FlexCharge emerges from stealth mode to offer a solution for failed payment transactions
FlexCharge, the fintech startup specialized in failed payment transactions, has emerged from stealth mode. The Company, which offers a truly innovative solution to reduce the incidence of payment declines, is already operating in the US and is planning to expand to Europe next year.
FlexCharge was founded earlier this year by Don Robert, Elio Vitucci, and Zeev Shoval, who identified the need to address the high decline rate of Card Not Present (CNP) transactions, which grew significantly across the world in the last couple of years. The founders, leading experts in credit risk, are former colleagues at Experian, the world’s largest credit bureau.
The founders selected Moneta Capital to lead their seed round.
In founding FlexCharge, the goal was to develop a solution for the 50% plus of online shoppers who abandon their cart when they experience a payment decline. The founders set forth on a mission to create a technology that removes this point of friction as, when a payment is declined, instead of showing a payment failure message, FlexCharge allows shoppers to complete their purchases. The Company is not a risk-recommendation-engine, as it operates by taking full liability for the transactions processed via its service and settling merchants irrespective of the status of payment of the shopper to FlexCharge.
FlexCharge connects to merchants via an API and is alerted on any payment declines. The Company’s proprietary technology can calculate risk for each declined transaction in real time. This allows, for transactions eligible to the service, to offer shoppers a completely different user experience, as shoppers are offered the ability of completing their purchase by simply clicking an ok button. The solution offers a risk-free service for both parties in the transaction. For the shopper, there is no additional fee or charge for their purchase. They can complete their purchase and accept to be billed at a later stage. For merchants, FlexCharge offers the ability to complete a sale even if the shopper’s payment has failed, delivering higher sales to merchants and a much better customer experience to their shoppers.
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