PayGenius wins Award at NEAA Catapult Innovation Competition

PRNewswireApril 16, 20244 min

PayGenius is proud to be recognized as the 2nd place overall winner in the 2024 NEAA Catapult Innovation Awards. PayGenius was recognized for its fintech platform that enables merchants to offer their own turn-key, branded digital payments and loyalty programs.

Catapult is an innovation competition aimed at showcasing new, disruptive products for the acquiring industry.

The Northeast Acquirers Association (NEAA) serves as an educational forum for financial institutions in the acquiring industry. NEAA is a non-profit, non-membership association chartered to serve the needs for all merchant acquiring payment professionals.

“In addition to a cash prize, the judges recognized PayGenius and validated its place in the industry,” said Jeff Siegel, President and CEO of BitRail, the corporate parent of PayGenius. “Merchants have been responding well to our platform, and now it’s an honor to have a panel of private equity judges recognize our achievements.”

This award follows a successful week of meetings at PaymentForum in Florida and gives PayGenius momentum heading into the Electronic Transactions Association conference in Vegas.

BitRail’s “PayGenius” platform is independent of legacy, expensive credit card systems, so it often saves merchants up to 3% per transaction.

The BitRail platform includes technology, licensing, security and compliance. Additionally, BitRail has invested significant resources to secure Money Transmitter Licenses (MTLs) which are required for any business engaged in receiving or transmitting payments. MTLs are issued by each state and address the safety and integrity of these payments. MTLs also provide critical protection to consumers and companies.

The merchant’s branded payment lives next to expensive, traditional options in a digital checkout. In addition to saving the merchant money, PayGenius branded digital payments improve branding and capture first party data for merchants.

These payments also provide seamless tie ins to the PayGenius loyalty platform, or the merchants existing loyalty programs to drive usage of the payment. The “PayGenius” loyalty platform drives usage of branded payments by offering users over 1.5 million places to save, including hotels, rental cars, gasoline, 150,000 retailers, 50,000 restaurants and cash back options.

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