Jerome Faury is the co-founder of Centrapay. He spoke with Efma’s Boris Plantier about his company’s efforts to eliminate transaction fees in New Zealand, lowering the cost of doing business for SMEs.
What led to the creation of Centrapay?
Two reasons: current payment systems are inefficient and the current transaction fees are essentially taxing every citizen and company, culminating in being the 3rd largest cost to doing business in NZ. I also believe we will see more innovation in payments in the next 10 years than the last 1,000 and that we are in a strong strategic position to lead this change. This will provide a richer and more personalized payment experience, while removing the ‘per transaction’ fee.
Could you present Centrapay's offer?
Centrapay is a way to pay that doesn’t involve banks and credit card middlemen. You get the money into your account straight away (like, within seconds), without anyone clipping the ticket. How do we do it? The traditional format for payments needed a big change, but the people cashing in on the transactions you make weren’t going to, so we’ve come up with a solution.
By adding Centrapay as an option on your existing terminal you will be able to accept NZD, gift cards, vouchers, and even cryptocurrency (we know, very woke). We charge you $30 a month and that’s it – you could do 6 bajillion transactions and that’s all you pay. The traditional format for payments needed a big change, but the businesses benefiting from the transaction fees you pay weren’t going to change, so we’ve come up with a solution.”
What's coming next for Centrapay?
Instant sending and spending functionality for consumers (sending money or gift cards will be as easy and cheap as sending a text message). Our focus will be on signing up consumers and merchants and helping businesses innovate in payments to add strategic value to their organization (not be just a cost center).