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Jim Hughes — Shaping the Future of Media Payments
Manage episode 348338753 series 3409959
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Standardization is the key to smooth sailing when it comes to payments. Because when all your suppliers, partners, and customers play by the same rules, you don't need to worry about incompatibilities in your finances interrupting your workflow. But, for the media sector, consensus on payment methods is still far from a reality. And for political ad agencies, this is a big problem. Because for their campaigns to be successful, they need to air at the right time and in the right place. But with different broadcasters demanding funds through different channels, making those payments on time becomes a challenge - risking ad space and political ambitions.
In this episode of Forces in Fintech, we learn all about the advances in electronic payments that are taking place within media with a little help from Jim Hughes, president of Media Payments, Inc., a REPAY company. Jim reveals the fragmented payment situation within the sector and details the hurdles that make timely payment of political ad campaigns so difficult. Jim also discusses how Media Payments Inc. is helping political advertisers to simplify their campaign spending, and how the organization is working to modernize B2B media payments.
We'll also find out:
(1:08) – What problem did Jim set out to solve when he started Media Payments Inc.?
(3:07) – What does the B2B payments landscape look like in the media vertical?
(5:55) – How widely accepted are ACH payments within media?
(7:04) – Who are MPI's typical customers?
(8:28) – What assets do REPAY and MPI offer to the media payments industry? And how does this offering position them for further market penetration?
(10:16) – What is the competition like in the media payments space?
(11:09) – What does MPI's GTM strategy look like?
(12:05) – How simple is the onboarding process for new clients?
(13:30) – How does having a large supplier network help MPI with sales?
(14:41) – What is customer churn like for MPI? And how do they minimize it?
(16:25) – What does Jim see in the future of B2B payments in the media industry?
To find out how real-time electronic payments can benefit your business, head over to https://www.repay.com/ for more.
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