European payment service provider MultiSafepay, headquartered in Amsterdam, will become an acquirer of the Belgian payment method Bancontact this month. The acquirer-status will allow MultiSafepay to provide the payment method to their customers without involving a third party to facilitate it.
While the Belgian ecommerce market grew by 15% in 2015, MultiSafepay reports it has doubled its market share in Belgium in last year.
One Stop Shop for Bancontact acceptance
‘In the role of acquiring processor, MultiSafepay can facilitate both client relations and transaction processing for Bancontact. This means that MultiSafepay can handle all technical, financial, and service & support procedures’, says Olaf Geurs, CEO of MultiSafepay.
‘Our clients will have one contact for all aspects of transaction processing for Bancontact. This will translate into increased reliability and availability of this successful payment product for both consumers and online entrepreneurs. Another advantage is that Belgian consumers may also use the popular Bancontact app to complete a payment’.
Belgian ecommerce market
The 15% increase of the Belgian ecommerce market exceeds growth rates in surrounding countries. MultiSafepay is aware of the growth potential of the Belgian ecommerce market, and has been active on the Belgian market for over 4 years with a Belgian Sales & Support team. MultiSafepay can already provide several payment methods including VISA, MasterCard, and Sofort Banking with one single contract.
Kris De Ryck, CEO of Bancontact Company, on the collaboration with MultiSafepay: ‘The high standards of MultiSafepay both in terms of know-how and their services seamlessly matches the high standards and values of Bancontact. The increasing number of Bancontact providers underlines the importance of Bancontact as Belgium’s favorite payment method.’
Bancontact / Mister Cash is the domestic debit card scheme in Belgium, allowing consumers to pay in real-time and guarantee payment to (online) merchants and businesses. Bancontact payments are immediately debited from the consumer's bank account. The receiver’s account will be credited the next working day. Today, there are more Bancontact/Mister Cash cards in circulation (15 million) than there are Belgian citizens (10.5 million). No less than 99% of all consumers know Bancontact/Mister Cash and 86% of all payments by electronic card are Bancontact/Mister Cash payments.
Bancontact Website Integration
Merchants can not integrate directly with the Bancontact payment system and should use the services of a Payment Service Provider to technically connect to the Bancontact processing system. Besides this technical connection or 'bancontact payment gateway', merchants need to contract with a Bancontact acquirer to be able to accept transactions and receive settlement. Currently there are just a couple of Bancontact Acquirers, including Worldline, SIX Payment Services, European Merchant Services (EMS), Adyen and MultiSafepay.
MultiSafepay makes both online and mobile payments easy for consumers. Our ecommerce payment solutions and conversion increasing tools simplify the process of accepting, managing, and stimulating online payments. Thanks to a complete range of local and international payment methods, simple integration processes, and our international expertise, we make it easy for the ecommerce industry to sell products online all over the world.
Article partly sourced from Press Release by MultiSafepay, April 1st 2016