The best places to get some sun in January 2019

Got the post holiday blues? Why be blue when you can be sunshine yellow with a spectacular winter-sun destinations?

With our partner Kiwi.com, one of Europe’s leading online travel agencies, the hot burning sun is just a flight away! Don’t know where to go? Don’t worry, they’ve got you covered. Check out this amazing list of hot, hot, hot destinations and keep those blues away for good this winter!

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Chargeback disputes: the latest attempt by fraudsters to beat the system – and how to make sure they don’t!

We think of chargebacks as being a modern inconvenience and a feature of commercial dealings. Yet, documents dating as far back as 1800 BCE show that the concept was already in existence in ancient times. To avoid being accused of theft – an offence punishable by death back then – sellers and buyers demanded and carefully preserved receipts and title deeds. If it was proven that the goods (even those purchased in a legitimate sale) were stolen, the buyer had an obligation to return them to the original owner, but also had a right to charge back the seller.

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8 Steps Merchants Are Taking Right Now to Get Through the Holiday Season

‘Tis the season for merchants to focus on holiday sales.

Thanksgiving, Black Friday and Cyber Monday officially open the holiday season. Combined, they have become one of the best shopping periods of the entire calendar year. Originally a US-focused phenomenon, this obsession to ‘find the best deals’ has spread like wildfire across the globe. In recent years, this weekend has become the optimal time for merchants to increase their sales and generate strong profits by offering customers some great deals both in stores and online.

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Kiwi.com Soars with Agile BI and Reporting

Online travel is a competitive business with tight margins. All the hard work building brand and attracting customers can be thrown off course if users experience problems or transactions don’t go through quickly and consistently.

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Meet our Superwomen, France Blanchard and Lital Bar Noy, nominees for the European Women in Payments Awards 2018!

We are so proud that not one, but two of Credorax’s super women have been shortlisted for the European Women in Payments (EWPN) Awards. France Blanchard, Senior Vice President Business Operations, is up for ‘The Payments Woman of the Year‘ award.

While our Vice President Product,  Lital Bar Noy, is nominated for EWPN’s ‘The Young Innovator’ Award.

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5 Risks in Implementing a Payment Solution

On a macro-level, glorious predictions are constantly made about the future of the global e-commerce industry. Take, for example, a Statista report, which reveals that e-commerce was responsible for around $2.3 trillion in sales in 2017 and is expected to hit $4.5 trillion in 2021.  With such promising revenue expectations, it is no wonder e-commerce businesses are constantly opening up online.

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Expanding globally? Add local currencies like Kiwi.com

All Business is Local & Sometimes Exotic

We have found that when a merchant accepts local currencies, their approval rates usually increase. This might seem like common sense and easy to achieve – but it’s not. E.g. some regions can present greater challenges. Latin America countries are very local and want to keep it that way. If they see international traffic, they will often decline payments. So, it’s hard for foreign companies to get a foothold in the market there, despite the size of the continent.

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Avoid Getting Ripped off During Your August Holiday

August is here and that means many of you are traveling around the globe. Visiting exotic destinations is obviously thrilling and isn’t it always even more pleasant when you can save a bit on travel expenses here and there.  As a global Acquirer in the travel space, we are lucky to have first-hand knowledge on this subject and this summer we want to share it with you through our ‘Credorax Around the Globe’ two-part blog series.  

Enjoy part one below, which gives you some good tips on exchanging money at the best rates and tune in next week for part two, where we focus more on smartest ways both consumers and businesses can benefit when selecting the right online travel agency.

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Money20/20 Europe: Take Five!

The Credorax team had a fantastic time at Money20/20 Europe, one of the largest European FinTech events, in Amsterdam last week.  We had over 60 scheduled meetings, and many stopped by our booth.  We enjoyed seeing our partners and meeting prospects and industry experts. There were many great sessions and informative panels.

Here are the top five highlights:

  1. AI was front and center throughout the event. Monday featured a day long AI Deep Dive session in which our COO/CTO Moshe Selfin shared the stage with Apple Co-founder ‘the Woz’ and luminaries from Feedzai, Goldman Sachs, BBVA and Carnegie Mellon University to discuss the Future of Banking: AI and Blockchain.

Moshe Selfin and ‘the Woz’

  1. Ilya Dubinsky, Credorax Head of CTO Office, took part in a webinar panel on the Future of Banking: Data and Big Tech that was filmed live from Money20/20 EU, with over 500 people attending globally. Check out the webinar here (it includes a downloadable white paper: The Payments Revolution: How will we Pay?).
  1. Open collaboration between big banks/companies and fintechs was a major theme. Nir Levy, our head of products and professional services, commented: “There’s an air of acceptance and more collaboration between corporate/large banks and fintech companies. People are realizing that much can be gained by combining innovative technology and experts from different fields to build a great future for customers and businesses.”
  1. Stefan Dab, Senior Partner and MD, The Boston Consulting Group moderated a session with Andy Maguire, Group Managing Director & Group COO, HSBC: It’s about the customer, stupid. Maguire covered the customer-driven approach at HSBC, and their work with fintech partners.
  1. It wasn’t all just business. The Money20/20 EU Street takeover party was a blast!

Thank you Money20/20 organizers for all your efforts and contribution in making this event successful! And thanks to all who met with us and visited our booth at Money20/20 Europe.

See you next year!

PSPs are Adapting to Cross-Border E-Commerce

This month, Credorax has been spotlighted by PaymentEye to share its wisdom on cross-border ecommerce’s effect on PSPs. Below are a few important takeaways from the article we thought you would enjoy. To read the full article, visit: www.paymenteye.com.

CRX_blog_cross-border-europe

Retail Sales, All-Time HighPicture1

Retail sales worldwide are at an all-time high. According to data from eMarketer, total retail sales hit $22 trillion worldwide in 2016, up 6% over 2015. That figure is estimated to exceed $27 trillion by 2020 (excluding travel, event ticket and restaurant sales).

Retail sales are growing too – although the growth rate is predicted to peak at 6.3% in 2017, trending downwards towards the end of the 2010s, the market is expected to deliver strong numbers over the next five years.

Ecommerce Makes up Majority of Growth

Although overall growtPicture2h is slowing in line with the rest of the retail market, ecommerce is predicted to make up an increasingly large proportion of total retail sales.

Accounting for 7.4% of that total in 2015, retail ecommerce sales across all devices will reach $2.3 trillion worldwide in 2017, rising to a whopping $4 trillion by 2020 (representing 14.6% of total retail sales).

This should come as no surprise, as over half of all internet users worldwide – more than 24 percent of the global population – made at least one purchase via a digital channel in 2015.

Cross-Border, Heart of Ecommerce Growth

A growing proportion of this trade is cross-border. As tech advances make it easier for merchants to market to customers beyond their domestic borders, the pressure for merchant acquirers to deliver fast, secure and cost-efficient cross-border payments is higher than ever.

DHL Express reports cross-border sales volumes are predicted to increase at an annual average rate of 25% – from $300 billion to $900 billion – between 2015 and 2020.

PSPs Need to Support Cross-Border for Merchants

PSPs should be able to service the cross-border needs of their merchants if they are to stay competitive. Merchants now expect to pay least-cost routing and local fees for cross-border transactions at minimum. PSPs must have in-depth knowledge of regional preferences and compliance regulations. In addition, merchants expect the lowest costs and transparent pricing models as standard. While an acquirer can’t solve every cross-border issue that arises, selecting the right one can definitely enable their cross-border goals.

Acquirer Checklist: The Essentials Every PSP Should Look For

  • Cross-border reliability: seamless connection of the PSP’s merchants to cross-border
  • Knowledge of cross-border commerce: an understanding of regional preferences, rules, and new regulations.
  • Currency capability: ability to handle multiple currencies and provide the lowest domestic rates for cross-border e- and m-commerce transactions.
  • Multi-device: full cross-channel international sales, enabling merchants to connect and sell to customers on every type of device – especially mobile.
  • Risk protection: ecommerce risk and fraud should be safeguarded against risks, and the latest threats to mobile commerce understood.
  • Flexibility: support a wide range of payment methods and ability to deliver an updated service in response to new market trends.

The cross-border ecommerce market provides a unique opportunity for PSPs to move beyond their traditional roles by providing cross-border options for their merchants, but partnering with the right merchant acquirer must be the first step.

To learn more about selecting the right merchant acquirer, download PSPs: Why Does Your Choice of Acquirer Determine Future Success at Paymenteye.com here.