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Comments on “Final”
Posts » Final » Comments » Comment
arfrank@arfrank · CTO, Final
CTO/Co-Founder of Final here. Final is what we built to take back control of our own credit cards for how and when we’re charged, instead of leaving it up to merchants. That led to merchant-specific numbers and limits, managed automatically, as well as transparency in statements. It’s our stake in the ground, a way to shift the culture in credit towards con… See more
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mblevin@mblevin · CMO, Indicative
@arfrank How does this actually work? The other one time use programs are all run by the acquiring banks, which you're essentially replicating here but without the acquirer's knowledge. Are you running an authorization on the the bank-issued card in real time and who is the actual merchant of record for the transaction?
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marothstein@marothstein · Founder, CTO @ Final
@mblevin I touch on this in my comment below, but we're actually issuing a credit card. This allows us to place restrictions on authorization acceptance.
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mblevin@mblevin · CMO, Indicative
@marothstein So you're an issuing bank and consumers need to be credit approved for the card?
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marothstein@marothstein · Founder, CTO @ Final
@mblevin Half correct. We are not an issuing bank, but customers will be applying for a new credit card. There are a lot of reasons we went this way, not the least of which is that none of us are satisfied with the products or the business practices of the existing credit card companies. Credit can be a crappy industry for people, and we'd like to do our p… See more
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mblevin@mblevin · CMO, Indicative
@marothstein Gotcha - so your partner bank will be credit approving and taking fraud risk and you'll be running on either Visa or MC's network. Any plans to offer cash back, rewards, or other benefits? I think that would be a critical factor for your target customer that is relatively high end and tech savvy and has a very low (if any) average revolving bal… See more
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marothstein@marothstein · Founder, CTO @ Final
@mblevin Yep! We'll be offering competitive rewards that makes sense and you'll have an easy time actually redeeming. While I agree with you that a lot of our early customers will be the type that you describe, we are dedicated to offering a product that makes sense even for people outside the crowd that cares mostly about points.
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