Melbourne-based fintech ArtsPay, a profit-for-purpose enterprise founded on a mission to support the arts community, has secured a partnership with point-of-sale specialist Clover in a move that scales the startup’s offering and broadens its revenue potential.
ArtsPay, which was founded in 2021 by Marc Goldenfein, Alistair Webster and Lara Thoms, has already processed more than $1 billion in transactions since inception.
Through its partnership with US-based Clover and its point-of-sale and business management system, ArtsPay has launched a new platform that the company says marks a significant advancement in its mission to transform the payments industry and provide sustainable arts funding.
ArtsPay’s social enterprise model, which has already been adopted by more than 1,000 users nationally, is described by Webster as a unique challenger to the existing payments industry.
“Australians pay more than $7 billion in fees annually, enriching banks and tech giants with little return to the community,” says Webster.
“ArtsPay is here to change that. Every tap of the card should add up to something bigger.”
Fifty per cent of ArtsPay's commercial profits are given to the ArtsPay Foundation, which then makes grants to various artists and small to medium arts companies including the likes of PVI Collective in Perth, Awesome Black in Sydney and independent artists such as visual artist and poet Elias Alavi in Melbourne, dancer Belinda Yee in Sydney and Melbourne author Ellen O'Brien.
ArtsPay was inspired by the impact of COVID-19 lockdowns on the arts community which led school mates Goldenfein and Webster to team up with Thoms, a struggling artist at the time, to create a sustainable way to fund the arts sector during the pandemic.
Thoms had lost 18 shows overnight and the trio decided to take action by creating a company that would divert money from payments charges to the arts instead of to the pockets of multinational payment corporations.
The ArtsPay system is currently being used by a broad range of clients nationally, including bar and nightclub venues such as The Corner Hotel, retail outlets such as Readings Bookstore, and online businesses such as TryBooking and Cookers, as well as government agencies.
Through its upgraded platform, the Melbourne startup plans to expand its footprint further and has its sights set on big businesses trying to meet their ESG targets, including major hospitality groups, universities and transport groups.
Goldenfein, the ArtsPay CEO, says the partnership with Clover delivers a comprehensive suite of tools, including inventory management, rostering, online sales, QR orders and payments at the counter or table, all of which are customisable for any industry.
"ArtsPay and Clover is a game-changer for Australian businesses. It does it all," says Goldenfein.
“You can run your entire business from every device, streamlining your operations from end-to-end while at the same time giving back to your community. ArtsPay has an ambitious mission and now we have the technology to back it.
"With Clover providing an end-to-end solution for any thriving business, it's clear that now more than ever it pays to make the change to ArtsPay."
Clover's hardware options, which range from handheld Flex terminals to full-service restaurant setups and self-service kiosks, are said to offer a lower-cost alternative to the likes of Square, Tyro, Zeller and traditional banks.
ArtsPay is Australia’s only payment company that is a certified social enterprise, and through an existing partnership with global payment giant Fiserv which owns Clover, the company says it already offers the lowest fees in the industry.
Thoms, who is still a practising artist, says the arts have been chronically underfunded for generations, with COVID-19 only worsening the situation.
She sees the ArtsPay model providing a values-driven edge for businesses that can attract conscious consumers and purpose-driven staff, while also providing a no-cost method to strengthen arts, culture and community.
“Artists struggle to make a living, organisations chase endless grants, yet the value of arts in our daily lives has never been clearer,” she says.
“ArtsPay is the most exciting innovation in arts funding in generations and offers a sustainable solution.”
