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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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.

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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.

 

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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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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Empowering Payment Processing with Smart Technology

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Gearing up for Money2020 Vegas, we decided to publish information about our tools and services in an easy-to-read format, so that our current and future customers can readily understand what we do and why it is so important for the borderless economy. E-commerce is growing rapidly, and in 2015 cross-border e-commerce represented about one-fifth ($304 billion) of all transactions! It is vital for merchants to have a seamless and streamlined acquiring bank they can trust to provide superior security, functionality and customer service.Continue Reading