Core Merchant isn't just about processing the money anymore. Today its pivoting to become about the money and the solution.
The nearly 2-year-old company, a Bizdom spin-out, got its start processing credit/debit payments for businesses. It established a core customer base of downtown Detroit businesses, providing a platform for growth. Now that Core Merchant has become a hub for a variety of different businesses, it is working to pivot its business model to take advantage of those connections by providing solution services for business.
"Instead of just focusing on payment solutions we are moving into a general solutions organization," says Alex Linebrink, CEO of Core Merchant
. "Any problem and organization has we want them to come to us for that solution."
Those solutions can range from providing marketing, event, promotion services to connecting customers with other firms to meet their needs, such as accounting or printing. "It's more of a small business solutions company," Linebrink says. "Come to us and if we can't find the solution we will find it for you."
Core Merchant plans to continue to focus on its original plan, payment processing. It's simple streamlined process allows businesses to accept payment in person, online and through mobile devices through a flat-rate program. It also launched a Pay Detroit initiative, which pledges 10 percent for the company's net income from all Detroit-area accounts to nonprofits located in the city. This has allowed Core Merchant to become profitable and save its customers $300,000 in fees.
Core Merchant has also hired two people over the last year. It's staff of three people has moved from TechTown to the M@dison Building and now calls the Chrysler House home.
Source: Alex Linebrink, CEO of Core Merchant
Writer: Jon Zemke