Kindcard represents a fintech and paytech company that focuses on providing businesses and firms across its wholly owned subsidiary, Deb, with alternative and secure `Closed-Loop` payment solutions. Following this announcement, Kindcard is expected to acquire the OpenTransact service, which was designed as a self-serve banking platform in order to support and accelerate the development of high-risk businesses while also prioritising safety, risk management, and overall compliance with industry regulations. At the same time, the platform aims to meet the needs, preferences, and demands of its customers in an ever-evolving market.
According to company’s officials, this announcement represents an opportunity for Kindcard as it will give it the possibility to optimise its revenue and IP tech stack, as well as offer secure, all-in-one software and payments-as-a-service options to high-risk businesses and merchants that seek to manage their user website shopping experience. At the same time, it will enable traders to deliver safe and stable payment processing methods at checkout.
OpenTransact provides customers with the possibility to access a SaaS platform that integrates payment solutions with risk management tools in a secure and efficient manner. Through this solution, merchants can integrate cryptocurrency, debit, credit card, and ACH payments into their existing Shopify, WooCommerce, and custom-built web shops, as well as use the platform to design dedicated micro-sites. For in-store retail, the payment solution can be connected with existing terminals quickly or process transactions from iPhones and iPads.
OpenTransact’s platform also encourages businesses to leverage their revenue in order to benefit from automated inventory financing, insurance, and employee payroll management. This focuses on the process of managing cash holdings across multiple bank accounts or converting to crypto and storing funds within their wallets.
Kindcard will continue to focus on developing and launching in the market more secure ways for businesses and clients to make transactions as an alternative to cash, credit cards, and checks. The company targets mid to high-risk merchants, as they are operating within optimised verticals and ecommerce that incurred higher transaction costs by using a robust compliance policy for the process of onboarding users in accordance with state regulations.
At the same time, clients and partners will be enabled to leverage its proprietary `Pay with Ded` wallet, which will provide them with the benefit of the needed banking products that can be accessed through traditional credit card processing or a suite of cashless financial tools. Kindcard prioritises capturing significant market share from the mobile wallet segments from its proprietary `Pay with Deb` application and merchant services platform as well. In addition, the alternative `Closed-Loop` payment services can be leveraged by customers across a wide array of verticals.
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