TodayPay
- Founded
- 2023-01-01 in New York City, USA
- Headquarters
- New York, NY, USA
TodayPay is a U.S.-based technology company that has created an entirely new payment category: Refunds as a Service (RaaS). Emerging from stealth at Money20/20 in October 2023, TodayPay addresses the $1.4 trillion annual refund market by decoupling the refund payment from the logistics of returns. Instead of simply reversing a charge to the original payment method—a slow, inflexible process that often frustrates consumers and burdens merchants—TodayPay enables merchants, marketplaces, logistics providers, and insurers to issue instant refunds through multiple delivery methods (e.g., debit card, digital wallet, gift card) on their customers’ preferred channel, often with added incentives such as cashback rewards. The company’s flagship product positions the refund as a customer retention and revenue tool rather than a cost center. Merchants using TodayPay can offer “Refund Now, Pay Later” options, reduce chargeback disputes, and increase repeat purchase intent by 25% or more. Consumers receive a “Better Refund” via a secure text link, with the ability to choose speed and payout method—and even earn a premium on the refunded amount. TodayPay integrates via a simple API or widget and is trusted by merchants ranging from Shopify stores to Fortune 100 companies. The company operates in over 20 countries and processes refunds in multiple currencies, leveraging partnerships with Visa, Amazon Web Services, Marqeta, and Soma Capital.
Detailed Review
History and Founding
TodayPay was founded in 2023 by Jeremy Balkin, a payments industry veteran who previously served as Managing Director and Head of Fintech at J.P. Morgan on Wall Street. Balkin identified the lack of innovation in the refund process—a massive, high-friction market where trillions of dollars change hands annually with almost no technological advancement. After two years in stealth, TodayPay publicly launched at Money20/20 USA in Las Vegas in October 2023, unveiling the world’s first “faster payment solution” for refunds. The company quickly gained traction, announcing partnerships with Visa, AWS, and Marqeta, and securing investment from Altari Ventures and Soma Capital.
Business Model and Product Suite
TodayPay’s core offering is the Refunds as a Service (RaaS) platform, which enables merchants to offer customers instant refunds in the method and speed of their choice. Key products include Instarefund, a consumer-facing feature that delivers refunds via a secure SMS link within seconds, eliminating the standard 5–10 business day wait; Refund Now Pay Later, which allows merchants to settle refunds immediately while paying TodayPay later, improving cash flow; and Better Refund, where consumers can receive a premium on their refund (e.g., $102 back for a $100 purchase) by choosing a preferred payout method, turning a refund into a customer-acquisition event. The platform also offers a widget and API integration for e-commerce platforms or custom integration for enterprise clients, including AI chatbot and contact center agent workflows.
Technology and Impact
The technology decouples the refund payment from the return logistics, meaning a refund can be processed instantly even if the returned item is still in transit. This reduces customer complaints (“Where is my refund?” is among the top three merchant complaint codes), lowers operational costs, and drives repeat purchases. TodayPay claims that 73% of shoppers say refund speed determines repurchase intent, and merchants using its platform see 25% higher repeat purchase intent and 30% faster repurchase cycles.
Market Position and Partnerships
TodayPay operates in the rapidly growing “instant payment” and “post-purchase experience” segments, competing indirectly with traditional payment gateways and chargeback solutions, but with a unique focus solely on refunds. The company has processed refunds in over 20 countries and counts both small Shopify merchants and Fortune 100 enterprises as clients. It is certified and compliant with industry standards. Key partnerships include Visa, Amazon Web Services (AWS), Marqeta, and Soma Capital.
Company Size and Leadership
TodayPay is headquartered in New York, NY, with approximately 16 employees as of its most recent publicly available count. The company remains a private, venture-backed startup. Jeremy Balkin is the Founder and CEO; no other C-level executives are publicly named.
Key Products
instarefund®
TodayPay’s flagship product enabling merchants to issue instant refunds (avg. 26 seconds) via text message; consumers choose the payment method and can earn cashback.
Refund Now Pay Later™
A merchant-side option that allows businesses to defer the cost of the refund while the consumer receives funds instantly.
Better Refund™
Consumer-facing branding for the enhanced refund experience (choice of payment method, speed, rewards).
Refunds as a Service™ (RaaS)
The overarching category name for TodayPay’s B2B platform; includes API, widget, chatbot integration, and contact center tools.
TodayPay API
Integration layer for merchants to connect their existing return workflows, CRM, and e-commerce platforms (Shopify, custom, etc.).
Instarefund
The core product that delivers refunds to consumers instantly (average 26 seconds) in the payment method of their choice, often with cashback rewards.
Refunds as a Service (RaaS)
The overarching platform providing APIs and widgets for merchants to integrate instant refunds into their existing workflows such as e-commerce return portals, AI chatbots, and contact centres.
Refund Now Pay Later
A merchant-facing financing solution that lets brands defer the refund payout while the consumer still receives an instant refund.
Better Refund
The consumer experience brand emphasizing speed, choice, and rewards.
Offices & Headcount
16 employees (approx.)
Key Persons
Jeremy BalkinFounder & CEO