AffiniPay: Customized Payment Solutions for Unique Industry Needs

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James Sparrow, VP of Technology
The number of cash transactions has been declining with the rising popularity of online banking and shopping in the past few years. Consequently, there are more electronic payment systems than ever before due to the sheer diversity of preferences especially across different age groups, business types, and technologies available in the market. AffiniPay, a financial technology company offers payment processing capabilities that are industry-specific. "We provide a solution that fits in into professionals’ existing workflows, and meets them where they are as opposed to trying to make them adopt new business practices to work around us,” says James Sparrow, VP of technology, AffiniPay. He further explains, “We act as a support backend for our partners’ entire payment integration. We are there to help guide all of our mutual customers through any issues that arise when it comes to the payment side of it, so that doesn't end up being a cost for our partners.”

AffiniPay also extends support for multiple payment methods such as credit cards, debit cards, and eChecks securely with one-click payment processing, advanced fraud detection, and robust security. Alongside professional organizations, AffiniPay also collaborates with software providers that offer a variety of software solutions such as practice management. “There is a significant challenge for many independent software vendors when they are interacting with professional clients and they're trying to fold payments into their solutions. There is a lot of cost in terms of building out that solution, providing support and service for payments within a product that can steal away from resources that they have, trying to kind of meet the core mission of that product,” says Sparrow. So, it can be a focus detractor and a cost attractor or just an expense. Moreover, as they are often venture capital-backed, they are instructed to incorporate payment processing and essentially monetize payments by charging payment processing fees. As the vendors are already limited by resources and time, focusing on integrating payment processing rather than the core features of their software poses a challenge. AffiniPay comes to their rescue and acts as a support backend that assists during the entire payment processing integration with a dedicated team of experts.

“A big advantage that we give to our partners is that whenever we go into a vertical, we build out an entire team of experts around those solutions to understand that space, to understand the unique needs there,” explains Sparrow. AffiniPay’s primary offering with the most number of users is LawPay, a payment solution designed for the legal industry. LawPay helps law firms receive payments easily, more securely, and 39 percent faster. But, the unique feature of the solution is it ensures that payments are processed in compliance with the American Bar Association (ABA) and Interest on Lawyer Trust Accounts (IOLTA) guidelines. Attorneys often receive a retainer fee from clients which is deposited into an IOLTA account. Lawyers are then entitled to pay themselves as they complete work for the client.
However, strict rules govern how funds can be used from the IOLTA account, and therefore AffiniPay’s solution ensures that there is no commingling of funds across IOLTA and personal accounts. This is a huge win for lawyers as IOLTA non-compliance is a leading cause of disbarment among lawyers in the U.S.


We provide a solution that fits in into professionals’ existing workflows, and meets them where they are as opposed to trying to make them adopt new business practices to work around us


For certified public accountant (CPA) firms, AffiniPay offers CPACharge, a solution that provides a range of payment options while also maintaining PCI compliance. Whenever AffiniPay receives payments on behalf of its professional clients, the entire amount is deposited the same day and processing fees are calculated monthly. The solution simplifies the invoice matching as well as the reconciliation process as the clients get the full amount deposited into their bank accounts directly. AffiniPay also offers a payment solution for associations and nonprofits that features multiple methods of accepting payments, reporting and reconciliation, and top-notch data security. The solution features credit card vaulting and payment support for dues, event registrations, donations, and more.


AffiniPay is also expanding its solutions portfolio and workforce to serve a wider range of verticals. The company’s new range of solutions will be designed to accommodate the unique needs of several verticals. “We try to make it pay to partner with us. We have rev share programs with our partners and we're all about trying to make a successful integration that's successful for both sides,” states Sparrow. From a technology standpoint, AffiniPay is focusing its efforts on improving the experience for end clients, both in terms of payment instruments as well as increasing the number of integrations possible with enterprise systems. Besides, one of the advantages of owning the underlying technology stack is that it allows AffiniPay to be nimble when gauging customer needs and adapting the solution to their business practices and workflows. With its dedicated solutions, AffiniPay is transforming the way professionals get paid.

Company
AffiniPay

Headquarters
Austin, TX

Management
James Sparrow, VP of Technology

Description
By understanding the unique needs of different verticals, AffiniPay, a financial technology company offers payment processing capabilities that seamlessly work within their existing business workflows and practices. The company’s industry-specific online payment solutions are designed for the legal, accounting, medical, and association industries. AffiniPay enables professionals to offer a seamless experience to their end customers, allowing them to make payments through an easy-to-use platform. AffiniPay also extends support for multiple payment methods such as credit cards, debit cards, and eChecks

AffiniPay