In 2010, Charlie Youakim founded a company that processed mobile payments for parking and transit. As a merchant, he felt the pain of paying high merchant processing costs for each transaction. Fast forward to 2016 and Charlie is now at the helm of Sezzle, a company aiming to reduce merchant processing costs via ACH or bank-to-bank transfers. It works just like Paypal, except the sign-up is much easier and completed during the checkout. The best part: it costs 1.5%+15c. That’s half the rate Paypal charges merchants and half the rate you’d find for typical online merchant processing of credit cards.
Below is our interview with Charlie Youakim, CEO at Sezzle:
Q: Sezzle is reinventing consumer to business payments; tell us something more about the company?
A: According to a survey by Bankrate, 63% of millennials don’t own a credit card and have no way of getting rewards on purchases. At Sezzle, we are rewarding consumers for choosing a new, lower cost payment method at checkout – direct bank-to-bank payments (also known as ACH).
Q: Why isn’t paying through ACH more popular?
A: Paying through your bank used to require you to enter your account and routing numbers. You would have to search paper checks to find these numbers. These numbers were publicly visible, though, so ownership of the account had to be verified through the use of two microdeposits. This process would take 2 to 3 days. That’s not feasible for a speedy checkout. Sezzle is bringing an easier process that allows consumers to authenticate and pay from their bank account in seconds.
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Q: What are the main benefits of using Sezzle?
A: Merchants who add Sezzle as a payment option can reduce their merchant processing costs to 1.5%+15c. On the other side of the transaction, consumers are getting 1% cash back every time they choose Sezzle Pay over credit card, debit card, or PayPal. Consumers can check out faster using only their mobile device or computer, with no more hunting around for their wallet or purse or keying in their 16-digit card number at checkout.
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Q: What is the best way for businesses to leverage Sezzle’s payment capabilities?
A: At Sezzle, we understand the risk that any business owner feels when switching payment processors. The best way for businesses to leverage Sezzle’s payment capabilities is to implement Sezzle as an added payment option at checkout. Give consumers the choice, and merchants will be rewarded as more and more users choose our lower cost option.
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Q: What are your plans for next four months?
A: Over the next four months, we’ll be focused on getting Sezzle installed in as many checkouts as possible. We want more and more consumers to be able to experience the convenience of checking out with Sezzle.
Q: How would you convince the reader to start using Sezzle?
A: If you’re a merchant, you’re a few lines of code away from reducing your processing costs by 50%. We built our platform in a way that makes integration to your checkout a breeze. We’re also in the process of adding Sezzle to as many online shopping carts as we can. If you’re using Shopify, WooCommerce, BigCommerce, 3dCart, Magento, Volusion or Big Cartel, make sure to drop us a line and we’ll let you know how you can enable Sezzle.
If you’re a consumer, we’re offering you the chance to make 1% cash back on purchases by paying directly from your bank account, which is precisely what you’re doing if you pay with PayPal or debit cards, but PayPal and debit cards don’t give you cash back. And if you currently use credit cards to earn that 1% cash back, you can switch to Sezzle and get that reward without spending beyond your means or racking up interest.
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