Author: fortis2025

Fortis CEO Predicts ‘The Great Restoration’ for the FinTech and Payments Industry

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Embedded payments leader lays out the future for FinTech after a period of hypergrowth.

PLANO, Texas, May 15, 2024 /PRNewswire/ — Fortis, a payment and commerce technology leader for software providers, marketplaces and scaling businesses, shares CEO Greg Cohen’s predictions on the future of payments and financial technology amid significant industry shifts with the beginning of what Cohen has coined “The Great Restoration”.

After a long period of rapid investment and growth, payment and financial technology companies must transition towards a more sustainable and profitable business model, leaving behind supersized valuations, irrational business models, and free-flowing investment funnels. According to E&Y, there are more than 50,000 existing VC-backed startups which need to sort out high valuations and low liquidity. Many businesses now find themselves ill-equipped to build lasting business models.

“The coming months will be crucial for the future of payments. Companies that are built on a solid foundation and embrace focus, discipline, and strategic growth will be well-positioned to weather the storm and emerge stronger; others will find these times a real challenge,” says Cohen.

Recent headlines confirm this trend. Valuations in the payments industry have dropped significantly, some by as much as 50%, with even established players experiencing depressed valuation multiples not seen since the post-financial crisis era. While experts don’t anticipate further interest rate hikes, a return to the low rates of 2021 is unlikely. Combined with increased regulatory scrutiny and a challenged fundraising environment, general investment sentiment in financial technology has soured. These challenges have already led to FinTech failures, M&A activities below capital raise levels, and depressed market valuations across a spectrum of segments.

Looking ahead
Akin to the aftermath of a natural disaster, the industry finds itself in a restoration period. The weaker homes and businesses are wiped away, but structures with solid foundations mend their fences and move forward with renewed respect for their infrastructure. Replacement homes are built to new, updated codes, and fortified to withstand the demands of the new world.

Similarly, scaled incumbents have shut down or shed non-core assets. The industry is seeing weaker businesses be filtered out while established players are doubling down on core competencies and building strong financial discipline.

“The Great Restoration” forecasts several trends to come:

  • More Cash Struggles – Thousands of cash-burning businesses will need capital, prompting a strong push from boards and investors to show profitability. These companies must carefully manage their operating expenses while exploring ways to improve margins from existing customers.

  • More Divestitures – Organizations will prioritize their core business operations and, due to limited equity or cash availability, will need to divest non-essential assets.
     
  • Rise in Mergers and Acquisitions – Strategic shifts within businesses will lead to softer valuations and discussions around relative value, creating opportunities for mergers and acquisitions among industry players.
     
  • More Failures – Cash-strapped organizations without a buyer or investor will result in a shutdown of business operations.

  • Emphasis on Sustainable Business Models – The “growth at all costs” or “grab some users to get the next funding round” models will no longer be tolerated by boards and investors. Companies will need to launch business lines with a hard look at break-even and ROI.

  • Increased Focus – Payments and fintech firms will concentrate on their core competencies and drive profitability from core operations before expanding into new areas. Gone are the days of pursuing multiple sub-scale ventures simultaneously for capital and resources.

“We’re just at the beginning of the Great Restoration – some will make it, some won’t. Be really wary of your partners, as great changes are ahead in the next year-to-year and a half,” says Cohen.

Silver Lining
Ultimately, the Great Restoration will create a more resilient payments and FinTech ecosystem. Businesses built on solid foundations with proper compliance and financial disciplines will remain strong. And opportunities will arise for established players and new entrants to find some strategic assets to acquire, foster long-term growth, and deliver outsized returns.

To stay up to date on ‘The Great Restoration’, visit us at fortispay.com and follow Greg on LinkedIn.

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Press Contact

Oliver Stephenson
Oliver.Stephenson@fortispay.com

Greg Cohen, Fortis CEO
Currently serving as the Chief Executive Officer of Fortis, Greg is a recognized payments and financial technology industry leader with a history of building high-performing teams and driving growth at numerous FinTech organizations. He is the past president of the Electronic Transactions Association and former member of MasterCard, Discover and NACHA advisory boards. As CEO of Fortis, he is responsible for the strategic direction and business operations of the embedded payments company. Fortis’ mission is to create amazing commerce experiences in partnership with software providers, and under Cohen’s leadership, the organization has grown over 10x.

About Fortis
Fortis delivers comprehensive payment solutions and commerce enablement to software partners and developers, processing billions of dollars annually. The company’s mission is to forge a holistic commerce experience, guiding businesses to reach uncharted growth and scale. As the solution of choice for the future of payments, Fortis moves commerce closer to invisible with a proprietary platform that supports and strengthens the commerce and payments capabilities of software partners. For more information, visit fortispay.com.

Building A Customer Experience: The Fortis Approach to Partner Success

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Your payment experience can make or break your business.

According to a recent PYMNTS study, 55% of shoppers get so frustrated with the checkout process that they abandon their purchase. Unsurprisingly, the outlook isn’t much better for B2B organizations. Small to medium-sized businesses (SMBs), would be willing to pay up to an additional 1% per transaction for payment relief due to frustrating accounts receivable and payable experiences.   

End-to-end platforms like Fortis provide the solution enabling businesses to grow operations and reduce payment friction, thus improving the customer experience. In this blog, we discuss how poor payment experiences can affect your business and how to improve the process for your customers.

Poor Payment Processing = Bad Customer Experiences = Less Revenue

A subpar payment process can be lethal to your business. This experience often stems from disjointed legacy systems and a lack of control over the payment system.   

Legacy payment and ISV software systems that do not integrate with each other create significant friction for merchants. This disconnect obscures critical data from businesses while creating frustration for customers through a lengthy, complex, or even broken checkout process. Resulting in lost customers and income potential. Additionally, many businesses struggle with a lack of payment software customization.   

“Plug-and-play” platforms do not offer significant human support. The lack of a human relationship makes it more challenging for ISVs to develop a seamless and unique payment experience. This is why a customizable, seamlessly integrated payment processing platform is essential to your business’ growth and revenue.

Creating a Remarkable Payment Experience with Fortis

A frictionless payment process hinges on tailored solutions backed by cutting-edge technology. The right solution enables businesses to build a custom payment process and integrate it with current software and other financial systems. Such a system is rarely built in isolation or plug-and-play, and seldom addresses the human experience in a transaction .   

For truly optimized payments, it is helpful to work with a dedicated expert who understands the nuances of both your industry and your chosen payment solution. A best-in-class platform like Fortis will ensure you have an expert to work with when creating your payment workflow with proven strategies and a personalized approach 

Turnkey solutions offer industry-specific features and transparent payment data and pricing. Automation and security controls improve record-keeping and streamline business processes without slowing down or sacrificing data quality.

Partnerships, benefit ISVs and businesses looking to scale quickly. For example, the Fortis partnership program offers several services to streamline payment optimization and solution implementation, including:  

  • Access to dedicated and certified expert Guides  
  • Customized roadmap  
  • Go-to-market sales and marketing tools  
  • In-depth reports with real-time insights  
  • Underwriting and risk support  

  

A unique “Platform-to-Platform” model, such as Fortis’, enables ISVs and businesses to create personalized experiences based on their industry and unique requirements. With the help of dedicated professionals, businesses can leverage Fortis’ expertise to easily implement nuanced solutions without focusing on the technicalities internally. Known as Guides, these payment experts help organizations develop customized roadmaps, implement them, and answer additional questions or concerns related to the payment experience.

Turbocharge Your Payments

The Fortis platform is an end-to-end payment solution for businesses looking to scale. Its embedded payment features and ISV software integrations allow customers to experience a seamless payment process while improving transaction data accuracy. Businesses can leverage features like text-to-pay, loyalty programs, and alternative payments. Fortis’ award-winning APIs and extensive customization options ensure businesses and ISVs can develop an optimized and user-friendly payment workflow.   

Above all, the Fortis difference lies in its commitment to human relationships and its software partners. Our team of payment experts works with businesses and developers to design truly remarkable payment experiences. Through our platform and payment industry expertise, the dedicated professionals at Fortis collaborate with our partners to build a tailor-made payment experience roadmap.

Looking to start creating remarkable payment experiences? Learn more by contacting our expert Guides today.   

Transforming the Payments Industry: ETA TRANSACT 2024 

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At ETA TRANSACT 2024, Fortis had the privilege of sharing thoughts and insights gleaned from decades of industry experience. We greatly appreciated our time at this premier event as our team discussed the future of the payments ecosystem and how embedded payments have revolutionized the industry.

In case you couldn’t attend, here’s a recap of some of our sessions:

The Power of Embedded Payments and How to Maximize Value Greg Cohen, CEO

Fortis CEO Greg Cohen shared his expertise in payments and embedded commerce in two high-impact sessions.

  • In What is Embedded Commerce? More Than You May Think, Greg discussed the future of embedded commerce with Dan Williams, SVP of Embedded Banking at Key Bank. They discussed how merchants and ISVs often struggle to keep up with rapid changes in the payments landscape. They may even view embedded payments as the latest iteration of a new passing technology. But embedded payments are more than a passing trend—they have implications for the entire industry.
  • Greg also engaged with Jim Battista from MAPP Advisors and the Head of Corporate Development at Payroc, Marcus Dagenais, in The Anatomy of a Payments 2.0 Deal. In this session, Greg delved into the most recent acquisitions made by Fortis and how entrepreneurs can maximize their value in today’s market.
From left to right: Marcus Dagenais, Jim Battista, and Greg Cohen

How Embedded Payments are Transforming the Industry: Timmy Nafso, EVP

Fortis Executive Vice President, Timmy Nafso, is a Co-Founder with over a decade of experience in payments, He also hosts the Embedded podcast and interviewed many industry experts for the series at TRANSACT.

Timmy also did a deep dive on embedded payments in the session, The Evolution of Embedded Services. Together with Austin Talley, CEO of Everyware, he covered the history of embedded payments and how they are fundamentally changing society’s relationship with money and financial services.

Timmy Nafso on the left, and Austin Talley on the right

Practical Approaches to AI: Kevin Shamoun, SVP

Currently serving as the Senior Vice President of Product and Innovation at Fortis, and as the Vice Chair of the Artificial Intelligence Committee by ETA, Kevin Shamoun also founded Zeamster and has over 20 years of experience working with major Independent Service Organizations (ISOs) and financial institutions.

In a panel titled AI & Payments: Real-World Use Cases, the Hype & What’s Ahead, Kevin explored new advancements in AI models and how they have transformed the payments industry. He discussed this topic alongside Donald Riddick, the Chief Legal Officer and Company Secretary of Featurespace; Rebecca Alter, Trust and Safety Architect at Sift; and Russel Moore, Director of Corporate Strategy and Development at Global Payments.

From left to right: Donald Riddick, Kevin Shamoun, Russell Moore, and Rebecca Alter

Work with the Experts! Transform Your Payment Processing with Fortis

Embedded payments is more than a buzzword—it represents a milestone in payment technology. As a leader in embedded payment solutions, Fortis has developed a transparent, custom, and high-powered payment process for merchants and ISVs. Through their sessions, Greg, Timmy, and Kevin, offered a holistic view of the industry landscape—from embedded technology to acquisitions.

Let us help transform your payments experience into something remarkable. Discover the Fortis difference for yourself with our award-winning embedded payments API, today

Highlighting the Power of Partnerships at Sage Transform 2024

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Earlier this year, Fortis attended the Sage Transform 2024 conference in Las Vegas as a platinum sponsor, where we showcased our Sage Intacct payment processing automation. Our ERP experts attending the event shared their insights during presentations and interacted with attendees at our booth, making valuable connections and sharing their Sage knowledge. If you weren’t able to attend or just want a refresher, here’s a summary:

For Sage users, the AR process can be an arduous task for accounting teams. With our newest ISV partner, Quadient, our resident expert, John Badovinac, Vice President of B2B Channel, discussed optimizing AR processes with our unified solution in our presentation Swing for the Stars—A Transformational Approach to Invoicing and Collections. We showcased how Fortis and Quadient’s solutions can benefit end-users through cash flow and payment data integration.

In our main stage presentation, Transform your Business with the Power of Partnership, John Badovinac, VP of B2B Channel at Fortis, and experts from Sage AR Automation discussed learning lessons from the direct Fortis payment integration into the Sage system. The discussion showed how engaged partners can deliver superior customer experiences and stellar ongoing customer support when mutual interest and clear communication are at the center of the project.

But the conference wasn’t all work and no play. You know what it is like at a conference, you can get worn out seeing vendors, taking classes, and talking business all day. This year we co-hosted a fun event for the Sage Community with an evening at the Sphere. The “Sphere Party After Dark” at the newly christened, iconic Las Vegas Sphere was breathtaking. Mingling with our fellow colleagues is always a fun time but the presentation the Sphere puts on is something we think everyone should see in their lifetime.

The Sage community has been so good to us, and they are wonderful to be around. We wanted to do something special for the attendees, so we partnered with DocLink, Quadient, Avalara, TrueCommerce, DataSelf, and Tipalti to give away some casino cash to go play around with. The winner, Melanie Walker, was announced on Wednesday evening and her reaction was priceless. Be sure to check out our recap video for the details.

Overall, the conference provided Fortis with an outstanding opportunity to share our ERP and payment processing expertise with the wider Sage community, make new connections, and showcase our value proposition. We are thrilled to have been a part of the conference and look forward to attending next year!

Of course, we are happy to discuss our Sage integration year-round. Discover how Fortis elevates B2B payments and provides value to your customers. 

Partner Spotlight: Sage

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As a leading enterprise resource software (ERP) and business-to-business (B2B) accounting solution, Sage partnered with Fortis to provide a frictionless payment experience for its clients and their customers.

Thousands of businesses use Sage to monitor cash flow, manage spending, and close their books. Sage emphasizes its focus on being a human-centric product and since its humble founding in 1981 in the back of an old English pub, Sage has grown worldwide and it’s software aims to make finances easier for business owners across the globe. The leadership at Sage understands the challenges connected to payments and believes that automation and high-quality software can reduce or eliminate these complexities.

One such challenge Sage is working to eliminate is reducing the quantity of late payment from merchant’s customers. Traditionally, businesses would have to call or mail their clients about overdue invoices, leading to cash flow bottlenecks.

Partnering with Fortis allows Sage to resolve this issue and offer its customers more tools to use for payment optimization.

Fortis also enables Sage’s users to customize the payment experience to their needs. Businesses can send electronic invoices via email and text, as well as accept payments on their websites. With Fortis, users of various Sage products can leverage an omnichannel and tailored approach to payments. Furthermore, they can receive payments quickly, thanks to real-time data syncing within the Sage platform. Additionally, customers can conveniently settle multiple invoices in a single transaction, a functionality tailored for the B2B sector.

“The possibilities are almost endless with a powerhouse like Sage as our partner,” said Greg Cohen, CEO and chairman of Fortis. “We’re committed to creating remarkable payment experiences for the businesses we serve, and I can’t wait to see what the future holds for them.”

The Sage team is committed to driving innovation through customer feedback and their extensive Sage Network. Sage’s partnerships and collaborations ensure that businesses across all industries have the tools they need to grow.

Fortis offers Sage users a comprehensive solution to provide a frictionless payment experience and generate value with enhanced data and ease of use. Looking to be our next Fortis partner? Discover how we work with Sage 50, Sage 100, Sage 300, Sage X3, and Sage Intacct. 

The Ease of Integration: How Fortis Simplifies Payment Solutions

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A poor payment process hinders business growth, with nearly a quarter of consumers reporting that they abandon the payment process due to a complicated checkout process. Other common reasons for cart abandonment include not trusting a website with credit card information, being unable to calculate the order total up-front, and having limited payment acceptance methods.

The traditional payment process for merchants and ISVs is often time-consuming to set up and maintain. Frequent changes to software and payment technology create a disjointed and complex process—making it challenging to optimize payments and collect more revenue.

Turnkey platforms, like Fortis, offer businesses an option to simplify payments and scale their operations. However, to understand how payment solutions can become more efficient, we need to review how friction affects both businesses and consumers. 

Friction in the Payments Process

The initial shift from manual paper-based payment processing to ERPs and digital solutions offered businesses increased transparency. However, the shift to digital did not resolve many key payment challenges, it simply digitized them while adding data entry as an additional step.

A lack of efficiency, consistency, and usability plagued accounting departments and small businesses who accept payments. The rise in payment fraud—through both identity theft and social engineering—combined with an increase in payment processing fees, placed an additional burden on merchants when it comes to accepting payments. Furthermore, businesses could not optimize their payment process without having full data visibility.

Many of these challenges stemmed from a lack of automation or security controls, which streamline the payment process, improve record-keeping, and detect suspicious behavior. Vague government and industry regulations confused ISVs and merchants, making navigating the payment solution landscape difficult.

Even as the industry starts to adopt these features to improve the payment acceptance experience, the payment process continues to be complex for many merchants. But it doesn’t have to be.

The Fortis Difference

Fortis offers an end-to-end payment solution for businesses and ISVs. One of its most prominent capabilities is the ability to provide embedded payments, which simplifies the payment process and fosters business growth.

Embedded payments allow customers to complete their transactions without leaving a platform’s website or app. This enables businesses to maintain a branded, frictionless payment process and leverage features like text-to-pay, HSA acceptance, and digital wallets. However, the ease of integration depends on your payment partner. This ease of integration is an area where Fortis excels.

With award-winning APIs, comprehensive customizations, and detailed developer documentation, Fortis provides merchants and ISVs with all the tools they need to optimize their payment process without sacrificing usability.

The Fortis platform enables businesses to expand their customer base and support customer retention through:

  • Accepting different payment methods
  • Collecting and analyzing payment data
  • Automating the payment process
  • Improving customer service 
  • Ensuring compliant data security
  • Developing an on-brand, custom payment process 

Experience Payments as They Were Meant to Be

Embedded payments is just one of many solutions businesses can leverage with the Fortis platform, but it is one of the most important. Implementing a robust embedded payments solution creates more than a seamless payment experience—it helps turn payments into your competitive advantage. 


Discover how to create remarkable payment experiences by contacting the Fortis team today.

Fortis and WooCommerce Partner to Expand Capabilities in the $1T B2B Market

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WooCommerce has partnered with Fortis as the new preferred B2B payment integration

PLANO, Texas, March 11, 2024 /PRNewswire/ — Fortis, a leading provider of payment and commerce technology solutions for software providers, marketplaces, and scaling businesses, proudly announces its latest collaboration with WooCommerce, the web’s leading ecommerce platform and premier provider of shopping cart plugins for WordPress and other platforms catering to small and mid-sized businesses.  This collaboration is aimed at bringing a full stack of B2B payments functionality to the WooCommerce platform and to Fortis’ expanding ERP ecosystem.

Fortis will debut in the WooCommerce Marketplace as a verified payments app, establishing itself as one of the preferred B2B payment integrations available. This collaboration aims to streamline payment processes for B2B and Services businesses of all sizes.  In these markets, the seller and buyer dynamics are very different than the B2C experience.  This partnership will deliver core payments capabilities specifically designed to support these highly valued customers and solidifies Fortis’s position as a key player in the realm of integrated payments, offering unparalleled solutions to businesses seeking to optimize their commerce experience.

Greg Cohen, CEO of Fortis, expressed enthusiasm for the partnership, stating, “We are thrilled to collaborate with Woo to deliver remarkable experiences in the B2B market. This partnership signifies our shared commitment to empowering businesses with cutting-edge solutions that drive growth and streamline operations.”

The Fortis solution will provide optimal functionality to those in the B2B space and broadly, to any of the platform’s end users. Fortis brings not only credit card (CC), Automated Clearing House (ACH) and electronic funds transfer (EFT) payment acceptance, but enhanced Level 2 and Level 3 processing support for interchange optimization, maximizing cost efficiency and compliant surcharging capabilities.  These capabilities are delivered through an embedded experience in the checkout page and connect to quick-invoicing and ensure real-time transaction monitoring and settlement detail. The end-to-end solution set caters to the diverse customer preferences needed in these growing markets.

“Fortis’ integration with WooCommerce brings value to B2B businesses seeking to elevate their online commerce experience. With support for WooCommerce Blocks checkout, our users can expect a seamless and flexible checkout process, which will enhance user satisfaction and ultimately driving increased conversions.” – Web Griebel, Head of Payment Partnerships & BD at WooCommerce.

Businesses leveraging Fortis’s integrated payment solutions within the WooCommerce ecosystem can expect enhanced commerce capabilities, streamlined payment processes, and improved customer satisfaction. This integration is available on both the WooCommerce Marketplace and the WordPress Plugins Marketplace, ensuring accessibility and convenience for businesses of all sizes.

Learn more about Fortis and its integrated payment solutions at fortispay.com. For additional information about WooCommerce, visit woo.com.

Press Contact:

Fortis
Oliver Stephenson
Oliver.Stephenson@fortispay.com

Woo
Jay Walsh
press@woo.com 

About Fortis

Fortis is the leader in embedded payments for software providers, processing billions of dollars annually by delivering comprehensive payment solutions and commerce enablement to software partners and developers. The Fortis mission is to forge a holistic commerce experience, guiding businesses to reach uncharted growth and scale. As the solution of choice for the future of payments, Fortis moves commerce closer to invisible with a proprietary platform that supports and strengthens the commerce and payments capabilities of software partners.

For more information, visit fortispay.com.

About Woo

Woo is the leading ecommerce platform, powering more than 3.6 million online shops. Woo empowers anyone, anywhere, to sell anything with unlimited extensibility and flexibility. Get everything you need to launch an online store in days and keep it growing for years. From your first sale to millions in revenue, Woo is with you. 

Woo’s code is open source, built on WordPress, and powered by a global community of thousands of developers, designers, agencies, builders, and technology partners. woo.com

TSG Real Transaction Metrics Awards: What Gateway Uptime Means for Merchants 

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In an industry as dynamic and intricate as payments, recognition from impartial third-party reviewers stands as a testament to the dedication and excellence of companies striving for unparalleled service. These awards not only celebrate achievement but also serve as beacons guiding stakeholders toward industry leaders. Among these esteemed reviewers, The Strawhecker Group (TSG), a globally recognized analytics, intelligence, and solutions-focused firm in the payments industry, plays a pivotal role. With a keen eye for identifying excellence, TSG meticulously evaluates companies based on their performance across various essential criteria, offering invaluable insights into the ever-evolving landscape of payment solutions. Their recognition serves not only as a badge of honor but also as a catalyst for innovation and improvement within the industry.

In 2024, TSG determined that Fortis offers the best payment gateway uptime and was the second-best solution globally for the lowest gateway minute outage.

The award criteria

TSG 2024 Best Transaction Metrics Awards used its Global Experience Monitoring (GEM) platform to evaluate various payment gateway companies. The GEM system tracks credit card transactions and non-synthetic pings from over 30 global locations over four continents. Each award category is based on a metric that provides insight into the merchant’s view of checkout performance.

TSG featured Fortis in three awards: 

  • Best Gateway Uptime— Fortis won the Best Gateway Uptime award, which regularly measures performance checks to determine the availability of the gateway at any given time. 
  • Lowest Gateway Minute Outage— Fortis received first place for Lowest Gateway Minute Outage (North America). GEM pings locations in the United States and Canada to determine minute outages. An outage is recorded if at least 25% of location checks fail simultaneously. 
  • Lowest Gateway Minute Outage (Global)— Fortis was the runner-up for this award, which checks GEM pings in North America, South America, Europe, and the Asia Pacific to determine outages. Outages are recorded only when at least 50% of location checks fail at the same time. 

Ensuring payment gateway availability and reducing outages is essential for a best-in-class payment platform. These technical aspects monitor a platform’s reliability—the higher the uptime, the better.

Uptime’s relationship to excellent performance

A high uptime means that a website or application is rarely offline or unstable, and downtime is when a website or application is not available or working. As a result, payment gateways with a high uptime ensure a seamless experience for both the merchant and the consumer. Having a low downtime reduces the potential for error or lost data. Additionally, downtime causes merchants to potentially lose sales because they are unable to accept payments. Therefore, having little to no downtime ensures merchants do not lose potential revenue during unforeseen downtime events.

To achieve reliable gateway uptime, a payment platform typically invests in several regional data centers and creates redundant infrastructure to prevent potential data loss. These systems must also be monitored, tested, and maintained to ensure high-quality performance.

High uptime typically means the payment gateway is well-equipped to handle potential threats, such as system malfunctions, maintenance interruptions, cyberattacks, and high transaction volumes.

Likewise, a solution with a low outage minutes measurement isn’t down for very long when an issue does occur.

Fortis users can experience a reliable gateway—ensuring that merchants and consumers can use its payment system 24/7. And on the rare occasion that downtime does occurs, the platform isn’t offline for long.

Who is Fortis?

As a leading payments partner, Fortis enables software companies to develop customized commerce experiences through embedded payment solutions, omnichannel payments, loyalty programs, alternative payment methods, and more.

Contact us today and discover how you can turn payments into your competitive advantage.

Payments Market – The Great Restoration 

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After decades of hypergrowth investment, payment and financial technology companies have entered a new era. Super-sized valuations, irrational business models, and free flowing investment funnels are in the rear-view mirror and not all organizations are ready to pick up the pieces and build sustainable, profitable, growing businesses.  In fact, some businesses may not have a real shot at success given their business models, management, or capitalization structures.

The past two years have been devastating for valuations in the payments and financial technology market. Even the fastest growing, highly-coveted, disruptive organizations have seen their valuations drop 50% from their highs in the early part of this decade (Adyen: $1500, high $2500; Affirm: $50, high $150; Shopify: $80, high $150). Scaled incumbent payments businesses are experiencing valuations at multiple lows not seen since 2009:  EV/EBITDA: FISV – 12.0x, FOUR – 11.5x, GPN – 10.5x, Nuvei – 8.5x, RePay – 7.5x (multiples and valuations based on early 2024 reporting).

Payments and fintech businesses are following general market trends that began a correction when interest rates started to rise in early 2022. Looking ahead to 2024, most experts believe we will not see further increases in interest rates. However, we may never return to the low interest rates of Q4 2021, and there is increased regulatory scrutiny on mergers (Adobe walking away from its $20 billion acquisition of startup Figma Inc. after clashing with regulators in Europe and the UK) and general investment sentiment in financial technology has soured. This means public multiples are unlikely to revert to 2021 levels anytime soon. What many don’t understand is that private investors benchmark from public multiples, and market dynamics (interest rates, growth, access to credit, etc.) don’t just affect public markets; they affect private markets as well.

Private equity and venture funds have had massive fundraising challenges. According to the Wall Street Journal, private-equity firms are preparing for an extended period of lean fundraising, with little indication that 2024 will be better for raising money than in the past year. Private equity fundraising was down 57.4% during the first half of 2023 at the top publicly traded firms, according to PitchBook. The toughest period for private equity fundraising since at least the 2007-09 financial crisis is likely to continue, as investors remain hesitant to invest more in the asset class. Those with capital are being very selective in their allocations. Venture equity isn’t any better. According to Ernst & Young, venture capital fund formation is off significantly from a record year in 2022, dropping 62% in 2023.  Furthermore, EY reports the 2023 venture capital market saw a 35% year-over-year decrease in investment dollars from 2022, the lowest level in four years. Venture capital backed startups raised just over $140 billion last year, and if not for several mega-deals fueled by artificial intelligence (AI), the venture capital market would have struggled to top $100 billion. This year may record a sub $100 billion year and deal with an overhang of more than 50,000 existing venture capital backed startups, which need to sort out high valuations and low liquidity.

So what’s next?

Just like the days, months and years after a hurricane – it’s time for the great restoration period. The weaker homes and businesses are wiped away, structures with solid foundations clean their yards and mend their fences, and go forward with a renewed respect for their infrastructure. Replacement homes are built to new and updated codes, and fortified to withstand the demands of the new world.

We have seen scaled incumbents shut down or shed non-core assets. In the payments world, Chase has all but shut down WePay as reported by The Information on January 10 (“JPMorgan’s WePay Abruptly Dumps Business Customers “). Similarly, FIS divested WorldPay at a valuation of $17.5 billion, a far cry from the $35 billion it was valued at just four years earlier. We have seen venture growth-backed future-stars literally dissolve, as TILL, once valued at $350M, sold to Nuvei for $30.5M after they were unable to keep the doors open. Similarly, Plastiq, after a failed attempt to go public via SPAC, filed bankruptcy and was picked up by Priority Payments. Many of the high-flying SPAC companies have reversed course and gone private at reduced valuations from their post-SPAC highs (e.g., BillTrust goes private at $9.50 per share; all time high of $19; Engage Smart goes private at $23 per share; all time high of $38). Even Stripe, after seeing their value drop by 50% (Stripe slashes valuation to $50 billion in new $6.5 billion funding round in 2023; Stripe had raised capital at $95B two years earlier), has changed its business and pricing models to expedite it’s path to profitability (November 2022, manually entered transaction fees were increased by 50 basis points; October 2023, currency conversion fees are no longer reversed for refunds); and according to Alternative Payments Baxter Lanius’ January LinkedIn post highlighting Stripe’s business changes of: ‘price increases, renegotiation of terms and a move upmarket’.

Similarly, on the back of higher costs of capital and increased regulatory scrutiny, San Francisco-based Affirm adjusted its own go-to-market plans, doing more interest-bearing, longer-term installment loan volume than shorter-term, fee-free lending. And its interest rate on the former could be as high as 36%. Pay-in-4 loans made up 19% of Affirm’s gross merchandise volume for the fiscal year that ended June 30, according to the company’s annual filing with the Securities and Exchange Commission.

We are only in the first period of this Great Restructuring, so what is in store for the next 12 – 18 months:

  • More Cash Struggles – Thousands of cash-burning businesses will need capital, and there will be a huge board and investor push on companies for profitability. These companies will be forced to be prudent when managing their operating expense base while also looking for ways to squeeze more margin out of existing customers.  
  • More Divestitures – Organizations will focus on their core business lines and, with limited equity or cash available, will be forced to divest non-core assets.    
  • More Mergers and Acquisitions – As businesses are forced to make strategic changes, this opens the door to softer valuations and “relative value” discussions, and will open a window for mergers and acquisitions among strategics and sponsors alike.   
  • More Failures – Organizations that don’t have a buyer or an investor once they are at the end of their cash reserves (and there will be many), will result in a shutdown of business operations. There can be only so many lifelines.  
  • More Rational Business Models – The “growth at all costs” or “grab some users to get the next funding round” models will no longer be tolerated by boards and investors. Companies will need to launch business lines with a hard look at break-even and ROI.    
  • More Focus – Payments and fintech businesses will focus on their core competencies and drive profitable models from core business operations before opening or acquiring new lines of business. Gone are the days of driving multiple sub-scale new lines of business simultaneously vying for capital and resources.

While the year ahead may sound ominous, it will lead to a “better” payments and fintech environment. Many of the organizations that were not built on solid foundations lacked the compliance and financial disciplines required for the long haul. There will also be huge opportunities for incumbents and new organizations to assemble assets in the right way, for not only long-term growth and stability, but for outsized returns.

Regardless, the Great Restoration is going to be fun to watch.

3 Key Trends in the Payment Industry Today: Embedded Episode 4 

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In episode 4 of our monthly Embedded podcast, Josh Istas, the Senior Director of Product Strategy at TSG, and Timmy Nafso, Fortis Executive Vice President, discussed the evolution of payments—and what merchants and ISVs need to know about current payment trends.

The fact is, a frictionless payment system has become more than just “nice-to-have.” New consumer expectations and developer requirements are driving this revolution in the payments industry.

Below we’ve summarized three critical trends covered in the episode.

1 – Payments are more than a commodity

Initially, merchants and ISVs viewed payments primarily as a commodity. Payment software was largely a separate product, disconnected from the merchant site. However, this perception has changed as consumer demand for an enhanced payment experience has increased.  

For ISVs, offering embedded payment features that ensure that the payment process is frictionless for consumers is paramount. Payments now allow merchants to strengthen branding and provide consumers with an effortless payment experience, contributing to customer retention and satisfaction.

Therefore, payments have transitioned from a commodity to a key differentiator for software providers and merchants.

2 – Integration documentation should be easy to use

Payment functions require access to sensitive merchant and consumer data, placing pressure on developers to ensure strong data security. At the same time, developers must prioritize a payment solution’s ease of use and white-label options.

Detailed integration documentation enables developers to easily review and add payment solutions to their software. Documentation should be properly categorized and detailed with as much information as possible to ensure developers can troubleshoot effectively. It also allows development teams to discuss app architecture in detail and find additional methods of improving overall software functionality and security.

At the end of the day, solid documentation makes it possible for developers to remain self-sufficient and accelerate the integration process.

3 – What does the consumer want?

Consumer expectations for payment processes and options have dramatically evolved over the years. For example, 53% of Americans now use digital wallets as much as traditional payment methods, and 51% said they wouldn’t shop at a merchant that didn’t offer digital wallet payment options. Along with digital wallets, the number of Americans leveraging buy now, pay later (BNPL) services increased by one-third, according to the Federal Reserve Bank of Atlanta.

While merchants have driven the demand for payment innovation for decades, consumers are now the primary force advocating for an enhanced payment experience. Embedded payments, loyalty programs, BNPL, and alternative payment methods are rapidly becoming the norm due to consumer feedback.

However, embedded payment systems are not a one-size-fits-all approach. The individual payment processes and products must be tailored to each ISV or merchant’s customer base. Relying on surveys to gauge customers’ expectations is one method, but data often provides better insight. For an ISV or merchant to take advantage of hard numbers, however, it’s important to have a payment solution that offers robust analytics and business intelligence capabilities.

Leveraging the power of payments

A frictionless and flexible payment experience is no longer just a competitive advantage—it is mandatory for survival. Merchants and consumers expect streamlined and secure payment options, while developers require comprehensive documentation to effortlessly implement new solutions.

 As an award-winning payment platform, Fortis understands the importance of the payment journey. To learn more, discover the Fortis difference at fortispay.com.

Fortis Honored in TSG’s 2024 Real Transaction Metrics Award

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NOVI, MI. (January 29, 2024) – Fortis, an integrated commerce and payments technology leader, is proud to be honored by TSG (The Strawhecker Group) in its 2023 Real Transaction Metrics Awards. Powered by TSG’s Global Experience Monitoring (GEM) platform, GEM monitors real credit card transactions and pings (not synthetic) from over 30 global locations across North America, South America, Europe, and Asia Pacific 24/7/365 to benchmark gateway performance. GEM is different from other monitoring solutions because it provides the merchant’s perspective of performance at checkout.

Fortis received first place for Lowest Gateway Minute Outage (North America). GEM pings locations in the United States and Canada to determine minute outages. An outage is recorded if at least 25% of location checks fail simultaneously.

Additionally, Fortis won Best Gateway Uptime, and was runner-up for Lowest Gateway Minute Outage (Global).

Performance data was assessed across more than 20 industry-leading global payments providers for 2023 to determine the Real Transaction Metrics Awards.

“Thank you, TSG, for the recognition! We are honored to have won Best Gateway Uptime and Lowest Gateway Minute Outage in North America, as well as earning the runner-up position globally,” says Ashley Usher, Chief Operating Officer at Fortis. “These accomplishments would not be possible without our dedicated Fortis Guides, whose unwavering commitment to excellence has positioned us at the forefront of the industry! This year, our team continues to prioritize seamless transactions and exceptional user experiences while building remarkable experiences for our customers.”

Fortis continues to revolutionize the payments landscape through their cutting-edge proprietary platform, meticulously crafted to bolster your software’s capabilities. Their user-focused portal ensures constant connectivity, offering reliable tools and support to enhance your customers’ experiences whether online, in-store, or on-the-go. Fortis’ secure, end-to-end module guarantees a seamless omnichannel payment experience, empowering you to deliver the modern, fluid, and predictable interactions your customer’s demand.

Details about the Real Transaction Metrics Awards and the list of winners are available here.

About Fortis

Fortis is the leader in embedded payments, processing billions of dollars annually by delivering comprehensive payment enablement solutions to software partners, developers, and their merchants. The company’s mission is to forge a holistic payments experience, guiding businesses to reach uncharted growth and scale. As the solution of choice for the future of payments, Fortis moves payments closer to invisible with a proprietary platform that supports and strengthens the commerce capabilities of software partners. For more information, visit fortispay.com.

About TSG

TSG (The Strawhecker Group) is a globally recognized analytics and consulting firm that supports the entire payments ecosystem, serving over 1,000 clients from Fortune 500 leaders to more than a dozen of the world’s most valuable brands. Trusted by industry leaders, TSG’s strategic services, market intelligence, and analytics merge to empower clients with actionable and accessible information. Please visit www.tsgpayments.com.

Partner Spotlight: Window World

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Window World, America’s largest home exterior remodeler, combined their breakthrough software WW360 and the Fortis integration to transform their payment process.

Receiving and processing a vast number of transactions takes significant manpower. Recording payments and navigating various payment structures often draws time and resources away from growth initiatives. And, as a company scales, a streamlined payment process becomes more critical. As Window World has sold over 20,000,000 windows since 1995, it was essential for them to keep evolving their payment infrastructure to optimize their bottom line. 

“Payments that are made through Fortis make their way into 360, so they don’t have to do double entry. That eventually works its way into QuickBooks, so our store owners really appreciate the complete solution that Window World 360 and Fortis provide,” Duffy Sweeney, SVP IT Digital & Operations. 

This industry-leading home improvement company offers high-quality and energy-efficient windows, doors, siding, shutters, and more at an affordable price. In addition to these products, Window World offers a professional installation team to ensure the improvements are installed efficiently and in accordance with code.

With so many moving parts, it was essential for the Window World team to standardize and streamline their payment process. Fortis offered a comprehensive solution that worked with Windows World’s current tech stack by bringing innovative technologies and a credit card processing perspective to the table.  

Through the Fortis integration with WW360, Window World was able to automate payment posting to 360, boost payment security, add payment terminals to the field, and shift from card-not-present transactions to card-present payments—saving a significant sum in fees. In addition, final payments could be automatically charged as Fortis saved and tokenized client payment information.  

Partnering with Fortis not only digitized and automated the payment process for Window World, but also improved the customer experience. Window World’s clients appreciated the fast and convenient payment workflow.  

Fortis offers more than core payment services. Its value-based, robust approach to payment processing enables organizations like Window World to save time and resources as they grow. To leverage the Fortis advantage for your business or software, learn more about becoming a partner. 

Protect Your Retail Business and Maximize Revenue this Holiday Season

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As the holiday season and 2024 grow near, retail businesses can expect an uptick in sales. Holiday spending is expected to reach record highs this November and December, forecasting in the realm of $957.3 and $966.6 billion. However, with this increase in transactions, there also comes an increased threat of fraud and chargebacks.  

We’ve covered chargebacks before, but as a refresher, a chargeback is a transaction that has been disputed and returned by the cardholder or issuing bank. A chargeback reverses a credit card transaction and withdraws funds that were previously deposited into a bank account. If you are a retail business owner looking to maximize revenue, it is imperative that you look to mitigate chargebacks especially during the holiday season. 

The Retail Chargeback Guide 

Fortunately, Fortis is here to help! In our latest piece, Chargeback Guide: Fraud Prevention Tips for Retail Businesses, we discuss the best practices and tips for your business to take to mitigate chargebacks. You can expect to learn: 

• The different types of chargebacks that exist 

• Best practices for chargeback prevention 

• Tips on how to protect your business against fraud 

• Information on the chargeback process with Fortis 

Start Maximizing Your Revenue with Fortis 

Ready to start maximizing your revenue and protecting your business against chargebacks, this holiday season and beyond? Download our Chargeback Guide and consider reaching out to Fortis for more information about our retail payment solutions. Happy Holidays! 

Fortis Celebrates Transformational Year in 2023 with Massive Growth in Embedded Payments 

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Fortis’ investments pay off big with new partnerships, new markets, and industry recognition as it prepares for continued momentum in 2024, helping clients reach their goals and scale their businesses. 

Fortis, a payment technology leader for software providers, marketplaces, and scaling businesses, has driven significant year-over-year growth through its embedded payments solutions, newly formed partnerships, and industry recognition in 2023. This growth, among other accomplishments, emphasizes Fortis’ unwavering commitment to helping businesses grow and scale.  

“We saw Fortis rise to new heights this year, and it would not have been possible without the team’s relentless dedication to strengthening our platform. Looking ahead to 2024, we are excited for continued momentum and eager to see the success of software providers and their clients,” says Greg Cohen, Fortis CEO. 

International Expansion 

Fortis recently expanded into the Canadian market, allowing software platforms and businesses to leverage Fortis’ embedded payments technology and access the full suite of solutions through award-winning APIs. The Canadian roll-out supports omni-channel credit card processing, Interac Debit acceptance, and EFT capabilities. 

New Partnerships and Acquisitions 

Fortis also saw considerable growth through strategic partnerships:  

  1. First, a scaled-up partnership with Sage, and embedded capabilities with Acumatica, elevated the payments experience for businesses’ clients in these two ERP ecosystems. Through partnership, merchants now have access to everything needed to scale quickly and efficiently, including level two and level three data enrichment, card present transactions, and multi-company support. 
      
  1. Further enriching this ecosystem, Fortis formed a dynamic partnership with Red Maple. This allowed Red Maple to expand its payment processing solutions and offerings to Microsoft Business Central, Dynamic 365 and AX customers, opening new avenues for growth and collaboration.  
      
  1. Lastly, the acquisition of SmartPay broadened Fortis’ service offerings and enriched the team’s integrated payments expertise. The SmartPay acquisition gave Fortis access to a skilled team of integrated payments professionals, enabling the company to leverage the strong software relationships SmartPay built. This strengthened Fortis’ ability to serve scaling client businesses in complex markets. 

Team Growth

In addition to its technology, Fortis has also doubled down on its commitment to the customer experience. This year, Fortis expanded the customer service team by 90 percent to establish a premier support department, along with a new and improved knowledge base and learning management system to support specialized service procedures. These changes, along with the Integrated CXM and IVR Platform launch, have significantly enhanced service metrics, resulting in quick and effective resolutions for clients.  

To support the growing team, Fortis added Jonathan Goldin to the Executive Team in the newly created role of Chief People Officer. People are at the heart of what makes Fortis great, and with more than 25 years of experience and leadership in human resources and business transformation, Goldin will provide better visibility, prioritization, and decision-making around overall human capital strategies, talent development, and people-first programs.

Industry Recognition

Finally, in industry news, Fortis COO Ashley Usher was recognized at the CRN® Women of the Channel Awards, for her outstanding contributions in payments. Each year, CRN recognizes women from vendor, distributor, and solution provider organizations whose expertise and vision have left a noticeable and commendable mark on the technology industry.   

Fortis also launched its first-ever video and podcast series, Embedded: Unveiling Payments Latest Innovations, educating independent software vendors, enterprise system developers, value added resellers, and business communities at large, on the latest happenings in the payments space. Subject matter experts and influential guests from the payments industry shared their knowledge and experiences, keeping listeners up-to-date on the latest trends, challenges, and opportunities.

2024 and Beyond

In the year ahead, Fortis plans to continue to invest in a culture of success and talent as they double-down on product and experience enhancements for all partners and clients.

About Fortis

Fortis is the leader in embedded payments, processing billions of dollars annually by delivering comprehensive payment enablement solutions to software partners, developers, and their merchants. The company’s mission is to forge a holistic payments experience, guiding businesses to reach uncharted growth and scale. As the solution of choice for the future of payments, Fortis moves payments closer to invisible with a proprietary platform that supports and strengthens the commerce capabilities of software partners. For more information, visit fortispay.com.

Media contact: fortis@nextpr.com  

Boost Growth with a Sales and Marketing Assist Program

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For ISVs and merchants, integrating payments into your software is a major step toward creating a holistic product. However, this is no easy task, as this addition affects many other areas of your business. That’s why having a fully equipped sales and marketing team is crucial to making this process seamless. A properly equipped team, via a Sales and Marketing Assist Program, helps maintain a seamless user experience, eases the transition for your customers, and gives you the opportunity to add an additional stream of revenue to your bottom line. 

In this blog, we look at three different ways to prepare your team for the integration of payments into your software or solution – in-house options, leveraging an agency, or using a third-party. First, let’s discuss the elements that are usually part of a Sales and Marketing Assist Program. 

Your Sales and Marketing Assist Checklist 

A typical Sales and Marketing Assist Program should contain the following components: 

Sales Education and Execution: 

  • Battle Cards 
  • Sales Call Script 
  • Sales Nurture Email Campaigns 

Marketing: 

  • Landing page 
  • Flyer 
  • Email Marketing 

Now, let’s discuss the three different avenues you can take to implement these types of programs.  

1.) In-house sales and marketing teams 

Your first option is to have internal sales and marketing teams within your organization. While you will have a lot of control over the process, this option can quickly become the most work. Your internal team will be responsible for not only creating messaging, but effectively communicating said messaging internally across the organization and externally to prospective clients. 

However, if done well, this option will save you money in the long run.  

2.) Leveraging agencies 

Your second option is to leverage an agency. One major benefit of using an agency is increased bandwidth. Your agency will provide the proper resources to develop the right messaging for your targeted audience.  

On the other hand, there will be considerable work needed to catch your agency up to speed, based on the individual goals of your organization. While the agency will have some templates in place, keep in mind that it will take a large burden from your core team, which ultimately comes with an external cost.  

3.) Third-Party Options 

Lastly, our final option is using a third-party payment processor. As you can imagine, this option comes with benefits in the form of expertise, efficiency, and cost.  

Ideally, the payment company you use should know the financial space inside and out, helping you optimally position your software or solution. Moreover, having your payment partner handle the sales and marketing means that they have this cost baked into their model, resulting in no additional cost for you, saving both time and money. 

Streamline your sales and marketing processes with Fortis 

No matter what path you choose – in-house, agency, or third-party – make sure you effectively calculate the cost of your path and do what makes the most sense for your business goals. If the last option sounds like it will work best for you, consider choosing Fortis to elevate the recurring payments and marketing strategies of your business! 

Fortis’ Sales and Marketing Assist Program enables businesses to quickly connect with their customers, maintain consistency, and support their sales and marketing efforts. Some features include: 

  • Customized enrollment support 
  • Experienced sales teams 
  • Comprehensive guidance from pricing analysis to revenue activation 
  • Co-branded templates, training guides, a campaign library, and online presence materials 
  • Video production tools – sales, educational, and spotlight content 

Our program contains expert guidance from specialized industry Guides and has tailored solutions for B2B, B2C, and enterprise merchants.

To learn more, visit our Sales and Marketing Assist Program page on our website. Let’s unlock the full potential of your business with our marketing and sales tools, together.

Strengthen Your Healthcare Software with Embedded Payments

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The healthcare industry is notorious for being slow to update systems, especially when it comes to payments. So, what’s the reason for this reluctance toward a change that can improve speed and payment processing? 

Most healthcare providers simply don’t notice that their software is slowing down their receivables. For healthcare practices who have a complex and convoluted payment system due to health insurance and compliance requirements, it can be difficult to diagnose the problem. Most legacy EHR software is hyper-focused on patient care, but healthcare technology’s roadmap must encompass advancements to payments software, though they’re not always prioritized. 

An upgraded payments strategy can be a competitive advantage for developers and ISVs looking to capture more healthcare customers.  

The Link Between Modern Healthcare Payments and User Experience 

Non-traditional healthcare providers, such as chiropractors, mental health clinics, and physiotherapists, often don’t have the hospital volume to permit an extensive EHR system but need something more advanced than a basic payment processor. As more and more healthcare providers lean into digital payments, a new, robust payment system will become the norm. 

For example, between 2020 and 2021, mail-based medical billing dropped by 16%. Customers now prefer paying via phone calls, text messages, mobile app notifications, online portals, and email. Furthermore, around 60% of patients say they pay faster when using these alternative payment methods.   

All of this translates into an increased demand for better payment processing options from health providers and practices. Developers of healthcare software and EHR integrations should include digital payments in their strategy going forward.  

For software developers, security, usability, ease of integration, and flexibility are all required to stay competitive. Payments should be made easier, not harder, which means reducing the number of clicks and streamlining the payment journey. That said, removing slow, unnecessary steps without sacrificing compliance is key to improving cash flow for your customers. When they get paid quickly, they are reluctant to change to another provider.  

The solution for many software developers is simple—embedded payments.  

What are Embedded Healthcare Payments?

Embedded payments integrate right into your software. Customers no longer need to jump from a merchant landing page to a payment portal, and back, to complete a purchase. Embedded payments make it possible to keep the entire transaction on one, custom-branded page from start to finish.  

In addition to websites, embedded payments are compatible with mobile devices as well. If a patient downloads your app, they can pay via an embedded payment form in their phone. Keep in mind that an effective embedded solution should provide the ability to: 

  • Securely store card information on file 
  • Save more than one card—such as an HSA and credit/debit card 
  • Log all payment-related notifications 
  • Mail out statements for click-to-pay 
  • Set up recurring payments

The goal is to make payments as effortless, and as seamless, as possible. This not only accelerates receivables for end-users, but also reduces compliance pitfalls in the back office. It’s a win-win. For ISVs and EHR providers, helping your customers get paid faster is a key way to differentiate your software.  

Unlike traditional payment processors, an embedded payment solution isn’t just another mandatory expense. Some payment processors, like Fortis, provide revenue-sharing opportunities where you can actually earn money from each transaction. 

Keep Your Cash Flow Healthy with Fortis

Often, the best option for ISVs and software developers embedding payments into their platform is through partnership. The right partnership should offer easy integration, provide you and your customers with flexible payment options and revenue sharing for every transaction. Through customized embedded payment solutions, your software company can optimize healthcare payments effortlessly. 

Fortis is a leading embedded payments platform that provides end-to-end support for healthcare providers and practices to better serve their patients. Using award-winning API technology, the Fortis payment processing solution enables digital payments for a healthier cash flow, securely stored payment methods, click to pay invoices and more. 

To learn more about how Fortis can revolutionize your healthcare payment system through embedded payments, reach out to one of our guides. 

 

Fortis Welcomes Jonathan Goldin to C-Suite as Chief People Officer  

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Fortis strengthens its investment in human capital with the addition of HR veteran Jonathan Goldin as Chief People Officer. 

Fortis, a payment technology leader for software providers, marketplaces, and scaling businesses, welcomes Jonathan Goldin to the Fortis Management Committee and Executive Team in the newly created role of Chief People Officer.  

With more than 25 years of experience and leadership in human resources (HR), mergers and acquisitions (M&A), and business transformation, Goldin comes to Fortis with previous experience in high-growth, national and global organizations like Net at Work Inc. In this new role, Goldin will provide better visibility, prioritization, and decision-making around overall human capital strategies, talent development, and scaling “people-first” programs.  

“Jonathan is an incredible addition to our growing organization. As we continue to expand, it is important to put an experienced people leader at the executive table, helping us focus on the needs of our talented team and operational growth,” said Greg Cohen, Fortis CEO.  

Goldin joins Fortis from PrimePay, where, as Chief People Officer, he led HR strategy and enabled business growth through organizational effectiveness, talent, leadership and engagement programs. Previously at Net at Work Inc., Goldin led the People function as Chief HR Officer, partnering with the business on strategic talent programs and enhancing the employee experience. Goldin spent the four years prior with ADP as VP of Global HR Transformation, PMO, Strategy & Planning, defining, driving, and enabling the next phase of ADP’s global HR transformation. 

“I am thrilled to join the Fortis team as their first Chief People Officer, further strengthening the organization’s commitment to our talented team members who deliver for our clients every day.  I’m looking forward to the journey ahead, as we work together to scale operationally, strategically align our talent and people programs, and achieve our exciting growth objectives,” said Goldin.  

Over the past three years, Fortis has grown its team five-fold and has expanded through North America with ambitions for more. Goldin’s experience in M&A and business transformation makes him the experienced leader Fortis needs for the growing company’s future. 

About Fortis

Fortis is the leader in embedded payments, processing billions of dollars annually by delivering comprehensive payment enablement solutions to software partners, developers, and their merchants. The company’s mission is to forge a holistic payments experience, guiding businesses to reach uncharted growth and scale. As the solution of choice for the future of payments, Fortis moves payments closer to invisible with a proprietary platform that supports and strengthens the commerce capabilities of software partners. For more information, visit fortispay.com.