From Industry Wire:
Chosen Payments is a unique credit card processor that focuses on technology driven solutions to improve the business efficiency and financial positions of its clients. The company specializes in custom business solutions for merchants to help businesses cut operational costs and increase revenue. It has a very strategic approach via partnerships with software companies and associations, bringing maximum value to the end-user merchants. The company also offers small business lending for merchants that need assistance with cash flow.
Chosen Payments President and CEO, Jeff Brodsly, started as an entry level sales agent. He learned the ins and outs of all aspects of the business and later went on to become a partner of a larger credit card processor. While in that role, he had a greater vision which inspired him to start his own company, keeping in mind that he knew what it was like to start from the bottom.
Founded with the staff and merchants in mind, Chosen Payments was designed to be a “partner in success” and each industry’s “most trusted credit card processor.” This mission includes creating the most comfortable, prosperous environment possible for staff. The company’s staff, in turn, provides white glove support to its clients and partners, ensuring Chosen Payments is much more than a typical credit card processor. From a humble beginning as a start-up to now collectively, with its partners, processing over $8 billion and 25,000 merchants, Chosen Payments has come a long way. Adding partners such as Aurora Payments, Goldman Sacs and Prudential Capital Partners has catapulted Chosen to one of the most recognized brands in the credit card processing industry.
True Leadership Guiding Business Success
Jeff has a unique leadership approach which includes his passionate involvement in the industries Chosen Payments serves, and the company culture he has created. In 2008, Jeff embarked on a mission to launch a credit card processing company that would be different than any others he had ever worked for or heard about. He envisioned a company that would serve a handful of niche markets and integrated software vendor partnerships. His company would bridge a disconnect he saw, between credit card processors and their clients, through transparency and mutually beneficial partnerships with state, regional and national associations. The vision didn’t just include processing credit cards, it included supporting the niche industries served by Chosen Payments through sponsorship of industry events including state, national and international shows.
Jeff is a visionary, entrepreneur and innovator. He has led his team to success through taking an organic, hands-on and consultative approach with clients, partners, employees and businesses. Jeff identifies business opportunities, and creates and cultivates relationships. He is a respected leader and mentor to many surrounding him which allows them, Chosen Payments and Jeff himself to be rewarded through his success. Jeff considers all of his Chosen Payments staff to be a family, and he treats them as such, going above and beyond to create meaningful relationships with all of his employees. Jeff believes that if the staff feels like the company is their company, they will passionately treat the clients as such, which results in serving all parties in the best manner possible.
Building a Trusted Source for Partners
Chosen Payments helps businesses grow through partnerships. The company has partnerships with many ISV’s, national, state and regional associations. Its CEO and staff members sit on the board of directors of many associations within the industries which serves as a true testament of its dedication to those industries. Chosen Payments provides education to its partners, their clients and association members. This is very useful to have a trusted source that their clients and members can rely on for education. Clients and members receive great benefit by being part of Chosen Payments exclusive offerings through discounted rates, faster funding times and more personalized service. Its partners gain financial strength, added member value, sponsorship participation, advertising and exposure from the Chosen Payments marketing team. The company is a proactive partner that sees the long-term value in building these partnerships. Each year Chosen Payments donates hundreds of thousands of dollars to the industries they serve which helps the merchants protect their business from a legislative standpoint and cost protection. In turn, the clients see how much Chosen Payments supports them therefore they choose to be loyal clients of the company. There is no other credit card processor more involved with the industries they serve than Chosen Payments.
Driving Innovation by Integrating Technology
Jeff’s belief is that if you are not keeping up with technology, personally and professionally, you are being left behind. You can look at technology as a disruptor or an opportunity. Leveraging all of this new technology allows companies that embrace and understand it, like Chosen, to flourish. “When a company like Chosen Payments takes the time to learn technology and then passes this education onto the merchants in ways it will benefit their business, this “disruptive” technology actually is game-changing for the merchants as they grow their businesses. For example, by using data to track spending and know your clients purchasing patterns you will be ahead of your competition,” he said. By offering smart phone apps that send daily alerts for sales, chargebacks and any out of the ordinary trends, it allows technology to work for the merchants and allows Chosen Payments to offer tools outside the scope of a standard credit card processor. Chosen offers the smart phones of the world while others are still using flip phones. So clearly embracing technology allows businesses to be more profitable and efficient.
Leading Profits Through Custom Solutions
Chosen Payments owns its own technology. From gateway services that are custom tailored for each industry, to online reporting, smart phone apps, and data analytics, the company builds technology and leads any sales with a tech solution. This has led Chosen to secure partnerships with several household brands such as Marriot, NHRA, Audi, Maserati, Mercedes, The Super Bowl and more. The company goes through a client discovery phase in the beginning to identify any gaps in technology and then builds custom solutions to solve its client’s needs.
Overcoming Initial Challenges
Finding and retaining good staff has always been a top priority for the company. Since Chosen Payments holds its employees accountable to maintain “Chosen White Glove Service Standards”, not just anyone is cut out to work for the company. Like in any start-up, funding in the beginning was a major challenge as Chosen was 100% self-funded, by the CEO Jeff Brodsly, with no debt as a startup.
Chosen Payments has been recognized with following awards:
- First Data President Club Award 6 years in a row
- Chosen Payments has an A+ BBB ranking.
- Named under the INC 5000, as one of the fastest growing companies in America, multiple years.
- Received the 40 under 40 award
- Recognized as Top 10 Payment Card Provider by Banking CIO
- Won Entrepreneur of the Year in Moorpark, Ca
- Top 10 Payments & Card Provider Solutions Provider by Mirror Review
- CEO Today USA Awards
- GCLA Award of Excellence
- LANJ Award of Excellence
Partner involvement: Serving as Vice President of Greater California Limousine Associations (GCLA), Jeff organized a fundraising event on behalf of the trade association, making a difference for the industry.
The company is consistently being written up and featured in publications of the industries it serves. The testimonials from clients also enable Chosen Payments to go beyond and drive innovative technologies.
Shaping Success for Tomorrow
The industry continues to consolidate as service providers are buying or selling payment processing solutions. Chosen is on the buying side and through its partnerships with Aurora, Goldman Sacs and Prudential Capital Partners, the company is constantly looking to acquire or fund other dynamic processors. Chosen Payments will continue to grow at a double-digit year over year growth for the foreseeable future, while being selective in the industries it serves, with an end goal to dominate any industry it enters.