Payswiff- Master in driving cashless transaction through technology for easy and hassle-free payments, asserts co-founder and CEO, Priti Shah
Women-owned entities in the formal sector confirm female entrepreneurship as hitting the tipping point of media. Determined businesswomen strive to rely on their intellect and persistence defying all the odds, even when the society holds them to a higher standard based on their gender. No doubt, women in business face entrenched obstacles but a leader is likely to find her business goals evolve over time. Being able to tackle challenges over the months and years is essential to survive incompetitive marketplaces and research suggests that women entrepreneurs tend to be more successful because of their trusted status in the community. Today, more and more technically-inclined Indian women are bringing their talent to foster a wave of female entrepreneurship. The 2016 BNP Paribas Global Entrepreneur Report found that Companies helmed by women entrepreneurs had 13% higher revenues than those run by men. One of the names in the category of such influential women is Priti Shah, the co-founder and CEO of Payswiff who has set a new parameter by carving a niche for her in the male-dominated society. She introduces women to a new way of thinking about the events that shape their lives. Her determination to make it to the top of the success ladder allowed her to be an influential figure for numerous women who endeavor to embrace an individual identity in both the private and public sphere.
The era of digitalization has heralded a new dynamic, where people are doing the cashless transaction at a faster pace while sitting in any corner of the world. Payswiff is one such company set to capitalize on the evolving dynamics by setting its business model on delivering technology services to the banks and acting as a payment service provider (PSP). Payswiff is a one-stop ideal solution for all business types.
Incepted on 2013 in Hyderabad, Payswiff has been a proprietary technology platform that enables Omni-Channel Payments. Payswiff has been enabling merchants, ISOs, and customers of banks to accept payments through POS/mPOS devices, app or new-age based payments solutions. Payswiff took a giant leap forward in October 2017 by acquiring Singapore-based Goswiff International Private Limited, founded in 2010. Goswiff International has been a pioneer in mobile POS terminals, providing its mobile payment platform to more than 20 banks and financial institutions in 16 countries. Later in 2017, the consolidated group was rechristened as Payswiff from Paynear. Payswiff is uniquely poised to reap benefits from the digitization wave sweeping the emerging and developing markets that Goswiff has already established itself in, apart from the formidable position that it enjoys in the fast-digitizing Indian payments ecosystem.
With its proven track record, PayswiffONE formerly PaynearONE, the company’s flagship plug ‘n’ play payments solution encompasses multiple forms of digital payments, including but not restricted to in-store payment, home delivery payment, debit/credit cards, net banking, bill payments, e-wallets, UPI, EMI etc. The platform of Payswiff is multi-lingual and can, therefore, be seamlessly ported and deployed rapidly in new international geographies. The acquisition put Payswiff on the global platform as one of the largest players in the Omni-Channel transaction Processing and Tax-Compliance solutions domain.
Founded by a team of experienced, entrepreneurial professionals with comprehensive & exhaustive experience in payment processing & merchant-centric industry, Payswiff is now a fast growing leading transactions company that has marked global footprint present over 12 countries across Asia, Europe, Africa and the Middle East apart from Indian business.
Priti, who began her career as a professor in PV Polytechnic & SNDT University, went through peak and valleys before becoming the CEO and co-founder of Payswiff along with the industrious professionals Prabhu R, Anil Bharadwaj, Krishna Kishore, Maulik Shah and Ravi Kiran. Reflecting on her prior experience of around 8 years with EBS, an online payment business, Dr. Priti Shah chronicles as one of the foundational stone of Payswiff. Establishing a new company is a major undertaking, but by staying true to their vision, Payswiff was able to dream big and see their ideas realized across multiple product lines.
Clearly, a perfectionist persona, Priti’s in-depth knowledge of the industry has moulded her quality of great view for every challenge that paves her way. With a dynamic and vivacious personality, she strives in making the company process-oriented. Being a successful and balanced leader, Priti possesses proficiency in analytical abilities& people management. In addition, she embraces a high degree of sensitivity to the business of Payswiff. Believe or not, she is a raging fire ready to excel in all directions with her unparalleled spirit & enthusiasm. Pro-active attitude has been acting as her catalyst in surpassing most expectations of the business with consistent performance, her incredible networking skills and an extremely vigilant nature to capitalize opportunities. Undoubtedly, Priti is an invaluable asset for the organization.
Principal Offerings of Payswiff
Payswiff works as an aggregator in partnership with various banks to offer payment acquiring solutions to merchants and also offers a white label acquiring in a box solution to banks, ISO’s & service providers in domestic as well as international market as their technology partners in order to provide the best payment platform with innovative solutions. Lightweight, compact, and portable PayswiffONE is a secure mPOS Card Swiping Machine connecting smart-phone/tablet via Bluetooth or USB for fast, easy and hassle-free payments. It is an independent platform with easy invoicing and provides an end-to-end merchant-centric solution that aids in store management, active customer engagement, business tools and sales tracking apart from payment acceptance that paves way for merchants to focus on their uplifting business potential. Effective selling without boundaries and expanding the reach by offering card on delivery option creates no hassles of dealing with fake or counterfeit notes. Payswiff offers merchant on-boarding, reconciliation, transaction & technical support and risk management services. Payswiff’s smart application ensures taxes are calculated automatically and the information required for GST Returns is captured and available for filing.
The Payswiff merchant solution includes the POS &mPOS terminals, and the PayswiffONE app, help merchants, and business owner accept payments from a variety of cashless channels including UPI, net-banking, e-wallets, multi-bank EMI, etc. Payswiffaccepts both contacts & contactless cards, with all leading debit & credit card brands such as MasterCard, VISA, American Express, Rupay and Maestro. Additionally, its products provide merchants with value-added services and inbuilt tools that help them earn extra revenue while helping manage their business ecosystem better.
The Payswiff Enterprise Solutions help large-scale enterprises, and banks & financial institutions build and operate a seamless, cashless, digital transactions infrastructure. Such end-to-end, co-branded solutions are highly-customizable with a faster go-to-market capability. They also offer API’s and SDK’s for all types of businesses to effortlessly integrate payment solutions with their existing Apps, systems & software
Payswiff is the only company in India to combine Tax-compliance with payment Solutions to offer innovative and convenient services to business and other stakeholders interacting with the tax systems in their respective countries, ranging from GST compliant invoicing to filling of tax returns, etc. to help them effortlessly conduct business while remaining compliant with the tax laws in their country.
MILESTONE OF THE ORGANIZATION
Based on a strenuous selection process, involved evaluating the firm’s financial ability and IT capability to deliver the necessary services to business and other stakeholders for GST-compliant, Payswiff was awarded the GSP (GST Suvidha Provider) status by the GST Network of India in October 2017.
With the recent awarding of the GSP (GST Suvidha Provider) Status by the GST Network in India, Payswiff now becomes a global giant that not only helps the seamless processing of Omni-Channel Transactions but also provides businesses & other stakeholders with innovative and convenient services to comply with the Goods & Services Tax regime. Businesses & other stakeholders can now directly connect with Payswiff to avail GSP services for Tax-Compliance, apart from the Merchant & Enterprise Level Solutions that they offer for transactions processing.
In Conversation with Priti Shah, the co-founder and CEO of Payswiff formerly Paynear:
What are the risks associating with the company?
Creating opportunities and efficiencies, on one hand, technology has constantly been re-shaping the industry on the other. Thus, risks are consistent with its approach. In the Digital Era, the only way to stay competitive and sustain growth is by maintaining compliance and security.
We see our platform to have set the global standards, collectively working to protect our customer’s data. The platform focuses on accelerated innovation through POS &mPOS terminals, and the PayswiffONE app, leveraging emerging technologies to address transition problem across the world. We have, therefore, adhered to the highly secure and robust multi-layered security feature ensuring safe and secure transaction.
Whom would you like to attribute your success to?
It is said that behind a successful man is a woman but behind a successful woman is her family which I can very well relate to. I would like to attribute my success to my parents and my family for constantly shaping my value system and fundamental thinking, my husband Maulik for his continuous encouragement and being my strongest support system. Besides, I would also love to address my business partners & the Payswiff team inevitably for believing in me. I have been lucky to have an influential mentor, Mr.Prabhu Ram, the co-founder, Managing Director & CEO of Payswiff Group. He has been my inspiration throughout the journey.
Do you think your personal life is affected by your professional life? How?
Personal and professional lives do impact each other at some or the other point in your life but it completely depends on you how you manage both the fronts. I have set my own priorities and seek to give the right time to the right place. I believe we women are blessed to be masters of balancing act between personal and professional, the reason I have been able to manage both the sphere so far. But Commitment to oneself in doing whatever it takes to succeed becomes pivotal. Yes, you might end up working harder than you ever thought possible, but the results will definitely be worth it. You have to work 48 hours in 24 hours sometimes.
What do you think is the biggest challenges to female leadership?
Female leadership is not empowered to the extent as male leadership does but women have been blessed to be socialized in a manner that they can do multi-tasking and can bag success in anything they do. Leadership is not a matter of gender; it is a matter of mind and dedication towards our journey of climbing the success ladder. If you believe you can do it, you can. I strongly believe irrespective of the gender, you need not fear as long as you do things consciously right and stand for yourself for whatever it takes to.
Priti elucidates “Failing early becomes essential in life only then certain aspects tend to positively shape your entire life as an individual, as a woman and as each and every role that she plays. Drawing a line and respecting your own identity becomes a pre-requisite to success. Once you start respecting yourself, everything automatically falls into place and trust me, success doesn’t see gender if you are determined enough, if you have the capability of overcoming all fears and challenges by questioning the norms that hinder your path to success”.