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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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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Do you really agree to the terms of use?

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How many times have you updated your smart phone’s software this year — or even this month? Every time you clicked “I Agree,” you were actually signing an electronic agreement known as a ‘click-through agreement.’

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Should Payments Rank Highest on an Entrepreneur’s E-commerce Priority List?

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Meet Paul and Veronica. Both are smart, ambitious, and a few years out of university. Despite their degrees, neither has managed to land the kind of job they were hoping to. Additionally, thanks to a tight job market and rising housing prices, they are both still living with their parents. Are Paul and Veronica doomed to a life of sitting on the sofa watching television and eating pizza all day?

One of the results of today’s ‘tighter’ economy is that it has produced an entrepreneurial spirit in many people, from retired baby boomers to fresh-out-of-university 22-year-olds. In fact, Europe’s 22.3 million SMEs currently account for two-thirds of employment and generate nearly 60% of total value-added (EUR 3.7 trillion).Continue Reading

The Payments Industry is Evolving: What’s Next

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It’s impossible to predict the future, but it’s a good idea to keep an eye on trends in the payment industry.  New customer-facing technology, regulatory changes and digitization of payments across the globe are having an impact on FinTech. Let’s take a look at a few trends for 2016, as noted by CapGemini.

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In a Newly Connected World, Old-Fashioned Cash Still Tops

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Although there are increasingly technologically sophisticated ways to pay for goods and services, worldwide, cash payments still win out. Why is this? And what will make electronic payments more attractive?

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Award-Winning Alliance for Outstanding Results – Wargaming.net’s Success Story

Editor’s note: We are happy to kick off a series of posts dedicated to our clients’ success stories. These case studies will help explain what Credorax does differently in order to help grow our partners and merchants’ businesses. 

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Credorax Success Stories

Wargaming.net, an MMO “free-to-play” online action games giant, provides a great lesson in becoming a global acquirer. Founded in 1998, Wargaming is one of the leaders in the free-to-play massively multiplayer online (MMO) market across PCs, consoles, and mobile devices.

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Are Payments Services the Next Logical Step for Supply Chain Experts?

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Supply chain and logistics companies in today’s market already maintain expertise in several areas, such as logistics, delivery, invoicing and digital services. Recent industry surveys indicate that adding and enhancing e-commerce or payments services as part of the end-to-end solution puzzle, reaching out to these companies’ well-established customer bases, could aid an increasing pinch at the margins of supply chain services.

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The Long Goodbye to Cash

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As digital payment solutions have become increasingly common, one of the questions that has been raised on numerous industry forums is: Is it time to retire the cumbersome paper and coins we’ve used as legal tender since ancient times?

Cash costs us more than you would first expect. According to a Tufts University report, it costs US households $43 billion a year to deal with cash, taking into account time, fees and theft. For businesses, the costs are even higher: $55 billion, thanks to administrative costs and retail theft. Including government costs of $101 billion, cash costs the U.S. $200 billion a year.

Future Isn’t Bright for Cash

Over the last year, we’ve seen a number of signs that that the transition to a cashless society is accelerating. We discussed this topic last June when we took a closer look at a MasterCard report on our collective progress towards a global cashless economy.  As expected, the future still isn’t looking bright for cash.

Last May, the Danish government proposed ending all cash payments. The Central Bank of Ireland stopped manufacturing 1 and 2 cent coins in late 2015. And it looks like Sweden might be the first country to go cashless. As cash falls by the wayside, how can the payments industry create a seamless transition for merchants and customers?

The Omnichannel Imperative

Retail TouchPoints published a whitepaper last year entitled Is Retail Ready for a Cashless Society?, which takes a closer look at the mobile and digital trends influencing this transition. The paper outlines five key elements of this evolution from cash to digital payments:

  • The Omnichannel Imperative
  • Mobile Payment/Mobile POS
  • Digital Wallets
  • Digital Currency
  • Social Commerce

It’s clear that when it comes to retail, cash is giving way to digital payments. In this vein, omnichannel marketing and payments are pillars of future e-commerce growth. The paper notes that e-retail success depends on meeting customer needs in a seamless fashion across channels. This includes:

  • The ability to easily transition between the full range of payment channels
  • Multiple payment choices, including credit, debit, gift card and check scanning
  • A 360-degree view of customer data across all channels, easily accessible to all employees, from HQ to store managers

A Single Unified Platform

This is very similar to the thinking that led us to develop our e-Power 2.0 platform. Smart Acquiring incorporates a variety of elements that work together to offer a unified and technologically innovative solution: The One Global Payment Platform, ePower 2.0. Credorax built ePower 2.0 as the first single, unified and automated global-domestic acquiring platform. This enables merchants and payment partners to work with one acquirer and one centralized, global payment platform, instead of fragmented and siloed payment solutions dispersed in different locations.

Saying goodbye is hard, but it does look like cash is on its way out. Offering consumers multiple ways to transition to digital payments easily is key for e-commerce success.

What Does the Future Hold for Domestic Card Schemes?

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Less than a decade ago, Europe was a fragmented continent with multiple card schemes and weak interoperability between countries. Except for some Eastern European countries, all European countries had their own national/domestic card scheme with their own rules and standards that only worked inside the specific country. But the domestic card schemes market in Europe changed dramatically following the Payment Services Directive and the SEPA Cards Framework. The domestic card schemes in the UK, Ireland, Luxembourg, the Netherlands, and Finland have been phased out and replaced by internationally branded cards such as VISA Debit, Debit MasterCard, Maestro or V PAY.

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