Australian-based Mint Payments (ASX: MNW) (‘Mint’ or the ‘Company’) has unveiled a new brand, new hires, and a bold promise to make payments more rewarding for merchants in the increasingly commoditised category.
Following Mint’s announcement in April 2018 that it would increase focus on its Direct-to-Customer offering, the company commissioned a strategic deep-dive into the unmet needs and drivers of customers across its key verticals, including Hospitality, Travel, Retail and On-The-Go businesses.
The work resulted in a new vision to create a different kind of payment experience — one that rewards customers, not just their business.
Mint Payments’ Co-founder & Group CEO, Alex Teoh, said:
“To help us design a richer Direct-to-Customer offering, we commissioned a customer experience study of our key verticals. The feedback from merchants was pretty staggering — most don’t believe the current payment service providers add any real value for the fees they charge. Someone went so far as to call them a “tax on sales”.
The truth is, the category is letting merchants down with uninspired offerings. When we reflected on the findings of our research, we realised we needed to add value rather than just process it, and create a more rewarding payment experience for merchants.
This rebrand is really a symbol of the deeper change we’ve undertaken in at Mint, and over the coming months we’ve got several other exciting announcements we believe will reset the way people think about payments.”
The new direction and brand is underpinned by senior hires such as Chief Growth Officer, Adam Jones, the abolishment of monthly fees on Mint’s mobile eftpos terminals for customers transacting above AU$2,000 per month, and new website with improved usability and more seamless onboarding.
The company says these changes are just the beginning of a wider strategic move, including an unprecedented partnership for the payments category that will be announced in the coming weeks.