Tag Archives: growth


Shifting Your Organization to a Growth Mindset

You may have heard the term “growth mindset” used in the workplace in recent years. While the concept itself is not a new idea, there has been a resurgence of the phrase as it applies to modern organizational cultures. The payments industry is evolving rapidly today, with a growing set of electronic payment options that … Read More

Richmond Times Dispatch Startup Spotlight

Richmond Times Dispatch Startup Spotlight: FinTech firm Paymerang adds people and space Source: Richmond Times Dispatch Paymerang Enrollment Manager, Mary Alice Byrd (center, rear) addresses a staff meeting at the Boulders office park in Chesterfield County. The company’s space is more than double the size of its previous office. After raising $26 million in investments … Read More

Richmond Inno Article

How Richmond’s Paymerang Found Success Digitizing B2B Payments For many businesses, the work involved in handling supplier payments can be exasperating. Every invoice needs to be recorded, approved, paid and then reconciled, and management of that system can consume hundreds of hours of employee time annually. Nasser Chanda, CEO of Richmond-based fintech company Paymerang, believes … Read More

Rethinking Checks’ Role In B2B Payments Friction

Rethinking Checks’ Role In B2B Payments Friction Paymerang CEO, Nasser Chanda, recently spoke with PYMNTS about the evolution of B2B payments—in particular, the shift to electronic payments and the continuing role of traditional paper checks. Since our story began in 2010, we’ve had one simple goal in mind: to facilitate electronic supplier payments and make business payments … Read More

Aldrich Capital Partners Invests $26 million in Paymerang

Today was a red-letter day at Paymerang! At a special event that included Virginia Governor Ralph Northam, we announced that Aldrich Capital Partners made a $26 million growth investment in our company. This investment will help us grow organically and through acquisitions in the Procure-to-Pay space. You can view the full press release here. Governor … Read More

Shifting Your Organization to a Growth Mindset

You may have heard the term “growth mindset” used in the workplace in recent years. While the concept itself is not a new idea, there has been a resurgence of the phrase as it applies to modern organizational cultures.

The payments industry is evolving rapidly today, with a growing set of electronic payment options that bring new opportunities for efficiency along with added fraud risks.

This requires industry participants, like Paymerang, to constantly innovate to deliver value for buyers and suppliers while protecting client funds. A skilled and motivated workforce by itself is not enough since the landscape is shifting so fast. Companies need workforces with a capacity for growth and adaptation to thrive in the FinTech space.

Carol Dweck, a renowned Stanford University psychologist, coined the terms fixed and growth mindset after extensive research in students’ attitudes around failure. She found some students rebounded while others were devasted by the smallest setbacks. Dweck describes the simple, yet impactful differences between the two mindsets:

Growth Mindset: People with a growth mindset believe abilities—like talent and intelligence—can be developed through dedication and hard work. They’re more likely to enjoy learning, seek out situations to experiment, and see failure as an opportunity to grow.

Fixed Mindset: Those with a fixed mindset believe the opposite. They feel they “are who they are” and were born with a set level of talent, intelligence, and even interests. Because of this, they’re more likely to seek out opportunities and situations where these views are affirmed (like doing the same job over and over to receive praise) and believe that talent alone—not effort—is the source of success.

While the bulk of this research was conducted on students, these concepts can be seamlessly applied to organizations. Technological advances have made us more efficient, while also increasing complexity of challenges faced by employees. The pace at which we work is faster than ever before and frequent change (and sometimes a little chaos) is to be expected. Adopting and developing a growth mindset in the modern workplace helps increase resiliency in environments that demand quick adaption to change, frequent refinement of strategies, and decisive action within short time constraints.

Implementing a growth mindset into your company culture yields many benefits for individuals and teams. Once people stop worrying about failing, they are more open to creative thinking and problem solving, which leads to the discovery of new and innovative solutions. By trying on new roles and responsibilities, people learn new skills that strengthen their contributions and help them continue their career path.

Fully embracing the growth mindset and applying it time and time again takes deliberate, repetitive practice. How can organizational leaders help cultivate a growth mindset within their cultures?

Here are three tips you can start applying:

  1. Screen for a growth mindset. During the recruitment process, look for traits of a growth mindset in candidates. While interviewing, incorporate questions that dig in to core beliefs, past learnings and setbacks, and the ability to see out challenging tasks or projects. Asks questions such as, “what’s the biggest risk you’ve taken in recent years?” or “give me an example of a time you set an ambitious goal, did you meet it? What went well and what didn’t go well?”. This will give you a sense to what mindset a candidate may be bringing to the team.
  2. Set learning goals. Take the time to understand your employees’ goals. Regularly nudge and encourage new responsibilities (like taking the lead on a project) instead of playing it safe. Be sure to celebrate the learning process and highlight that setbacks are part of the growing process. This will build the resiliency muscles needed to dust one’s self off and to keep pushing forward.
  3. Foster a learning culture, starting with the company leadership. Leaders set the tone and people take note, making it even more important to “walk the talk”. Openly talk about your own successes and setbacks – what you’ve learned, what you’ll do differently next time. Leverage team meetings, town halls and other means of communication to highlight these learnings and encourage discussion and curiosity. Fostering this dialogue shows that it’s safe and encouraged to take risks.

FinTech companies today need to rapidly evolve to meet the needs of the marketplace. If you want to build a high-growth organization that is strong and resilient, start by supporting a growth mindset within your team members today.

Dweck, Carol. Mindset: The New Psychology of Success. New York: Random House, 2006. Print

Richmond Times Dispatch Startup Spotlight

Richmond Times Dispatch Startup Spotlight: FinTech firm Paymerang adds people and space

Source: Richmond Times Dispatch
Paymerang Enrollment Manager, Mary Alice Byrd (center, rear) addresses a staff meeting at the Boulders office park in Chesterfield County. The company’s space is more than double the size of its previous office.

After raising $26 million in investments last year, Chesterfield County-based financial services technology firm Paymerang has added jobs and moved to a bigger office.

“Things have been going well — we are growing fast,” said Nasser Chanda, Paymerang’s chief executive officer. “We are signing on new clients and new partnerships.”

Paymerang competes within a fast-growing market often referred to as FinTech — short for financial technology.

The company provides a technology platform that allows clients — which include health care providers, educational institutions, manufacturers and other businesses — to pay all their vendors electronically.

Since it was founded in 2010, Paymerang has grown to become a processor of more than $2 billion in payments a year to about 80,000 suppliers nationwide, with 75 percent receiving electronic payments.

The company has recently taken a bigger step into the banking market. In March, Paymerang announced it had partnered with Community Bankers’ Bank, a Chesterfield-based institution that provides services for community banks, to offer Paymerang’s electronic payables solution to that company’s client community banks and their commercial customers.

The Paymerang service will let Community Bankers’ client banks to automate their accounts payable disbursements.

“The banking vertical is very important for us,” Chanda said. “These small community banks have the challenge of larger banks coming into their markets with competitive products. What we can offer is a solution for them” by outsourcing their accounts payable processing to Paymerang.

That allows the banks to focus on managing their core business, Chanda said.

In March 2018, the company received a $26 million investment from Aldrich Capital Partners, a Vienna-based private equity firm, to help the company expand and hire more employees.

A few months after the investment, Paymerang moved from its 5,000-square-foot office just off Midlothian Turnpike into an office in the Boulders office park, more than doubling its office space.

The company, which said last year that it expected to hire more than 100 people over the next five years, now employs more than 60.

Chanda said the company has benefited especially from a deep talent pool in both finance and technology in the Richmond region.

“We have grown our leadership team into a much deeper and stronger team” Chanda said. “We have had expertise coming to us from places like Capital One and Genworth.”

Chief Technology Officer Andy Savage, Director of Operations Greg Marcel and Human Resources Director Gloria Garber are among those on the leadership team who have joined Paymerang in the past year, with experience at other corporations in the region such as Capital One, Genworth, Anthem, Impact Makers and Unboxed Technology.

“The next piece of the puzzle is midmanagement,” Chanda said. “We are hiring professional leaders of teams. We are bringing in project managers. We are hiring salespeople and developers.”

Source: Richmond Times Dispatch

Richmond Inno Article

How Richmond’s Paymerang Found Success Digitizing B2B Payments

For many businesses, the work involved in handling supplier payments can be exasperating. Every invoice needs to be recorded, approved, paid and then reconciled, and management of that system can consume hundreds of hours of employee time annually. Nasser Chanda, CEO of Richmond-based fintech company Paymerang, believes his company offers the ideal solution: automation of the entire vendor payment process.

“Rather than having to manage their accounts payable, companies upload a payment file and send us the funds, and then we do all of the work at the back end,” Chanda said. “We enroll their vendors in our network, execute payments on their behalf, and then settle and reconcile those payments.”

Paymerang specializes in serving mid-market businesses in the healthcare, education, media, technology and manufacturing industries. The company’s ultimate objective, Chanda said, is to help its clients become more efficient, secure and profitable, and vendors appreciate the service because it allows them to receive payments more quickly.

In addition to providing time-saving convenience, Paymerang generates additional revenue for companies in the form of cash rewards.

“Our clients don’t pay us. We pay them,” Chanda said.

The concept is similar to consumer credit cards that offer cash back on purchases. Paymerang earns money back on the electronic payments it makes and then splits those rewards with its clients. According to Chanda, companies that use the service earn an average of $50,000 in rebates annually.

Paymerang currently processes billions of dollars in payments every year for clients spanning across the nation, its network includes more than 60,000 suppliers, and 75 percent of the payments it handles are made electronically.

Advanced security is one of the key components of Paymerang’s business model. The company’s e-payment process uses encrypted data and a two-level authentication system. The company also disburses payments using virtual cards in its own name to further protect its clients from vulnerability to fraud.

“WE’RE HERE FOR THE LONG TERM, AND WE’RE DOING THINGS THAT WILL HELP US BUILD A RESILIENT, STRONG ORGANIZATION SET FOR THE NEXT HUNDRED YEARS.”

Businesses who sign up can expect to be up and running with a full-fledged e-payable program in less than 30 days. No financial investment is required, and the entire registration process can be completed in a few hours.

Paymerang was first founded in 2010 by Steve Winston, who wanted to create a more modernized, automated approach to managing accounts payable. Chanda took over as CEO in 2017. He previously worked at Brink’s—a publicly traded security company headquartered in Richmond—where he launched its global payments initiative and grew it into a profitable business with over $100 million in revenue. Today, he oversees more than 60 employees in Paymerang’s Richmond office.

Last March, Paymerang’s expansion goals gained further traction when it received a $26 million investment by Aldrich Capital Partners, a private equity firm based in Bethesda, Md. Those funds are being used for investments in several key areas, including product development and sales and marketing.

Chanda credits much of the company’s success to the dedication of its employees.

“We have an incredible culture of teamwork, customer focus, positivity and strategic growth,” he said. Those efforts appear to be going a long way in securing a loyal client base, as the company enjoys high retention rates among its customers: “We’re loved by our clients. They basically don’t leave us,” said Chanda.

The finance automation industry is still in a stage of infancy, but market data suggests that it will continue to grow at a rapid pace.

If Chanda’s vision is realized, his company will make a positive impact on the local economy for years to come.

“We love the talent we have in Richmond, and we love to invest in Richmond,” he said. “We’re here for the long term, and we’re doing things that will help us build a resilient, strong organization set for the next hundred years.”

Rethinking Checks’ Role In B2B Payments Friction

Rethinking Checks’ Role In B2B Payments Friction

Paymerang CEO, Nasser Chanda, recently spoke with PYMNTS about the evolution of B2B payments—in particular, the shift to electronic payments and the continuing role of traditional paper checks. Since our story began in 2010, we’ve had one simple goal in mind: to facilitate electronic supplier payments and make business payments easy, for payors and payees alike.

Paymerang recognizes that vendor relationships are the lifeblood of our clients’ businesses—happy vendors enable successful operations—and we do not want to disrupt that relationship long-term. We are flexible in working with vendors during the enrollment process, offering choice and ensuring that payment settlement is friction-less, whether by electronic payment or check. Typically, these suppliers recognize that their customers want to shift from paper checks to more secure and efficient methods of payment, such as a virtual card or ACH. Flexibility in working with vendors and persistence in settling payments has allowed Paymerang to keep vendors happy while achieving a world-class electronic payment acceptance over the years. Our payment network spans 70,000+ suppliers from coast to coast, with 75% receiving electronic payments over traditional checks.

You can view the full PYMNTS article “Rethinking Check’s Role in B2B Payments Friction”.

 

Aldrich Capital Partners Invests $26 million in Paymerang

Today was a red-letter day at Paymerang! At a special event that included Virginia Governor Ralph Northam, we announced that Aldrich Capital Partners made a $26 million growth investment in our company. This investment will help us grow organically and through acquisitions in the Procure-to-Pay space.

You can view the full press release here.

Governor Northam met the Paymerang team and shared his delight at the innovative work we are doing for our clients across the country within healthcare, education, media, manufacturing, services and banking. Our partnership with Aldrich Capital will allow us to invest aggressively in operations, new product development and marketing. This partnership will result in over 100 new jobs over the next five years within the highly valued Fin-Tech sector.

Nasser Chanda, CEO of Paymerang, stated that Aldrich is the right investment partner for Paymerang. “When I met Mirza Baig, founding partner of Aldrich Capital, I knew that he would support us as a true partner, interested in our vision,” he said. We will accomplish great things together for our employees, our clients and our market.

Baig echoed our CEO’s comments and added, “This the largest investment that we have made in the state of Virginia and we believe whole-heartedly in the Paymerang team.” He also praised Governor Northam for his efforts to stimulate economic growth, invest in education and create 21st century jobs.

We look forward to sharing more details about this exciting new venture with Aldrich Capital in upcoming blog posts.