gaming operators to scale effectively, opening up new horizons in the world of payments.”
Payment companies, larger ones especially, have a reputation for lacking agility and delivering poor customer service. Is this the gap in the market Paytently plans to fill?
“It’s well recognised that as businesses scale, the challenges of maintaining superior customer service and support amplify. Leveraging our experience from navigating high-growth businesses, we have gained a deep understanding of customer expectations.
“We don’t just recognise these expectations. We prioritise them. We’re deeply committed to enhancing the merchant experience, just as much as we are committed to improving the journey of the players who interact directly with our payment products.”
“In the world of payments, real-time processing leaves no room for error. Any shortcomings in achieving a high success rate can quickly translate into a cascade of errors and failed payment statuses. Considering the rapid pace and sheer volume of payments we handle, it’s essential for us to have a robust customer support structure in place.
“We’ve taken significant steps in this direction, strengthening our support through a combination of human expertise and innovative technology like AI and Machine Learning for self-service options. Moreover, we’ve built a seamless dispute resolution process via our merchant portal, API, and dedicated customer service team.
“At Paytently, we believe in delivering nothing short of a premium, ‘white-glove’ service to our customers. It’s a commitment we’re immensely proud of.”
The Paytently management team is made up of some of the most experienced and knowledgeable professionals in the payments sector. Please tell us more about your team and how their extensive backgrounds translate into added value for your customers.
“I’ve had the privilege of working alongside some of the brightest commercial minds in the payments industry. Acknowledging the scale of our ambitions, I recognised the necessity of bringing aboard individuals with deep expertise in diverse areas of payments. By engaging this collective skillset, we’re poised to craft an impactful, industry-leading proposition.
“I was fortunate enough to persuade Laurent Reysbosch, with his stellar background at Checkout.com and Viva Wallet, to join Paytently as our COO. Laurent’s exceptional expertise in card acquiring is among the finest in the industry.
“Nick Tucker, who stepped in as our CRO, is another formidable asset to our team. Having collaborated with me at Trustly for six-years, during which we developed the gaming vertical, and having served as VP of Financial Services for True Layer, Nick brings an exceptional understanding of Open Banking, FX and Crypto to the table.
“To build a stellar product underpinned by a contemporary architectural design, we looked beyond the confines of gaming payments.”
“That’s when Phil Smith, who is now our CTO, came into the picture. With his rich experience leading technical engineering teams at distinguished institutions like Merrill Lynch, Natwest, and Lloyds Bank, Phil was an ideal addition to our team.
“I’m confident that our leadership team, with its broad and specific experience, is perfectly poised to create a product that meets the genuine needs of our customers.”
What do you see as the biggest growth drivers for the iGaming payments sector going forward? How can we as an industry ensure we are maximising our potential?
“Gaming operators are consistently scouting for innovative solutions to process payments, given the dynamic nature of the gaming industry and its regulatory landscape. It’s increasingly challenging to penetrate new markets without appropriate licensing. We see an increase in closer collaborations between merchants and payment providers which help overcome various hurdles.
“In terms of growth drivers, the integration of diverse payment options–such as cryptocurrencies, local banking, and wallets–into a gaming operator’s system is crucial. It’s especially important in unconventional markets, where such methods can significantly boost conversion rates.”
“Another trend we are always talking about in the Gaming Payments sector is Open Banking and Account Information Services (AIS). These services use player banking data to enhance the gaming experience, providing value from quick registration to complimenting safer gambling tools, and instantaneous player-source-of-funds data.
“The amalgamation of financial data and payment processing at the point of payment has opened up new avenues, and we’re just beginning to explore the possibilities this fusion can yield.”
“At Paytently, optimising the player experience, whilst orchestrating payments in a sophisticated and tailored manner, ensures the highest level of acceptance. To do this, we are focusing heavily on calibrating our cashier and orchestration rules by implementing AI and Machine learning technology into the platform.
“Our ML technology improves and enhances our fraud detection and risk management engine, whilst delivering tailored and personalised player payment journeys. Our ML technology can intelligently re-route the transaction to the most suitable acquirer to ensure the merchant has a successful payment conversion.
“By prioritising these aspects, the iGaming industry can unlock unprecedented growth and truly maximise its potential.”
After catching up with Sam it’s clear to see that the iGaming industry is growing at a thrilling rate but in order to sustain this growth, operators must take advantage of real time processing technology that can be managed at scale. This has caused for a level of technology and service that only the most forward thinking payments suppliers can provide, creating an exciting space in the market for Paytently to thrive in!