Robert Pohl and Annika Manns, who previously ran an IT consultancy company, were frustrated over the lack of customization possibilities in current online payment solutions and the idea of creating a new, more flexible tool is how Mondido formed. Started in 2014, they are now working towards continuing the development and renewal of their payment platform.
Mondido is focused on making sure most transactions are approved, allowing for businesses to make more money.
What distinguishes Mondido from other payment solutions, according to Pohl and Manns, is that Mondido offers the merchant detailed analytical information regarding payments through dynamic reporting. Allowing merchants to see why payments may have failed.
One can also see for example whether the customer is using a mobile phone or a computer, the language that is set on the device and obtain information about which products the customer has bought in the past, says Annika Manns.
Another important detail is that e-retailers can design payment solution based on their payment preferences and style.
If you have spent a lot of money designing a brand and a website, you might not want all that style to completely disappear as soon as your customer goes to pay for a product. Customers should always feel that they are still on the merchant’s site, said Robert Pohl.
He believes that small companies like Mondido have an advantage over larger financial services such as banks that have traditionally been the big players in fintech. Larger banks and insurance companies can be difficult to work with and they can take a long time to come to quick decisions.
How do you see Mondido’s future?
We hope to be able to compete in the global market. In the beginning, we thought that the service would be of the most interest to small and medium-sized businesses, but now we see the potential for it to be used even by larger companies, says Annika Manns