We decided to freeze our customer’s accounts to provide them some relief amidst the COVID-19 crisis drastically affecting many businesses. This is an applaudable gesture by the company, considering that the pandemic has left almost all the businesses with a huge financial loss. By freezing our customers’ accounts, International Payments solutions won’t be charging them anything for next two months.
We got in touch with Mani Rahnama, the founder of International Payment solutions to know more about this move and how it will impact their customers.
Interviewer: Please introduce yourself to our readers.
Mani Rahnama: My name is Mani Rahnama and I am the CEO of International Payment Solutions. I hold a Bachelor’s degree in IT and a Master’s degree in Business administration. I love working on payment Industry, I really enjoy spending time with my customers and my colleges,I love reading books and traveling.
Interviewer: What inspired you to start International Payments Solutions?
Mani Rahnama: I worked for many different levels of corporations and realized I couldn’t work under somebody. I felt like I can’t grow or use my potential to the fullest, so I decided to start my own company.
When I moved to Canada, I worked for a couple of companies, and my very last one was related to the merchant processing industry. I started IPS because I wanted to create solutions to help fellow small business owners. After spending time with several business owners, I found that there are so many possibilities in this industry to make processes simpler so I decided to start my own processing company. And that’s why I named my company International payment Solutions because we believe that we go above & beyond the payment processing and we provide solutions that can help small businesses grow.
Interviewer: Tell us something about your services and how they help the businesses.
Mani Rahnama: Our top priority is our customers and based on them we design our services and products. So we strive to make the best solutions for each customer by customizing our services based on the requirements of each business. That’s why we always say: Focus on your work while we take care of your Visa / MasterCard processing!
We have multiple layer of services; We have a dedicated account manager who takes care of each account and helps the clients to facilitate any process. We have 24/7 customer service who are always happy to help. We offer a variety of products and services such as In-store/Online payments and ATM services, paper rolls, etc.
Interviewer: What are your payment solutions for online businesses?
Mani Rahnama: Our online payments can work as Virtual Terminal, Online payment gateway or both. We offer the Omni commerce platform to our merchants which means that using our online payment gateway or virtual terminal they can process any type of transaction CNP(card not present/sales on phone), CP(customer can pay in business), online payment or pay by invoice. We process all major card brands such as Visa, Mastercard, American Express, Unionpay, JBC, and Discover.
Interviewer: What is the impact of COVID-19 on your business?
Mani Rahnama: In my opinion, everything that impacts business falls into 2 categories:
1-impacts that are out of the company’s control
2-impacts that the company can control.
We suffered a loss in revenue as the Non-Essential businesses are completely shut down but we do our best to focus on those aspects that are in our control like customer service and customer satisfaction.
Interviewer: Tell us more about your decision to freeze your customers’ accounts and what they can expect from it?
Mani Rahnama: After the government of Canada announced the Mandatory Closure of All Non-Essential Workplaces to fight the spread of COVID-19, our board of directors made that decision to contact all our customers and freeze the accounts, regardless of the type of agreement they have with us. It was a tough decision but we believe that we don’t exist without our customers so now it’s time to show them that they have made the right decision by choosing us. We also raised (contactless payment)tap limit to $250 on our credit card machines to help cut the spread of COVID-19.
Interviewer: In these critical times, some businesses are trying to make more money off their customers, but what made you do otherwise?
Mani Rahnama: That’s so unfortunate! My father always said that hard times can show the real side of people, and I think during this time people will show their true colors eventually. Some businesses are selling a $3 hand sanitizer for $30 making more than 1000% of profit, and some are donating masks and money to save people’s lives! But you know what?
People will never forget those who helped and those who took advantage of this situation.
Interviewer: What are your plans for your business, when things start becoming normal in the world?
Mani Rahnama: Let’s hope that happens soon! Well, we have been working on new technologies like applications on smart terminals and online payment processing. Also, we are in the process of launching our Virtual terminal to help our customers make money online even if they don’t have any programming knowledge.
Interviewer: What advice/message would you give to other businesses suffering due to the pandemic?
Mani Rahnama: Historically speaking, this kind of time has allowed the world to identify the next wave of strong leaders and businesses among those who can’t handle too much stress and pressure. I will suggest the business owners to invest more on themselves by learning more (we all have more free times these days).
Invest more in your business, work on your social media and SEO(people are spending more time on the internet these days). Watch your competitor’s moves; It is a great time to analyze your competitors and make plans for your future. This will ensure that once the pandemic is over, you will be in the market with more knowledge and more assets than the others. You can control your future!
Interviewer: How do you manage your customer relationships?
Mani Rahnama: One of the most amazing parts of our job is we have a close relationship with our customers. I love spending time with business owners, especially when they share their stories and show faith in our services.
Interviewer: As a serial entrepreneur, what other businesses you are handling?
I founded Sarfejoo in 2014, Hediyeirani in 2015, International Payment Solutions in 2017 and Professional kiosk services in 2018. I own 5 companies across the globe and manage over 500 employees, with a portfolio of over 1 million customers all around the world.