In this episode of FinTech Confidential, hosts Tedd Huff and Colton Pond welcome the Co-Founder and Chief Product Officer of Tandym, David Anderson. Tandym is changing the way payments work by offering branded payment platforms for merchants. This approach helps reduce processing costs and boosts customer loyalty. Traditional payment processing fees are high and hurt online brands. Tandym aims to fix this by offering branded payment products that are more efficient and cost-effective. For example, They can lower a brand’s payment processing costs by up to 80%. This allows brands to save money and use it to reward loyal customers, keeping them happy and coming back for more. Tandym’s model combines payments and lending, shaped by extensive experience from working with lending and credit projects at Capital One. This unique model offers both credit and payment solutions in one platform. The closed-loop network minimizes traditional fees, making the payment process simpler and cheaper for businesses. Modernizing tech stacks is crucial for launching unique products. At traditional institutions, it could take 12 months and a lot of money to launch a new product. In contrast, Tandym’s platform allows merchants to launch their payment programs quickly and efficiently, even on something as simple as airplane Wi-Fi. This speed and efficiency provide a significant advantage over traditional players in the financial services industry. The future direction of the payments industry suggests that as consumer expectations evolve, technologies like merchant-branded payment solutions and pay-by-bank will become more common. This shift will make the payment landscape more inclusive and cost-effective for merchants and consumers alike. Stay tuned for more episodes as Tedd Huff and Colton Pond continue to explore the world of fintech. Key HighlightsCutting Costs by 80% Branded payment platforms help online brands cut their payment processing costs by up to 80%. This huge saving allows brands to invest more in rewarding their loyal customers, keeping them happy and encouraging repeat business. Payment Programs Up in Minutes Modern payment platforms can launch merchant payment programs in just 20 minutes. This quick setup is even possible on airplane Wi-Fi, making it incredibly efficient compared to traditional methods which can take months and require lots of money. A Unique Approach to Payments and Lending Some payment solutions now combine payment and lending services in one platform. This approach minimizes traditional fees and simplifies the payment process, making it cheaper for businesses. Leveling the Playing Field The future of payments is becoming more unbundled. This means smaller brands can enjoy the same low fees that big players like Amazon get, driving more competition and efficiency in the industry. Compliance Matters in Credit Extending credit responsibly is crucial. Companies must be cautious with regulatory compliance and ensure sound credit policies to balance growth and risk management, delivering a better experience for customers. Efficiency and Speed in Tech Stacks Modernizing tech stacks is essential. Advanced platforms allow for the quick and efficient launch of payment programs, providing a significant advantage over traditional financial services that take longer and cost more. AI: Overrated or Useful? AI tools are useful for tasks like writing code but are often considered overrated. Comparing AI to Excel, the discussion highlights its utility while questioning its potential to replace knowledge workers. Solving Critical Problems For new entrepreneurs, it’s important to identify and solve critical problems that could threaten the business. By...