Exploring Payroc: Insights from Co-Founder Adam Oberman

Introduction to Payroc

Payroc is a dynamic payments technology company that specializes in offering omnichannel commerce solutions, payment processing, and point-of-sale systems. Founded with the goal of transforming the payments landscape, the company has significantly expanded its reach and capabilities, serving various industries worldwide.

Meet Adam Oberman

Adam Oberman, Co-Founder and President of Payroc, shares that his entry into the payments sector was influenced by family ties. "My father worked for a large processing company, which is how I was introduced to this industry," he explains. Adam started his career in risk assessment and underwriting before transitioning to collections and later joining forces with his brother to establish Payroc. Together with their cousin, they began a grassroots effort to succeed in the payments landscape, driven by the aspiration to create something meaningful.

Launching the Idea of Payroc

Oberman admits that his previous work was not fulfilling, which led him to desire the independence of entrepreneurship. Alongside his brother and cousin, he recognized a significant market gap. "Our vision was to create a payments company that genuinely values its customers and prioritizes ethical practices," he recounts. Their commitment quickly attracted clients, friends, and family into their burgeoning business, amplifying its growth.

Core Offerings and Innovations

Speaking about Payroc's offerings, Oberman emphasizes their competitive edge in omnichannel commerce and unattended payment systems. "We provide a comprehensive suite of payment solutions including gateways, terminals, and point-of-sale systems. Recently, we celebrated receiving a prestigious international award for our in-store solutions, which is a testament to our innovation," he shares.

With over 107,000 unattended payment terminals, handling 65 million transactions annually, Payroc leads in multiple unattended payment sectors, from electric vehicle charging stations to vending machines.

Evolving Technology

Since its inception, Payroc's technology has significantly transformed. Oberman reflects, "We started off selling credit card terminals directly, but now we offer sophisticated integrated solutions capable of operating on a global scale." Their advancements include multicurrency processing capabilities and the flexibility to keep up with the fast-changing payment environment. This technological evolution allows them to deliver tailored solutions to meet the diverse needs of their clients.

Key Milestones and Achievements

When queried about significant accomplishments, Oberman pointed out reaching $100 billion in annual processing volume as a crucial milestone, but he highlighted the acquisition of Integrity Payment Systems in February 2018 as the pivotal moment for the company. "This acquisition transformed Payroc from a simple ISO into a full-fledged processor, allowing us to expand our technology stack and explore international growth opportunities," he stated.

Funding and Partnerships

On the topic of funding, Oberman explained that Payroc's growth has been fueled by various sources, including the founders and strategic partners. Their partnership with Parthenon, a private equity firm, has been particularly transformative. "Having Parthenon on board has enabled us to accelerate our growth in ways that might have been unattainable independently," he said.

Market Potential and Differentiation

Addressing the potential market, Oberman mentions the vast opportunities across different verticals in payment processing. "Our market is enormous, and even as a significant player, there’s still a considerable runway for growth ahead," he noted.

What truly distinguishes Payroc from its competitors is its deep-rooted culture centered on people and integrity. Oberman believes that their commitment to delivering on promises and working collaboratively to solve client challenges sets them apart from others in the industry.

Future Vision

Looking ahead, Oberman expresses a clear ambition for Payroc. "Our goal is to rank among the top three integrated payment providers globally. When businesses consider integrated payment solutions, we want Payroc to be among the first names they think of," he remarked. He emphasizes that maintaining the foundational values of the company—listening to client and partner needs, regardless of size—remains crucial for them as they grow.