SPOTLIGHT | In this edition of the About-Payments Spotlight we give the stage to payment provider eComCharge. eComCharge, headquartered in Riga (Latvia), provides modular white-label payment platform as well as card and alternative payment processing solutions for both online merchants and online payment service providers.
Their company website has just been revamped and a new company logo has just been introduced to the world. Time to meet with Peteris Pildegovics, Head of Business Development at eComCharge.
1. How would you describe your business to Payment Service Providers and acquirers new-to-game?
eComCharge is a developer, supplier and integrator of web-based systems and platforms for electronic payments.
We have developed solutions that enable Payment Service Providers (PSPs) and acquirers to provide online merchants with the most convenient and secure ways to receive payments both by bank cards, and by alternative payment methods. No additional resources involved.
beGateway platform is a white label solution. We offer a comprehensive infrastructure and software system for online card payment processing. The platform is certified according to PCI DSS Level 1. We have introduced beProtected - an innovative anti- fraud and risk management system. Our customers can either rent it or to buy a license.
beConnected Platform guarantees a single integration with more than 35 different alternative payment systems worldwide.
2. What makes you different from other software and solution providers for Payment Service Providers / Merchant Acquirers?
We pay special attention to the functionality of our products. We offer single click payments, adaptive payment pages, an innovative anti- fraud system and a lot more. But I would like to dwell more on the modular architecture of our systems.
For example, beGateway consists of modules responsible for transaction processing, notifications, displaying statistics; there’s a payment page module, etc. All modules work independently. And malfunction in one module will not affect the operation of another, which increases the reliability and stability of the whole system considerably.
Thanks to the modular architecture, our clients can pay only for that part of the system that they really need, e.g. only for a certified payment gateway or only for the user interface module for payment statistics display. This approach allows us to meet the needs of PSP or acquirers based on their objectives and budget.
3. What are the triggers for PSP and acquirers to switch to your platform?
In an increasingly competitive payment services market, PSP and acquirers are constantly looking for ways to cut costs and increase profits and to sustain the quality of the services provided. The world practice shows that the most effective way to do this is to discard non-core activities and to outsource them to specialized companies.
In fact, system development alone will cost several hundred thousand euros. And that's assuming that your developers have the necessary experience. Once the development is complete, one will have to undertake PCI DSS annual certification which costs at least 20.000 euros. And naturally, the system has to be supported and maintained, which means monthly expenditures on the relevant personnel’s pay.
Is it really worth doing on your own? The idea of our products is to free our customers from all technical issues, reduce the cost of IT infrastructure, allowing them to focus on the main thing - their own business development.
4. What clients or markets are you targeting?
Today, we provide our services to PSP and acquirers from the EU. And this market is quite saturated and formed. Therefore, we turn to the new markets of the countries where online payments field has not yet reached the saturation stage. These are the countries of Central and Eastern Europe, including the CIS and Russia.
Here we are interested in engaging companies and banks that plan to provide online card payment processing. Or the ones that are already providing it, but are for various reasons not happy with their current processing platform, and would like to change it.
In addition, we are still optimistic about the Russian market, despite the economic crisis in the country.
5. How can PSP and acquirers use your platforms?
PSP and acquirers have 3 options to choose from to start using our platforms and systems.
Option 1. Rent. PSP or acquirers get a completely ready-to-use PCI DSS Level 1 certified processing system in the desired configuration. The entire infrastructure of the system runs on our servers. The entrance is performed through the customer’s domain. The visual interface matches the customer’s style and design. We guarantee high system uptime and take care of all issues related to its maintenance.
Option2. Buy a license. In this case, the system functions on the client’s side. We offer deeper customization and system development based on one or more of our products according to the needs and requirements of each individual client.
We are flexible in providing our services and are always ready to meet our customers’ expectations. And last but not least - Lease with a right to further purchase. For us, our clients come first.
6. What may PSP and acquirers expect in nearby future from your company?
We are constantly improving and expanding the functionality of our products to make them as user-friendly as we can to cater for PSP and acquirers and their clients - online merchants. In the nearest future we are expanding the list of supported acquirers for beGateway platform and adding new payment modules for various CMS.
We are also planning to implement card number checks by BIN tables in beProtected anti-fraud and expand the number of transaction check parameters. Nowadays there are 29 of them. But the more parameters there are, the more customizable transaction validation can be to meet each customer’s requirements.
And of course, we plan to further increase the number of supported alternative payment methods in beConnected, to cover as many popular local and international payment systems as possible.
7. What are the important trends in online payments from your point of view?
First, it is, of course, the use of mobile devices for online shopping and, consequently, payments. This must be taken into account. Sites have to be adaptive; payment pages have to be easy to read and enter data on small screens.
The second trend is the simplification of the payment procedure. Payment must be quick and easy. It takes a lot of time and effort to enter payment details every time which is why we have started implementing tokenization and one-click payments.
And one more trend that can be observed today among payment service providers and acquirers is that they cut back on their own technical development and turn to specialized companies. It has proved too slow and expensive to develop and then to maintain their own payment gateways or processing systems. From an economic and practical point of view it is much more effective to rent or buy a ready-made solution and sign a maintenance agreement. One should really focus on what they are best at.
8. Give 3 do's for PSP and acquirers willing to start providing payment services online
1. Research your market. Deduct the most popular payment methods. Learn the needs of your potential customers for receiving online payments. Think what you could offer to meet these needs.
2. Locate a developer or a system integrator to provide you with the processing system that meets your needs. And in case of alternative payment methods, engage a professional to integrate all the necessary payment methods into your service and to add all the necessary features. Do not try to integrate all the desired payment methods on your own – you will just waste your time and effort. Focus on your core business.
3. Offer your customers simple, convenient and safe ways to receive payments. The more payments your customer makes, the better off you are.
9. Cards and Alternative Payment Methods: Competitors or Best Friends?
I do not think cards and alternative payment methods are competitors. By no means. Bank payment cards are a universal means of payment. You can pay online, offline, whichever you prefer. If one has a bank account, as a rule, it means they also have a payment card. If a merchant wants to cater for the maximum audience of potential clients, they simply have to accept payments by cards.
At the same time different countries and regions have their own local payment methods which ceteris paribus, are very popular with customers for this or that reason. This should be remembered. Sometimes, for various reasons, the buyer prefers to pay using an e-wallet or a pre-paid voucher. If the merchant really takes care of their clients, they should provide the customers with a choice.
In addition, there are countries and regions in which, despite high penetration of payment cards, people prefer to use a more convenient means of payment. Very often buyers choose to pay through online access to the bank account with a "direct debit" option. Such methods may prove less expensive to maintain and less risky in terms of possible chargebacks for the merchant.
I believe that alternative payment methods are a great addition to the card payments. And it’s a perfect way to show to a potential client that you care about them.
eComCharge delivers White Label software and infrastructure ensuring card payments processing for payment service providers and acquirers in a Platform as a Service (PaaS) model. Modular payment gateway architecture allows integrate certain modules into existing system.
eComCharge is paying strong attention to anti-fraud prevention solutions, ensuring the clients safe and reliable payments. eComCharge is EU-based PCI DSS Level 1 certified. eComCharge delivers comprehensive card and alternative payment processing services for online merchants.
Peteris Pildegovics short bio
Peteris Pildegovics is a Head of Business Development at eComCharge. By taking the key positions in the field of finance and client relationship management for more than 15 years Peteris is bringing broad experience to eComCharge growth by constantly increasing number of satisfied clients.
Peteris has in-depth knowledge in ecommerce, international markets and customer service. The cornerstones of Peteris business approach and therefore business model of the company are relationships built on trust and solutions built on innovation.
About... About-Payments Spotlight
The 'About-Payments Spotlight' gives the stage to Payment Service Providers, Payment Gateways and Solutions to highlight their business, products and value to merchants selling via the internet. Contact About-Payments Newsroom (email@example.com) for more information.