Fam is a payment platform that eliminates processing fees by allowing customers to pay directly from their bank accounts, thereby reinvesting the savings into store credits for future purchases. This approach increases customer retention and repeat purchase rates for beauty, apparel, and health brands, enhancing their overall customer lifetime value.
Funding
$120K raised to dateRaised to date based on public sources. This may differ from the amount the company actually raised and is based only on what is publicly available on the internet.
Founders
Product
Problem
Traditional payment processing methods incur fees that reduce profit margins for merchants, especially in the beauty, apparel, and health sectors. These fees also limit the ability of brands to reinvest in customer acquisition and retention strategies.
Solution
Fam is a payment platform designed to eliminate processing fees by enabling customers to pay directly from their bank accounts. The platform redirects the savings from these eliminated fees into store credits, which are then awarded to customers for future purchases. This approach incentivizes repeat purchases and increases customer retention, ultimately boosting customer lifetime value for brands. Fam integrates with existing e-commerce platforms, such as Shopify, allowing for a seamless implementation.
Target Audience
The primary target audience includes beauty, apparel, and health brands looking to reduce payment processing costs and increase customer retention, as well as Gen-Z and young Millennial shoppers.
Features
- Direct bank payments to eliminate processing fees
- Automated store credit rewards for customers on every purchase
- One-click Shopify integration with zero lines of code
- Supports various e-commerce platforms with dedicated solutions architect for custom setups
- Enterprise-grade security with FCA licensing, ISO 27001:2013 certification, and GDPR compliance
- Mobile app for customers to manage payments and rewards