A successful entrepreneur and leader in the technology field, Ron Moses has more than 25 years of experience transforming multi-faceted technology, e-commerce, and payments companies, taking them from inception to development to highly profitable operations. His expertise includes planning, architecting, developing, deploying, and managing cutting-edge solutions to address internet and IP-based business opportunities. Today, Ron is CEO, CIO, and co-founder of Paynuity, a full-service payments processor that is fast becoming a major nexus of the payments industry—and his third in a string of successful startups. His two previous ventures had a nine-figure exit, which he largely attributes to his ability to surround himself with highly knowledgeable and talented people who know how to execute.
At the beginning of his career, Ron worked with Microsoft and other businesses, but in 2008, his professional direction shifted to entrepreneurship. His initial work included doing turnarounds for portfolio companies. Still, he found it unfulfilling, so he assembled a team of IT professionals and started buying data centers and e-commerce companies. He soon found a common theme when it came to how the businesses handled payments: there were many pieces to the puzzle that had to be added, which increased the costs to the merchant.
“One customer we had was being disenfranchised by their payment processor, so they needed me to build a gateway so the merchant could see their transactions,” he recalls. This involved additional features, which evolved into a payment switch that allowed them to route payments across multiple acquirers. This flexibility to connect to more service providers and acquirers gave them more conversion rates, reducing costs and allowing them to connect to international and different payment systems. This payment switch evolved over the past ten years to create an ecosystem for these payment providers. By doing so, Ron and his team accomplished something he says very few companies have in the payment system: transaction routing.
In 2018, Ron sold that company, but took the software and turned it into his present venture, Paynuity, where they solve complex commerce problems mostly for innovative businesses that have decided they want to be disruptive in markets, but don’t have the payments piece figured out. His approach was to create a trifecta for merchants: start with a digital bank account that has a multicurrency wallet, allowing the business owner to be able to receive money in any currency; provide merchant services that enable the collection of payments in several ways, whether e-commerce or in-person; and offer an issuance product that includes a credit card with a credit line. This trifecta allows customers to have a fully integrative bank account as a solution, a full platform to see all transactions, lending aspects, credit cards, etc.
“Where this becomes interesting is when it solves problems with expats, underbanked or unbanked people, and small merchants who are the mainstay of the economy as it creates an ecosystem for evolving how people use this system to pay family members they have abroad, some of whom may not have a bank account,” Ron explains. “For example, financial inclusion is a big problem in South America, most specifically Peru, where over half of the people do not have bank accounts.” Paynuity is currently working with several banks in South America, one of which is Caja Huancayo, the largest municipal banking institution owned by the local government in Peru. Paynuity plans to take its platform, unify it with the bank, and allow for instant bank accounts and the issuance of debit and credit cards to facilitate SME lending and microfinance. This partnership will provide the people of Peru many ways to facilitate payments, including the ability to instantly pay each other via a platform based on ISO 20022, commonly referred to as “Real Time Payments,” similar to Venmo and Zelle.
The company’s innovative solutions include enabling community banks to build custom card programs with robust rewards and benefits from over 1,500 top-tier loyalty programs. These programs allow smaller banks to compete directly with the best reward credit cards from the world’s largest banks. It offers merchants and consumers a centralized credit and underwriting experience, with IRAs, business, and personal loans with 24/7 communication. Its mobile multi-wallet solution combines digital banking in most of the world’s currencies, crypto, and stablecoin, with the ability to convert loyalty points to cash currency via an innovative “create your own payment” method.
“We are raising the bar for the payments industry and changing the traditional business model,” Ron says. “More and more ISOs and competitors are attempting to offer services that mimic our offering with many seasoned agents and professionals bringing in opportunities in a marketplace that traditionally had no interest. By combining acquiring with customized issuance and loyalty programs, we are truly evolving payments everywhere.”
Ron is the recipient of multiple awards, including FinTechEnergy: Orlando’s 22 Fastest Growing FinTech Startups; 2022 Money 2.0 Conference: Money 2.0 – Best Companies Award; and 2022 BestStartups.us: selected as one of the Best Florida Startups for exceptional performance in innovation and growth.
CEO/CIO & Co-Founder — Paynuity