Q & A with Givebox CEO and Founder Joshua Rowley
With the recent downturn in the economy, financial experts are saying that "FinTech may come in & save the day." What do they mean?
“FinTech is playing a HUGE role in guiding small operations away from disaster and into success by providing remote payment and banking tools needed to thrive.
Small businesses and small nonprofits have historically relied on traditional payment solutions such as cash and check, as well as conventional growth methods stemming from in-person customers and donors.
The fast-moving, technology-based world we live in has taken many casualties. Small businesses and small nonprofits who have not embraced online e-commerce and fundraising have seen a decline in growth. This crisis expedited the inevitable dire outcome if a small operation does not adopt online technology.
Givebox is ensuring the survival of small nonprofits and grassroots community organizations by fast-tracking merchant account approvals enabling them to start processing payments immediately, from the safety of their homes.”
What role is FinTech playing in facilitating economic stimulus for the US?
“With large brands blocking the view of smaller operations, consumers and donors forget that a vast majority of goods, services, and assistance comes from Main Street, not Wall Street. The population relies heavily on local businesses for our day-to-day needs. If they disappear, so will our way of life. FinTech is ensuring that it doesn’t happen.
Nonprofits fuel the economy by purchasing goods and services from businesses for millions in need. Givebox is providing tools that allow nonprofits to operate remotely and increase fundraising efforts, which in turn will continue to fuel our economy.
Providing merchant processing, secure money transfers, and at-home fundraising is ensuring that these nonprofits continue to provide relief and stimulate our local economies.”
What kinds of financial services are FinTech companies offering struggling small businesses and small nonprofits? What are the most important of these services?
“The most crucial aspect of FinTech will always be security. Especially during dark times like these. Villains see a society in panic as an opportunity for misdeeds. FinTech platforms that have spent time and resources on Cyber-Security will be valuable pieces
during this crisis.
For instance, Givebox is a Payment Facilitator and technology platform that is surrounded by security tools such as AI Fraud Blocking, Digital Merchant Management, and Machine learning Risk Assessment. Tools such as these are imperative by assuring
donors and customers are making payments to legitimate legal entities. And, that those payments are not from imposters stealing customer data.
A FinTech company needs to be security first and payments second.
Also, Givebox is helping by offering free promotion for organizations providing relief for those affected by COVID-19. For example, Chicago Bears wide receiver Allen Robinson was able to get instant approval and start fundraising the same day to help provide food for
families affected by this crisis.”
Several US-based payment processors have recently been approved as SBA lenders. Why is this important? How will this help with the stimulus process?
“The masses have widely misunderstood payment processing. It’s through Payment Facilitators concentrating on for-profit companies such as Stripe, or Givebox focusing on nonprofit organizations that are the actual FinTech platforms. Without us, third party processing and emerging payment apps could not securely process payments. At the center of all “FinTech” is a company that is safely handling Payment Facilitation.
As Payment Facilitators (not third party payment processors) continue to enable payments and protect consumer data, SBA lending is the next logical step. Not only are we more than qualified, but our banking partners also understand that the world is moving online. That is where Payment Facilitators do battle every day against fraudsters and hackers.
The speed and efficiency at which we process and protect payments will be applied to approving and securing loans for small businesses and small nonprofits. Digital banking allows us to inject much more money at a faster pace into the economy through these businesses and organizations that we rely on for the survival of our way of life.”