SPOTLIGHT | About-Payments introduces the 'About-Payments Spotlight', where we give the stage to Payment Service Providers, Payment Gateways and Solutions to highlight their business, products and value to merchants selling via the internet.
In this first edition we give the floor to global payment provider Payza. With over 10 million members, offering services in 197 countries and in 21 different currencies, Payza ranks amongst the leading payment providers in the world and offers merchants a complete solution for accepting payments online.
#1 - How would you describe your business to merchants new-to-game?
The Payza payment platform specialises in e-commerce processing, corporate disbursements, and remittances for over 75,000 merchants and 10 million customers in over 190 countries. With Payza, merchants can instantly and securely process ewallet and credit card payments. Payza is PCI Level 1 Compliant, making it a safe choice for credit card processing.
Business accounts come complete with a full suite of business management tools, such as fraud screening services, email invoicing, and mass remittances. Payza also puts a special focus on under-serviced and emerging markets by providing an affordable and convenient way to send and receive international payments, making the Payza ewallet a popular option in developing markets. With Payza checkouts, online merchants can expand their reach and improve conversion rates.
#2 - What makes you different from other Payment Service Providers?
Online security and fraud risks in card-not-present situations is an ever-growing concern in our industry and Payza has taken a unique approach to minimize the impact of fraud on our Business and Personal members alike. Our proprietary FraudMatrix automatically screens every transaction and flags those that represent a high risk of fraud.
We’ve innovated security features for user logins. The advanced security option allows members to set up a personalized avatar that is presented prior to a login. Designed to combat Man-in-the-Browser threats, this feature is especially useful for public computers.
Payza also puts our members first. With 24 hour live customer support (via both phone and chat) from Monday to Friday, Payza has one of the most accessible Customer Support teams in the industry.
#3 - What are the triggers for online merchants to switch to your platform?
Payza helps merchants expand globally by being able to accept payments from countries our competitors don’t yet serve. We serve both the traditional markets in North America and Europe and emerging markets like India, Bangladesh and Pakistan. With over 10 million consumers in 190 countries, we are one of the largest online markets in the world.
The free Business account has no signup or maintenance fees - sellers are only charged a small fee per transaction. A wide range of withdrawal options give businesses cost-effective and quick methods to get their cash. For payment solutions, Payza offers a free recurring billing option for subscription payments. Customers to save their payment information for faster repeat checkouts. Payza is also gaining recognition for our Resolution Center, a unique forum where merchants can deal with customer disputes openly and honestly.
#4 - What merchants or markets are you targeting?
The Payza online payment platform works for all types of online merchants, whether they sell physical or virtual products. As our payment platform has local partners all over the world, we can offer customized payment processing to merchants and their customers. This is especially beneficial for merchants in emerging markets like India – Payza provides an affordable and easy-to-use service.
#5 - How can merchants integrate with your platform?
The easiest way to accept Payza payments is by adding a Payza Payment Button to your website. Merchants can generate a script for these buttons within their accounts and then add that code to their websites. Payza also works with a wide variety of 3rd-party shopping carts and we offer in-house support for each of these shopping carts.
The Developer Center is your one-stop resource for APIs, troubleshooting and support when you want to take your checkout page to the next level. The Payza Sandbox allows developers to use the testing environment to integrate e-commerce with Payza’s products and features.
#6 - What may Payza merchants expect in nearby future?
We’re looking into ways to integrate the popular crypto-currency Bitcoin into the Payza platform. This means that Payza merchants will be able to accept payment in Bitcoin but receive funds in the currency of their choice, eliminating the worry that fluctuating Bitcoin prices will affect their margins.
With the recently introduced Credit Card Top Up feature, Payza members can instantly add funds to their accounts directly from a merchant’s checkout page. So if a member doesn’t have enough money in their balance to cover a purchase, they don’t have to leave the merchant site to add funds. Payza is also working on a mobile app that will offer users an optimized on-the-go method to send funds to over 190 countries, in over 20 currencies.
#7 - How do you respond to online payment trends?
Consumers are looking for a reliable, safe, and user-friendly way to manage online payments, and so the trend is towards streamlining payments while removing any pain points in the process. Payza’s In-Page Checkout offers shoppers an easy, one-page payment experience right on the seller’s website, increasing consumer confidence and lowering shopping cart abandonment. The Balance Top Up feature, which offers automatic loading of the Payza ewallet balance, gives merchants a wide range of tools to make it faster and easier for their customers to pay.
And with the development of Bitcoin integration, merchants will be able to accept Bitcoins but receive the funds in the currency of their choice (from the 21 currencies we support), removing the risk of Bitcoin price fluctuations impacting profit margins.
#8 - Give 3 do’s for merchants willing to accept payments online
1. Do make sure that your online payment processor offers real value. The Payza Business account gives you a wide range of business tools, like email invoicing, easy integration with shopping carts, and recurring billing options, included with your free account.
2. Do ask lots of questions about the online security practices of your payment processor. Small and medium online businesses are especially vulnerable to cyberthreats. Payza is PCI Level 1 compliant, meaning we can securely process credit card transactions. All transactions are protected by advanced encryption, and Payza’s proprietary Fraud Matrix checks each transaction to minimize fraud.
3. Do choose a payment processor with a deep understanding of ecommerce. Providing features to help you increase checkouts should be part of the services offered by a payment processor. Payza’s payment processing services draw on a decade of industry experience to give you the tools you need to run a lucrative online business.
#9 - What do you think of Crypto-Currencies like Bitcoin?
Bitcoin and other crypto-currencies are really interesting because although the technology came from the fringe, they are on the edge of mainstreaming today. With venture capital firms moving to invest in crypto-currencies and big companies like Expedia and Overstock.com accepting Bitcoin payments, the technology definitely looks like it’s here to stay.
Education and understanding is one of the major hurdles preventing crypto-currencies from going mainstream, as it still takes a fair amount of technological know-how to acquire, store and distribute bitcoins. “We’re excited to be developing a simple solution to integrate Bitcoin payments into our system,” says Ali Nizameddine, Payza’s Executive Vice President of Product and Technology. “Our goal is to make it so that the everyday person who shops or sells online can have an accessible way to use this exciting, secure way to pay."
#10 - About Payza's recent history
Founded in 2006, Payza now has offices in five countries and has grown to include over 75,000 merchants and 10 million members in over 190 countries. We entered Bangladesh as the country’s first payment provider in March 2012, and by December had launched the SimplySendBD product, giving Bangladeshis abroad a convenient and low-cost remittance service. In February of 2013, Payza won the PayBefore award, and in the months after significantly expanded payment options by adding bank wire and bank transfer, as well as Interac for Canadian members. The end of 2013 saw a newly streamlined Checkout page, as well as the addition of Advanced Security Setup, a customizable security feature that uses an avatar and welcome message to identify the secure Payza website.
So far in 2014, we have expanded our services to the UK, introduced the Payza Specialized Gateway credit card processing service for our American customers, rolled out the In-Page Checkout and Balance Top Up features, and announced new partnerships with Bangladesh Commerce Bank Limited and with Ingenicard America Inc.
More on Payza