When Robert Ronning set out to co-found a company in 2013, he had two primary goals: to develop existing multi-channel payment technologies into next generation mechanisms and to close the ethics gap that plagues the Canadian Payment Industry. In less than five years, Ronning’s PayVida was able to accomplish both those feats on its way to becoming a leading Canadian FinTech company. By radically changing the way in which payments are made, PayVida is now helping businesses become more profitable not only in Canada, but around the world.
As a financial technologies business development professional for over a decade, Ronning found that merchants rarely had good experiences with their payment processors. From high monthly fees to dated technology, tales of frustration were easy to come by. Most financial institutions seemed either incapable or unmotivated to improve their services, and resellers compounded the problem by adding another layer of obstacles for clients to traverse. As a result, Ronning became determined to provide business owners and entrepreneurs with ethical, affordable payment processing and lead the way to a better, healthier marketplace. The solution came in the form of PayVida, a company with the mindset that its clients’ bottom lines are more important than its own. “The entire blueprint and DNA of what we built from day one is no contracts, no cancellation fees, industry’s most transparent pricing, and we don’t charge a monthly minimum,” says Robert Ronning.
Apart from its continuously growing array of revolutionary payment processing solutions, PayVida’s dedication to simple, fair and affordable pricing has quickly set it apart from competitors. Most big processors have confusing or misleading pricing brackets, which is why Ronning implemented Cost Plus Pricing, a model that shows not just the rate the client pays, but also how that breaks down in terms of PayVida’s costs. While the model isn’t new, in the past only large corporations had access to it. Now PayVida is bringing the data to independent shops, small business owners and entrepreneurs, so they can see the specific fees allocated to banks, card companies and, lastly, the payment processor in each monthly statement. Not only are fees transparent, they are also fair — the average customer pays between 1.8% and 1.99%, the most affordable rates in the industry. Although PayVida’s mission is to support small businesses, it has also earned the trust of several international corporations, including NAPA Auto Parts and Global Restaurant Group, as a result of their superior service.
Robert Ronning is an entrepreneur and financial technology professional from British Columbia. As co-founder of PayVida Solutions, he presently leads all strategic business development aspects of the company. This includes providing instrumental direction on current and upcoming payment technology and integration, giving expertise to sales teams, and leading the growth of enterprise relationships.