2018 Innovation Name: Payment Assurance
Awards: 11th Most Innovative Company
An estimated US$145.9 billion in e-commerce sales are lost each year due to false bank declines. This is caused by processors, banks and their partners having transient issues processing payments. Payments cannot be made until the service resumes, resulting in reputational damage and lost donations. Pushpay makes it easy for people to give to the causes that they care about. Part of what we do is processing the payments.
When we process payments, we rely on other companies to help us get the payments from the sender to the receiver. Sometimes those companies have issues, which means payments fail and we lose some payments. This is not good for Pushpay, the person trying to give or the receiver. Pushpay has found a way to hold payments when issues happen with the companies we rely on and complete the payments later when the issue is resolved.