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WorldPay Helps Companies Beat the International Payments Trap

LONDON – WorldPay, a global leader in payment processing, risk and alternative payments, has launched Bankout, a service that gives merchants the ability to make cost-effective, low-value cross-border payments with guaranteed amounts delivered to recipients and no receiving bank charges. Matched with WorldPay’s global acquiring capability, Bankout saves merchants up to 85% on the cost of cross-border bank transfers to more than 50 countries worldwide.

 

‘Nuisance payments’ have long been a bug-bear for global businesses, with cost-effective international transfers such as marketplace payments for digital content and video game providers, postage and packaging refunds for retailers, and supplier payments for travel companies proving very difficult to achieve. Many companies fall into the international payments trap: reduced amounts delivered to the destination bank account; error fees, additional and variable bank charges depending on the currency and country; high transaction fees versus comparable payment methods; and payment delays of 1 to 10 days depending on the bank and destination.

 

Bankout improves merchants’ global customer reach by providing access to 300+ domestic bank accounts through a single connection, with 90% of Bankout payments arriving the same or next working day. The speed of the service is enhanced by intelligent routing to match the payout bank with that of the recipient.

 

It enables merchants to simplify the complexity inherent in high volume, low-value international payments by managing the entire process: merchants submit a file by batch or by API with the details of the recipients that need to be paid and WorldPay manages the transfer of funds, providing a flawless customer experience. Merchants can specify fixed amounts to be paid – either from the merchants’ own account or delivered into the recipients’ account in the local currency. This improves transparency as merchants know the exact amount paid versus the amount that will be delivered to the customer, supplier or employee without the concern of unexpected FX or variable bank charges.

 

Merchants are provided with a single view of their worldwide Bankout payments within the Merchant Administration System. The system provides upfront validation of payment files to cross-reference the bank account details and identify any potential delays. If a transaction is rejected, reversed or repaired there is no cost. For transactions above €50,000, Bankout supports SWIFT to more than 190 countries.

 

Phillip McGriskin, Chief Product Officer, WorldPay comments: “International payments have traditionally been complex and expensive with a heavy reliance on banks, resulting in unexpected FX charges due to the nature of the process. As merchants increasingly implement cross-border strategies, there is a need for merchants to make payments to accounts in other territories, whether it’s refunding customers or paying suppliers. WorldPay provides merchants with improved visibility of the total cost of the transaction processed and enables the transaction to be processed the same day or the next working day. It not only improves merchants’ global customer reach but it significantly minimises the business cost of international payments.”

-ENDS-

 

About WorldPay

WorldPay is a leading global provider of payment and risk services, processing millions of transactions every day. WorldPay is a unification of seven leading retail payment solutions and offers a range of services including acquiring, gateway, alternative payments, risk management, and mobile payments. WorldPay became an independent company in December 2010. www.worldpay.com

 

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