LONDON | Danish payment service provider Pensio and Venda, digital commerce solutions provider, have launched VendaPay, a cutting edge payment solution to help retailers break into coveted international markets and monetise a growing base of new customers.
Local Payment Methods Supported
The solution, which allows global customers to make purchases using local payment methods online, will provide Venda customers with the innovative and highly sought after payment solutions. VendaPay will help retailers’ boost their bottom line, by simplifying the payment process for consumers and reconciliation for merchants.
Improved convenience for customers
Launched with progressive retailer and Venda customer LN-CC, VendaPay has been designed to increase conversion rates from active buyers – shoppers who have made a purchase within the last 12 months - by allowing a seamless shopping and payment experience. By offering omni-channel payment solutions, including ‘pay later’ credit functions that allow goods to be paid over a series of months, shoppers are given more flexibility and convenience over how they pay for their purchases. The solution also provides dynamic checkout options based on the users’ profile, such as country of origin and currency, giving them greater confidence when making payments by providing options that are trusted and commonplace in local markets.
Single Customisable Solution
David Hobson, ecommerce Director at LN-CC said, “Online payments are handled differently across the world and as a retailer with international growth plans, we need to understand these country differences and offer the relevant payment options to our customers. By not offering a certain type of solution, we are needlessly missing out on sales and revenue. VendaPay offers us a single customisable solution that takes care of the arduous reporting and reconciliation processes that span international markets. Ultimately, it allows us to focus on our business, while offering local solutions in the regions we want to target.”
Reducing retailer operational costs
As a fully customisable and transparent payment processing and acquiring service, VendaPay also offers retailers cost savings – particularly in relation to cross border trade and fraud prevention solutions. A key service offered, all on the behalf of the retailer, is the negotiation of the most customised acquirer and foreign exchange rates across a wide array of international banks. Additionally, the solution gives retailers access to real-time fully automated transaction reconciliation, even if data is stored within disparate gateways - including merchant websites, payment gateways and banks - a significant optimisation when it comes to bookkeeping and reporting. Additionally, the fraud detection and prevention solutions will help retailers protect their reputations by mitigating fraud, while simultaneously reducing charge-back fees.
'Most Effective Route into Global Markets is Online'
Eric Abensur, Group CEO at Venda commented: “Limiting your business to geographic borders also means that your revenues are being capped. Retailers are recognising the importance of international custom and have quickly come to realise that the most cost-effective route into new global markets is online. Regardless of where in the world retailers want to venture, VendaPay can provide local payment solutions, across multiple locations, in a streamlined and cost-effective way. We’re confident that our sophisticated solution will also propel our own position in the market, as we are now able to remove the headaches associated with laborious reconciliation processes on behalf of our customers. Through automating reconciliation data from multiple sources, retailers are given a real-time view of their transactions and other business critical insights – a service that is unique, novel and in high demand”.
Alternative Payment Method Offered For Numerous Payment Attempts
Designed to keep customers on the website and encourage conversion, VendaPay also allows numerous payment attempts for the shopping basket to be made. If a payment is unsuccessful, no time restrictions are put in place for the customer to make a payment using a different card or method. Additionally, if a transaction is declined, users are prompted to pay with an alternative payment type in the same transaction. Furthermore, as cards are routed accordingly to their type, VendaPay also removes the need for consumers to input redundant payment information when shopping on line. Information such a card start dates or issue numbers will not be requested if they are not necessary for a payment to be processed.
Growing Number of Online Payment Methods
Christian Rasmussen, CEO at Pensio commented: “Payments can be a tricky business, for both consumers and retailers. Customers want to be able to make payments in a way that is familiar to them, securely and easily, and without fear that their preferred mode of payment is unavailable. Retailers on the other hand are confronted with a growing number of payment methods, across new and unfamiliar territories, while also trying to negotiate the best foreign currency rates. As an end-to-end solution, VendaPay is able to address each pain point for retailers, providing a customisable solution that incorporates different payment options as and when needed, while at the same time offering cost-savings and a more convenient user experience for customers.”
Pensio is a Danish based payment service provider that defines and implements the optimal solution for its clients to process payments globally. By combining our unique payment services platform with our highly knowledgeable customer support team, Pensio provides its clients with a reliable and transparent customised payments strategy that can be implemented in just a few weeks. Pensio’s solutions are highly effective at reducing basket abandonment, providing detailed multi-currency reconciliation and fraud detection. For further information visit http://www.pensio.com.
Venda is one of the world’s leading innovators and providers of digital commerce solutions, leveraged by manufacturers and retailers to deliver a consistent brand experience across online, mobile and in-store channels. Since 2001, Venda has helped its clients navigate the fast-evolving digital commerce landscape, providing comprehensive design, build, operational and support services; maximizing ROI through expanded revenues and contained costs. Venda's cloud-based Software-as-a-Service (SaaS) platform processes millions of transitions every month, for clients with online revenues ranging from £2m to over £100m. With offices in New York, London, Germany and Bangkok and a global partner ecosystem, Venda delivers digital commerce expertise, support and deployment to brands and retailers with global operations and aspirations. For further information visit http://www.venda.com
Sourced from Pensio on November 25th, 2013