Henry Helgeson, CEO, BlueSnap
Hello and welcome to FinTech Profile!
Today we're meeting Henry Helgeson , the CEO of BlueSnap . BlueSnap helps businesses accept global payments in a better way: Their Global Payment Orchestration Platform is designed to increase sales and reduce costs for all businesses accepting payments.
Read on for Henry's interview.
But first...
Stop Selling To Bank Executives And Start Listening To Them
I wrote this opinion piece and published it yesterday on LinkedIn.
One of the worst things you can do in sales is invite a load of senior executives from your target industry to a hotel conference room and then broadcast a whole load of sales collateral at them.
The death-by-powerpoint (or more accurately, death-by-collateral) is why most executives do everything possible to try and avoid these things.
Sometimes you have to attend, though.
Sometimes you need to sit through the nonsense, for the look of it.
Often it's because you're doing a favour for the sales person.
Often it's because they bought you a nice lunch a while back and you owe them. Or because they literally pleaded with you.
Sometimes you need to go along because the vendor is a 'strategic partner' and you're aiming to pressure them into a good discount next quarter.
Occasionally you tell yourself it's useful to get out and try and meet some colleagues in the industry and 'learn what's going on' in the market... only to find out that the stupid agenda prohibits this. Because the sales team are desperate to fill every single moment of the event with 'collateral' broadcasts.
Broadcast, broadcast, broadcast.
Stop this. Instead, try something crazy: Start listening.
Bring the market together and start listening.
It's difficult enough to get executives into a room because they've been routinely irritated by crappy events for decades. But once you get them there, don't broadcast at them. Instead, do what the best business development and sales people in the marketplace do: Listen.
Get the executives talking.
Help them connect and discuss the issues that are front of mind.
The information you'll get will be gold dust too. You'll discover what's actually happening.
So many sales and business development people are constantly pressured by misguided revenue executives to SELL SELL SELL. Broadcast, broadcast, broadcast. It doesn't MATTER what the client's problems are... the answer, say the bosses, is OUR PRODUCT. Sell it, sell it, sell it.
Oh... why aren't they buying?
Yeah. It's because they've got a whole raft of different priorities.
But if you only listened, you'd begin to see where you might be able to help.
If you listen, you can learn what the executives are actually dealing with today -- how they're prioritising their teams, their spend, their approach... and guess what, this will help you adjust your approach accordingly.
Can I help with your roundtable events?
I really enjoy helping FinTechs connect with senior executives -- especially since I've recently been in the C-Level hot seat. It's one of the most effective ways of connecting to drive business development and, ultimately, sales. When it comes to doing business at enterprise level in financial services, you're not selling $10 subscriptions by credit card. Inevitably, almost every sale involves an RFP process. It's fundamentally relationship drive.
You're doing it wrong if you're not engaging through activities like roundtables. Don't spam the hell out of executives: You know it doesn't work in today's world. Instead, listen. Get them into the room. Take the conversation. Listen, engage and discuss their challenges -- and the conversation will automatically turn to how you might be able to help... if you give it time.
What can you give the investors when they ask for your marketing plan? And is it any good? Have you analysed the total addressable market, researched your target audience, and created compelling messaging? Don't give it to the investors - or use it at all - if you haven't.
- We can do all of that, find out how. Contact Patrick at PBSM.
Henry Helgeson, CEO, BlueSnap
Now it's time to hear from Henry. Over to Henry - my questions are in bold:
Who are you and what's your background?
I’m the founder of Cayan and earlier this year, I became the CEO of BlueSnap. I founded Cayan, previously known as ‘Merchant Warehouse’, in my dorm room during my last semester at Marist College. Back then, I was an independent contractor selling expensive terminals and printers to small businesses.?
Cayan filled a market gap by providing accessible and affordable credit card processing services and equipment. After 21 years, I sold the company and retired. For more than four years, I played an advisory role in the payment industry. However, I always felt like I could add more value as an operator than as a board member. So, in 2024, I came out of retirement and joined BlueSnap as the CEO.
Outside my professional career, I’m a pilot and a philanthropist. I have acrophobia, but I’ve always been fascinated by planes and used my time in college to become a pilot. I had to take a break from flying during the first 7 years of Cayan, but eventually, I returned to the cockpit.
What is your job title and what are your general responsibilities?
I’m the Chief Executive Officer at BlueSnap, a leading provider of global payment solutions.
My goal is to strengthen our footing in the B2B sector and help the company expand internationally. I also want to improve partnerships and we are making progress in this direction via our recent work with NetSuite and BigCommerce.
Naturally, none of this is possible without a well-structured team so my immediate focus is to refine the organisational chart and the company culture to achieve the ideal team composition.
Can you give us an overview of your business?
BlueSnap helps businesses accept global payments and turn them into a reliable source of revenue and profit. Our Global Payment Orchestration Platform supports payments globally through multiple sales channels. These include online and mobile sales, marketplaces, subscriptions, invoice payments, and manual orders through a virtual terminal. Our payments are tailored to business needs. We also offer white-labelled payments for platforms with automated underwriting and onboarding that supports marketplaces and split payments.
Our modular technology offers one integration and contract. This means that businesses can sell in over 200 regions with access to local card acquiring in 47+ countries, 100+ currencies and global payment types, including popular eWallets, automated accounts receivable, world-class fraud protection and chargeback management, built-in solutions for regulation and tax compliance, and unified global reporting to help businesses grow.
Tell us how you are funded?
Our primary investors are Great Hill Partners and Parthenon Capital Partners.
What’s the origin story? Why did you start the company? To solve what problems?
BlueSnap’s story started in 2002 to simplify payments and deliver ROI. Acquisition by Great Hill Partners in 2011 was a turning point for us and in 2013, we rebranded to our current form.
We realised that many businesses see payments as a checkbox or an unavoidable cost, instead of an investment. This affects the customer journey, resulting in abandoned baskets and reduced revenues. We tackle these issues by improving the payment experience, making it easier for customers to complete their purchases. By minimising abandoned baskets and improving the buying process, our product enables businesses to turn payments into a source of revenue.
Who are your target customers? What’s your revenue model?
We focus on multinationals that are domiciled in a number of countries around the world and have global needs.
A good example will be mid-market companies, which you might think of as ‘Small and Medium Businesses Plus’ (SMB+). These companies have big payment needs but they don’t want to invest in a customised full-stack payment solution. As a result, their payment needs tend to be shoehorned into the solutions used by SMBs. At BlueSnap, we help our customers by providing a combined solution with end-to-end support for the end customers and for themselves.?
If you had a magic wand, what one thing would you change in the banking and/or FinTech sector??
Legacy systems in the banking world that are not willing to invest with a long-term view need to change. If they don’t, they are going to face severe challenges in the next 3-5 years. These traditional systems should look at companies like Fiserv, that have invested in the future and done an excellent job of pivoting to up-to-date technology and reducing technical debt.
Modern tech companies also pose threats to these legacy firms because, in the coming few years, the market share will shift in favour of these ‘new-age’ companies.
What is your message for the larger players in the Financial Services marketplace?
Many mid-market players today focus on squeezing the margin. By doing that, they sacrifice innovation and investment in technology, which is not ideal.
Where do you get your Financial Services/FinTech industry news from?
I enjoy listening to a few podcasts and following some thought leaders, but most of my news comes from my network. I like to hear from the people who actually do the work. For example, a coder or an engineer developing the product.
They’re at the heart of the business and truly know what's working and what trends are worthwhile. They can speak from their own experiences - this is the most valuable source of information in my opinion.
Hearing real-world examples from the people who live it every day is a genuinely insightful way of understanding what the current state of the industry is.
Can you list 3 people you rate from the FinTech and/or Financial Services sector that we should be following on LinkedIn, and why? ?
What FinTech services (and/or apps) do you personally use?
I use digital wallets. Cashless payments are the future and it’s safe to say that I’ve adapted to it.
Finally, let's talk predictions. What trends do you think are going to define the next few years in the FinTech sector?
Today, we have a robust dispute resolution system. As a result, digital payments have increased. This will lead to a rise in ‘card not present’ (CNP) payments in the next few years. We are already seeing more situations where customers are physically present but they don’t have their card on them.
Hiring patterns in the FinTech industry will also change. Merchants are becoming more savvy and are onboarding people with a background in payments. This is helping them set up integrated payment systems and driving a move towards in-house management of payments.?
Finally, it goes without saying that AI is a massive trend in the industry and both good and bad actors have access to it. The use of AI for fraud will only increase and it is going to be painful for the industry to deal with. However, there is no doubt that the presence of the technology in the industry is going to increase.
Henry, thanks for taking the time to participate!
Read more about Henry Helgeson on LinkedIn and find more about his company BlueSnap at https://www.bluesnap.com/.
I'll be back next week with another FinTech Profile!
Ewan