Client Advocacy Proves More than a New Year’s Resolution, but a Mantra to Live by

Credorax Customer Advocacy

For many of us, the beginning of a new year is typically a time when we set personal ‘New Year’s Resolutions’.  Just as we do this for ourselves, it is important for businesses to set them as well, in early Q1 each year. Confucius had it right when he professed, “study the past if you would define the future.” The aim is always to look to the future when setting these new expectations, but don’t forget that in order to do so effectively, you have to look to your past to get the true picture of where you are going and where you want to be.

Reflection: Study the Past

Especially after the transformation the Fintech industry went through in 2016 and for its sustainability in 2017, it is important for each of us in this industry – Credorax included – to reflect on the past in terms of what worked and what we could have done better. There is one big lesson we collectively learned. In order for the industry to continue to flourish, it must focus on creating very pragmatic solutions for its audiences (consumers and businesses) vs. frivolous concepts that will never be adopted. In other words, the focus needs to be on the ‘need to have’ rather than the ‘nice to have’ solutions. To do this wisely, companies need to really listen to their customers and react to their needs spot on.

From its inception, Credorax committed itself to being a Merchant Acquiring Bank that would exemplify true Customer Advocacy by staking its claim as the Acquirer to create ‘tailor-made’ business and technology solutions. While standardization in payments is critical for industry growth, the reality in acquiring is that every merchant is different, and therefore each one requires very specific solutions in order to enable them to flourish.

Was this mission an easy one to take on? Absolutely not and anyone in this industry with similar ambitions that claims the opposite is, let’s face it, not being truly transparent. Because here is the deal: off-the-shelf Acquiring & Payment solutions do not answer every customer’s needs and frankly do not exist.

Since we as a company approach everything ‘head-on’ and do not drink the Kool-Aid of unrealistic undertakings, our adopted, transparent philosophy with our clients has become and continues to be: “We may not have the answer today, but we’ll find it quickly and fix it smartly.” We therefore embrace the challenge gladly, understanding that we have the ability to carry out this mission.

The proof of success of this mission? Looking back at our previous year’s accomplishments, which were only made possible because of this commitment!  Global payment service providers and merchants have continuously made it clear that they select Credorax as their preferred merchant acquiring bank over competitors due to this tailor-made approach. Examples of partners secured in the last year alone include: Arvato, Vantiv, Simplify by MasterCard, Acceptacard, Computop and EasyPay. In addition, Credorax recently won several awards, including the Emerging Payments Association’s 2016 ‘Best Gateway/PSP/Acquirer’ solution provider, due to this unique business approach. This award is important to us because it is a concrete example of true measurement against this goal.

Moving Forward: If You Would Know the Future

Circling back to our 2017 Q1 resolution… Customer Advocacy will absolutely continue to be our number one priority to ensure that our customers and partners continue to be successful this year.  Credorax’s business model is solid yet dynamic enough to meet these undertakings once again, as it is built on the following three-pronged paradigm which when combined continuously ensures success for our stakeholders, both internal and external:

  • Trust built on skilled and caring talent: We have built a talent pool of technology and payment professionals that not only excel at their crafts, but care deeply on a personal level about our customers’ successes. Whether it’s waking up in the middle of the night to fix a technical issue, or bringing every C-level to clients in-person to solve their business issues, the staff treats partners and customers like family.
  • All roads lead to a common ground, ePower: In order to support our business philosophy of tailor-made acquiring and payment solutions, we created ePower, our patented single and unified acquiring and payment technology platform. This platform acts as the underlying, centralized infrastructure that serves as a common denominator for all the payment processing needs of all our partners and customers, as well as the foundation on which all tailor-made business/technology solutions are built.
  • Tailor-made technology & business solutions: For every client, we start off with a personalized Solution Architect that maps out a blueprint of how Credorax will support their individual needs and through the duration of the relationship we create and implement these solutions.

Signing off, we can’t stress enough how important it is for every business – not just Credorax –  to make customer advocacy the core focus. Starting off with the right ‘mantra’ at the start of the year will surely lead to success and sustainability throughout the year!

Never forget to get in touch – we need to hear you! grow@credorax.com

5 Pieces of Advice for Merchant Onboarding Application

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To date, the merchant onboarding process to an acquirer has been time-consuming, inflexible and costly. The biggest cause of delays and frustration is the overwhelming amount paperwork that needs to be completed.

As an acquirer dedicated to customer advocacy and operational efficiency, we decided to share with you, our merchants and partners, how putting together a merchant application properly for the acquiring bank can save time and headaches. The result should be an application that is successfully processed and approved by acquirer in a timely manner.

As a merchant, you need to know that it is critical for your business to follow local laws and regulations. It is highly recommended that you include all business-related licenses as a part of your application. Note that some types of products are subject to more regulation than others, therefore the set of documents might vary by country and industry.

No less important is to ensure that you include all the detailed information about your business to further speed up the application. For example, with regards to the company name, fill in the full legal name, including the type of business entity it is (e.g., a limited company – Ltd.).

With the above in mind, here are our top five tips for filing in an approval-winning merchant onboarding application:

TIP 1: Be clear about your business model.
Provide all the relevant up-to-date information up front, to avoid assumptions and requests for additional information from the acquirer. If your website is under construction or still in beta, let the acquiring bank have access to your business plan and/or a beta version of your website.

TIP 2: Emphasize risk mitigation procedures and policies.
Present your internal AML and fraud policies together with other risk mitigation procedures to the acquiring bank. Merchants having proper risk processes in place score more points with the acquirer and might be considered for lower collateral requirements.

TIP 3: Highlight cardholder and affiliate KYC checks.
Existing cardholder and KYC check procedures should be highlighted at the onboarding stage. Sound KYC checks on both cardholders and affiliates leave less room for fraudulent transactions.

TIP 4: Present transaction monitoring solutions.
There are third-party services that keep tabs on transactions for any issues, analyze transactions to determine risk exposure, and manage fraud and chargebacks in relation to the acquirer and card scheme thresholds. Great merchants account for these potential issues and have plans in place to manage them.

TIP 5: Provide clear explanation of service fulfillment period.
Merchants that offer more than one service may have more than one fulfillment period and anticipate a division in expected volumes. A detailed explanation of these fulfillment periods to the acquiring bank will help ease the onboarding process.

Let us know if you have any other tips on how to speed up this process. Contact us at grow@credorax.com

Keys to Cross-Border Success for Merchants

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Are you watching the world grow more connected before your eyes? It’s only natural that online merchants see this growth as an opportunity. Increasingly, it is becoming vitally important that online merchants be fully prepared to sell not only “locally” but also to reach into cross-border commerce. PYMNTS.com has been studying factors that separate the most successful cross-border merchants from the rest of the pack.  They recently published their quarterly index, which not only shares recent news but also compares 2016 to previous years.

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Survey Says: U.S. Consumers & Businesses Alike Demand Pragmatic Fintech Solutions to Ease Their Financial Woes

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Ringing in the holidays, means nearing the end of year, and at Credorax we decided to take a moment to reflect on the major transformation the fintech industry experienced in 2016. While Blockchain and IoT obviously made every Top 10 Trend List, let’s be honest, the biggest trend – or more bluntly put, game-changer – was the end of the so-called fintech unicorns.

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New study: B2B Digitalization Drives More Revenue

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When it comes to embracing change, B2B is following – slowly – in the footsteps of B2C. Businesses that are focused on B2B have to overcome more hurdles to make those changes, including legacy systems and more traditional processes.

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Digital Payments: Growth and Development

imageCapgemini has released its 2016 World Payments Report (WPR)! Along with the rest of the payments industry, we are keeping a close eye on the developments worldwide, so we can respond to the needs and wants of our customers and consumers at large.

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Mobile Payments: What Might Tip the Scales from Early Adoption to Widespread Use

picture1Editor’s note: Prior to Money20/20 2016 in Las Vegas, we took the opportunity to speak to Rod Katzfey, our Vice President of Sales & Business Development of North America, about mobile payments from the perspective of American business.

What is your opinion of the various mobile payment options available today?

Contrary to popular belief, I believe we have not reached wide-scale adoption for all of the various mobile options on the market today. On the surface, it may seem that 2016 will be the year that mobile payments finally reach global mass adoption. Between the technological advancements developed over the past few years both on the card-not-present and card-present side, such as mPOS, in-app payments, NFC/contactless, combined with the 800-pound gorillas – Apple Pay & Samsung Pay – snatching up partnership deals with retailers and banks across the globe, it appears that mobile has reached a turning point. But I truly believe we are still in the hype vs. reality stage and still awaiting to be embraced wholeheartedly by consumers.

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Management Values: What Drives Us?

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Get to know our people through their management values, at a glance!

At Credorax, our core values drive our daily work.  As a technology company, innovation, ambition and exacting execution keep us ahead of the pack. But equally important are the “old-fashioned” values of integrity and communication, which have allowed us to build teams that are imbued with trust and ready to do our best for every client, big or small.

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Inside Credorax: Alon Bigler on the Importance of Trust in a Long-Term Business Relationship

 

In this month’s Inside Credorax interview, we sat down with Alon Bigler, Vice President of Business Development and Strategic Solutions at Credorax. Alon’s hidden talents and interesting hobbies have come to light and have shown us the secrets to his success.

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What we took home from Money20/20 2015

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Held in Las Vegas, Money20/20 2015 was a worldwide gathering of stakeholders in truly global payments. Firms of all sizes and specialties were present to talk to thousands of conference-goers about news and discuss questions and challenges to the industry gathered in the glitz of Vegas! As we are busily preparing for this annual showcase – which will include information, meetings, and fun and games — we asked three veteran Credorax attendees to share their thoughts on last year’s forum.

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