Wallet Inc., a software firm established in Santa Barbara, California, uses its proprietary B2B fintech SaaS digital wallet platform to link companies and customers directly. John Turnham, the company’s founder and chief technology officer established Wallet in 2015 with 25 years of expertise in software development and more than 15 years of creating financial systems for the biggest institutions in the world. By merging the work of several suppliers into one cohesive unit, Wallet assists businesses in managing their social media profiles, website, blog, CRM system, revenue management system, loyalty system, email marketing campaigns, online advertising channels, and mobile app.
Early Inspirations: Beginnings and Innovation
A personal encounter at the Las Vegas poker tables served as the platform’s source of inspiration. By utilizing their cell phones to buy in and rebuy at the tables, players were able to stay seated and focused on the game in the prototype, a cashless payment option for casinos. However, after introducing a working prototype to a few casinos, John discovered that the technology would be better suited to address more pressing issues with marketing and client retention plans that are common to almost all organizations. He decided to change course and confront these difficulties consequently.
Since the Wallet Platform was created entirely from scratch, Wallet’s foundation is its outstanding software engineering capabilities. The total team, which includes investors, advisory board members, and industry experts, numbers around 30 people, roughly half of whom are part-time contributors. Their full-time staff, which also includes software engineers, graphic designers, quality assurance specialists, sales, and marketing staff, as well as experts in product documentation and customer success, makes up the remaining half. Brilliant engineers are constantly improving the technology, and Wallet has successfully fulfilled even the most demanding requirements from its customers. Additionally, the business has been able to fulfill unique requirements from larger enterprises with specialized needs. In these situations, Wallet Inc considers each merchant’s requirements individually and assesses the costs and benefits of supporting these requests.
It can be challenging for businesses to strike a balance between customer acquisition and retention. It is neither sufficient nor even remotely simple to offer a service that draws in new clients and consistently satisfies devoted ones. Additionally, customers adore loyalty benefits, and rewards and incentives are a fantastic way to cultivate recurring and repeat business and express gratitude to devoted clients. Thank goodness, there are products available for this specific situation from companies like Wallet.
As a leader in technological innovation, Wallet takes pride in offering thorough API documentation and plug-and-play code modules that keep the platform ahead of the curve and the tech community. Thereby creating a service where software developers can connect to its libraries and build upon its reliable infrastructure to meet their development objectives. To maintain the platform’s sharpness, relevance, and suitability for use, Wallet collaborates with the community and actively participates in it. This helps to open new opportunities for creative responses to changing business demands.
"The reason we titled our business Wallet is because others fail to see the opportunities in this field. We anticipate that people will use our platform daily in the same way they do a traditional wallet."
Employing Best Practices: The Wallet Way
The Wallet Platform raises the standard for each tool by combining all the greatest methods and commercially successful tactics into one area. For instance, many companies use various products to make QR codes, monitor social media reach, build a hub for links in bios, offer discounts to new customers, manage club members’ points, give repeat customers vouchers, handle gift certificates, advertise upcoming events, and share news through blogs. These companies may still use outdated email marketing to reach out to clients, but thanks to this platform, they can keep up with the times.
Comparatively, businesses on the Wallet Platform have access to all these resources in one location and can communicate with their audience through bi-directional SMS/MMS messages, push notifications for mobile devices, integrated Apple Wallet and Google Wallet passes, and search engine-optimized content that is published on the merchant’s behalf. In addition, on average, it costs five times as much to get a new client as it does to maintain an old one. Therefore, keeping current clients interested and encouraged to return is every company’s lifeline. Combining these elements enables the company to interact with its target market and keep them interested throughout a long-lasting, mutually beneficial relationship.
John claims that this platform is excellent for direct targeting because so many people are now staying at home, public space advertising has become significantly less successful, and assessing conventional marketing efforts has always been quite challenging. Due to their desire to saturate, major corporations are forced to spend significantly more money than necessary, while small firms find it challenging to compete for the same clients because of their limited resources. However, businesses may greatly reduce this by employing Wallet if they can deliver their advertisements straight to their customers.
According to John, firms like Apple, Google, Samsung, and others provide some sort of “digital wallet,” but they view this as a side project; their main business is selling mobile devices or displaying adverts through search. As he shares, “The reason we titled our business Wallet is because others fail to see the opportunities in this field. We anticipate that people will use our platform daily in the same way they do a traditional wallet.” Furthermore, the market share of CRM, which is now the largest software market in the world, is anticipated to exceed $80 billion in revenues by 2025. The CRM industry relies on having clear data on clients to best serve them and address their requirements. CRM for marketing may centralize data storage so businesses always have access to their customers’ purchasing habits.
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Future Predictions: Through the Looking Glass
Wallet has so far been effective in meeting the various demands of its merchants across a wide range of sectors. The business will keep doing this while also trying to thoroughly improve the user experience. It has established goals for the future by identifying all obstacles that prevent consumers and businesses from connecting and removing these obstacles whenever feasible to successfully serve both audiences for a mutually beneficial experience. Enhancing consumer perks and advantages to promote interaction with firms they are interested in and providing companies with top-notch tools to track and raise client acquisition and retention rates.
The demands of the customers will continue to guide Wallet throughout the next few years. The roadmap is continuously modified and tailored to meet the requirements of its merchants. However, Wallet anticipates a sharp rise in the number of technology partners and system integrations over the next several years. Thus, its merchants ought to gain from streamlined company processes and the capacity to do more tasks with less time and effort. As a result, it will keep an ear out for the difficulties faced by its clients and try to make sure that business as usual is carried out without incident. A mutually beneficial business model developed by Wallet guarantees that its merchants will continue to be the major focus of its activities for the foreseeable future.
The days of clogged email inboxes, stuffed home mailboxes, and endless commercials may be coming to an end. Businesses have profited from several powerful customer relationship management (CRM) systems for decades, but Wallet is redefining this paradigm by offering consumers what may be the first merchant relationship management (MRM) solution.
