Kyle Pexton, President and CFO
The world of financial technology (fintech) has undergone tremendous change in the last decade and has only accelerated in this most recent year. The industry is witnessing the shift from traditional methods of payment to things like increased use of cryptocurrency, the convergence of physical and e-commerce payments, and even QR-code based payments. This puts added pressure on fintech companies to stay on top of trends and stay ahead of the competition.In this changing landscape, a company that has been leading the industry with innovative payments technology is NMI. NMI offers payment enablement solutions and has carved out its own unique spot in the industry by distributing its product entirely through third-party channels, primarily independent sales organizations (ISOs), fintech innovators, and integrated software vendors (ISVs). NMI considers these organizations their “partners”, as they collectively share in the success of enabling solutions for end merchants and consumers. This has allowed NMI to have unprecedented reach and scale, achieving deep penetration in several verticals, including medical, dental, parking, vending, and non-profits.
“NMI is passionate about providing state-of-the-art solutions that enable our partners to accept payments through any medium in a secure and timely fashion,” states Kyle Pexton, President and CFO of NMI. NMI liberates partners from basic payment solutions and provides access to the latest available payment technology. With payments volume of over $70 billion and an ecosystem of over 1,400 technology partners serving over 140,000 merchants, NMI is one of the biggest payment enablement companies in the market. Pexton refers to NMI as a modular solution provider with a focus on enabling payments across different types: online, in-person, and even unattended contexts, like parking kiosks.
NMI is passionate about providing state-of-the-art solutions that enable our partners to accept payments through any medium in a secure and timely fashion
“NMI is the industry leader when it comes to enabling ISOs, ISVs, and fintech innovators with a wide range of payment solution options,” he states. They are a white label solution provider, allowing their partners to brand and market NMI’s technology as their own so that these partners can deepen their relationships with their end merchants or consumers.
Talking about the barriers they had to address due to the global health crisis that has gripped the world, Pexton says that accepting payments across new channels had emerged as an existential issue for many small businesses. “NMI was able to address this head-on and allow businesses to accept payments in any form and in any environment based on what their customers needed,” he notes. Pexton cites an example of a partner who has a lot of customers in the restaurant space. When the lockdowns were put into place, this posed quite a challenge as many restaurants were forced to close their doors. “We, however, managed to work closely with our partner to enable them to offer payment acceptance coupled with an online ordering solution, resulting in many restaurants being able to keep their doors open,” says Pexton. He talks about how restaurants that were traditionally not equipped to allow online ordering and curbside pick-up were able to quickly pivot and implement this new means of doing business. This is just one of a few instances where NMI, operating behind the scenes, was able to help businesses thrive amidst the pandemic. “We’re the engine behind the curtain,” remarks Pexton.
One of NMI’s other distinguishing features is the financial security and payment reliability they offer. “Security is the hallmark or central theme of all of our payment services,” addsPexton, talking about their tokenized vault feature, where all of the customer’s credit card information is securely stored. This feature extends across payment channels, both in-person and online; addressing security concerns a customer might have.
NMI also has a modular architecture for its platform, which means that regardless of payment needs, a partner can build solutions in an ‘a-la carte’ manner. This gives their partners ultimate f lexibility and adaptable solutions both now and in the future.