Case Study

How Super.com is Changing the Payments Game

Overview

Background

Super.com is an all-in-one platform designed to help customers save, earn, and manage their money. The company has a membership program called Super+ and offers a variety of services including discounted hotel bookings, flights, and tours; the Super.com secured credit card and digital bank account; cashback rewards; cash advances; and opportunities to earn money through surveys, games, and tasks.

Super.com partnered with Qolo to deliver a first-in-market dynamic secured credit card program: the Super.com Card. With Qolo’s flexible and dynamic platform, Super.com provides a unique secured credit card offering that doesn’t lock up someone's cash while providing its customers with the opportunity to build credit and earn cashback on every purchase. Qolo’s platform offers direct access to card and payment modalities, enabling Super.com to deliver a one-of-a-kind experience to its consumers.

Challenge

Super+: Bridging the Gap for low income, subprime demographic to Build Credit and Earn Rewards.

The Super.com Card offers a distinctive advantage over conventional secured cards. Instead of tying up funds like a traditional security deposit, Super.com allows users to deposit any amount they wish, only requiring that users deposit at least as much as they intend to spend, giving the user more control over their finances. This secured amount is then used to pay off their outstanding balance at the end of each month, and users can deposit more funds as they wish. In addition, this program facilitates the opportunity to build credit, rendering it an indispensable tool for credit-challenged consumers, conscientious spenders and savvy shoppers. The primary objective of the Super.com Card is to address the challenge of financial exclusion and provide a solution that allows underserved consumers, particularly those with limited or unfavorable credit history, the ability to access credit and rewards without undergoing credit checks or maintaining a minimum balance. Through the Super.com Card, Super.com helps to level the playing field and mitigate the issue of financial disparity.

Super.com faced the challenge of finding a payment solution provider that could adapt to their innovative model without having to build a specialized ledger and integrate with several banking and technology partners. This enabled Super.com to deliver a complex, multifaceted product while at the same time streamlining integration, speeding their time to market, and reducing overall total cost of ownership.

We were searching for a payment processing partner that could support the uniqueness and complexities of our product and Qolo has met our expectations. Their platform stood out from the competition due to its modern-day tech stack and comprehensive payment solutions. Leveraging co-operative authorization capability has allowed us to do things that weren't possible before. Working with Qolo has been a pleasure; their team has been incredibly responsive and supportive throughout the entire partnership journey. We are impressed with the level of professionalism, payment expertise, and dedication Qolo has shown to our program, making them an invaluable partner.

-Rick Galasieski, GM, Payments and Fintech Innovation at Super.com

How we solved it

The solution

Wallet Structure

Super.com utilizes Qolo’s omnichannel platform to provide an unparalleled product experience and utility to its users. Leveraging Qolo’s cutting-edge wallet and account construct, Super.com is able to deliver a unique, multi-account product (deposit, secured credit, and credit accounts), while unifying customer data via Qolo’s ledger and accessing it via API or Qolo’s B2B customer service portal. This unified approach eliminates the need for Super.com to stitch together multiple providers, or develop its own reporting and servicing ecosystem. Qolo enables simplified, seamless user experiences, regardless of payment channel or account. Rather than spending development and operational resources on channel and servicing integrations, Super.com can focus on its products and customers to ensure it remains at the forefront of innovation in the industry.

Money Movement

Qolo’s all-in-one payments platform enables Super.com to pull funds in via card acquiring and ACH, while at the same time providing first-party card issuing/spend through their branded dynamic secured credit card. By having both acquiring/funds-in transactions, and card issuing processing transactions on the same platform, Super.com dramatically simplifies operations, servicing and development.

Co-operative Authorization

Qolo’s Co-operative Authorization embedded processing enables customers to define their own approval logic within each transaction, as well as determine the transaction’s funding source(s). Co-operative Authorization allows Super.com to wrap their own enhanced payment functionality around each transaction, providing an unparalleled offering in the industry. Under this construct, Qolo receives the transaction from the network and manages top-level authorization logic, while Super.com retains control over decisions about individual cards, MCC codes, individual merchants, and transaction types. Co-operative Authorization sits below the payment and card layers in our omnichannel platform, providing Super.com with:

Real-Time funding and cash flow
Transaction controls
Flexible pools of value
Seamless reconciliations

What we achieved

Results

Triple-digit year-over-year growth in processing volume.

Since partnering with Qolo, Super.com has achieved remarkable results, including triple-digit year-over-year growth in processing volume. These results demonstrate the tangible value Qolo’s platform has brought to both Super.com and its customers, driving higher user adoption and program growth.

Qolo has been a great partner. The collaboration has significantly streamlined our product development, enabling faster iterations on our program and allowing us to execute our vision more effectively. As for the future, we believe that Qolo is the right payment processor to further elevate the payment experience for our users. With Qolo's innovative and robust platform, we aim to expand our product offerings.

- Rick Galasieski, GM, Payments and Fintech Innovation at Super.com

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