Q&A with Ron Hynes, UniRush LLC
Ron Hynes has been on the job as the new CEO of UniRush LLC less than a month, but he’s already looking ahead. And, he’s not going to let the CFPB’s looming final prepaid rulemaking slow the company down when it comes to innovation and product development.
Hynes joins a high-profile company co-founded by hip-hop mogul Russell Simmons more than a decade ago. UniRush has built up a loyal customer base for its Visa RushCard prepaid debit card and the rapid! PayCard products, but it has faced some difficulties following technical problems associated with a processor change last year. In May, UniRush agreed to settle a class-action lawsuit by paying up to $19 million plus $1.5 million for legal fees.
Hynes spoke with Paybefore about what he brings to his new role and why UniRush’s cardholder settlement made him want the CEO job even more.
Paybefore: What are your first steps and goals as new CEO of UniRush?
Ron Hynes: I need to quickly get up to speed with the teams at Rush and rapid! PayCard. I’m a firm believer in top-line growth by bringing value to customers. I hope to accelerate new customer acquisition and also build a robust pipeline of new products and innovation to make our products and platforms a more meaningful part of our customers’ lives.
Paybefore: Why leave Mozido and go to UniRush?
RH: My passion is financial inclusion. The opportunity to lead a company and team as dynamic as UniRush was impossible to pass up. We have a wonderfully loyal core customer base, from which I am confident we can build momentum.
Paybefore: How does your experience at Mastercard help you in your new position?
RH: Certainly Mastercard taught me the importance of execution. The success we had at Mastercard was honestly the result of a brilliantly simple plan executed by a great and talented group of people. And we stuck to our plan: We did not veer off to chase wildcards, but stayed the course, executed and gave the plan time to take hold.
Paybefore: You’ve joined a company following a high-profile settlement between UniRush and cardholders. Did that affect your decision?
RH: It certainly was a fact to consider. But you may be surprised to hear me say that it was a check on the positive side of the ledger. Through the issue, we have gained greater understanding of how vital we are to our customers and how critical our performance is. Even at the lowest point last fall, most of our RushCard customers stood by our side. It spoke to me about the strength of our bond and the trust and understanding that we had built with our customers.
Paybefore: RushCard Co-Founder Russell Simmons reportedly said your hiring is part of a bigger change in strategy to focus on more consumer-oriented services. What does that mean for cardholders?
RH: We are a consumer-first company. Everything we do must be done with our current and future customers in mind. Whether they come to us as a rapid! PayCard customer or RushCard, their needs and therefore the products and services we deliver through our platform must be similar. We will refocus the company on innovation and product development to meet their needs and be there with them through the various stages of their needs.
Paybefore: As a company how do you handle offering news products and services at a time when the CFPB’s final prepaid rulemaking could be released at any time?
RH: We cannot sit idly by waiting for changes. We are moving full-steam ahead and if we have to adjust, we will.