Total Processing is now part of
Borders are no longer an obstacle when it comes to reaching your customers, but the same can’t always be said for payments.
Whether you're a SaaS provider expanding to new markets, an e-commerce store shipping worldwide or a B2B platform enabling international transactions, navigating global payment processing can be complex and challenging without the right tools and support. But, don’t worry, that’s where we come in!
In this blog, we’ll explore the key challenges businesses face when managing international transactions, currency conversions and regional regulations. And, most importantly, how to overcome them with the right strategy, technology and processing solutions, including the right global payment gateway.
What’s in this article:
Let’s begin with the key pain points that go hand-in-hand with global payment processing:
Not all regions share the same level of maturity and reliability in their payment infrastructure. In some regions, large numbers of people are still unbanked. In others, security rules, fraud risk triggers and the systems used, like local bank rails versus global networks, can differ entirely.
These differences can make payment processing feel disjointed, leading to more failed transactions, longer settlement times and operational difficulties.
When it comes to accepting global payments, if you use international acquirers, then the transaction may get flagged or declined by the local banks. Why? Because the bank might see the transaction as suspicious or outside its usual risk parameters. Therefore, no local presence can be detrimental to your acceptance rates.
Even when the payment does go through, getting the money isn’t always instant. Settling funds across countries can take several days, and in that time, you’re often at the mercy of fluctuating exchange rates or delays from intermediary banks. On top of that, each step along the way might incur a fee.
When it comes to cross-border payments, fraud risk goes up and approval rates often go down. That’s just the reality of dealing with international transactions. Banks tend to be more cautious when they see a payment coming from another country, especially if it doesn’t align with the customer’s typical behaviour.
Two common triggers are:
Accepting payments in multiple currencies is a smart move if you’re looking to grow globally. It makes things easier for your customers and helps boost conversions. But it can bring even more challenges.
Exchange rates fluctuate constantly, and if there’s a delay between when a transaction happens and when the funds settle, that difference can quietly chip away at your margins. On top of that, some payment providers add hidden markups to their FX rates, so what looks like a standard transaction fee can actually cost more than you’d expect.
Every country has its own payment rules; ignoring them can shut your business out of lucrative markets. Here are the main regulations you need to consider:
Navigating the complexities of global payments isn’t just about understanding the challenges. It’s about finding the right systems and partner to provide the best global payment processing solutions to handle these challenges.
Here’s how Nomupay can help your business process international payments smoothly, securely and profitably with our global payment gateway:
Nomupay is licenced in multiple countries throughout Europe, MENA and Southeast Asia to provide our merchants with the local presence they need to accept global payments. On top of that, we are connected to more than 300 acquiring partners to expand our network (and yours) worldwide.
Our acquiring-agnostic gateway will dynamically route transactions through our local acquirers where possible. This improves approval rates and reduces the risk of legitimate payments being flagged or declined.
Our payment gateway provides access to more than 120 fraud tools that will help you adapt to regional risk patterns. This includes tools like dynamic 3D Secure, behavioural analytics and blocklists (e.g., IP addresses, geo-locations, email addresses, etc.) to help with detection and prevention, no matter where you’re processing payments.
We support more than 130 currencies and over 200 alternative payment methods to truly give your customers the freedom to pay how they want. No hidden fees either, our FX rates are transparent, so you’ll never be surprised.
We have local experts throughout the countries we hold licences to provide merchant support on regional regulations, local trends, licencing requirements and more.
Just because global payments increase the amount of obstacles you need to overcome, doesn’t mean you should avoid them. Expanding globally is an opportunity, but only if your payment infrastructure is built for scale, resilience and regulation. By understanding the core challenges of international transactions, currency management and compliance, all business models can deliver seamless customer experiences while protecting margins and reducing risk.
If you want to dive deeper into how a global payment gateway works or if you’re ready to integrate a payment gateway into your website, we’ve got the blogs for you.
So, are you ready to take your business global? Get a global payment gateway provider that goes beyond processing and provides regional expertise, a local presence to smart route transactions and compliance intelligence. Get in touch!
A collaboration ready to expedite global e-commerce growth!
We’re thrilled to announce our latest strategic partnership with Venditan, a technology-focused e-commerce solutions provider that delivers success for independent retailers and distributors. This powerful collaboration will see Venditan integrating directly into the Nomupay platform, unlocking our full suite of cutting-edge payment solutions for their users.
Together, we share a bold vision: to empower e-commerce merchants with seamless, end-to-end solutions that fuel limitless global expansion. With Nomupay’s advanced payment capabilities and Venditan’s game-changing e-commerce websites that are managed through their own platform, we will transform how our clients grow their day-to-day operations, making international growth more accessible and effortless than ever before!
This collaboration is groundbreaking. By leveraging Nomupay’s global acquiring power, extensive alternative payment methods and deep local market expertise, Venditan will be equipped to help businesses scale internationally with ease. Plus, their existing clients can now tap into new markets without barriers.
John Coyne, Managing Director of Venditan shared his excitement:
"At Venditan, we’re passionate about enabling businesses to expand globally with our powerful, all-in-one commerce platform. Partnering with Nomupay ensures our clients gain access to world-class payment infrastructure, setting them up for success in international markets."
With this integration, Venditan customers will experience frictionless payment acceptance and cross-border transactions like never before. Our comprehensive suite of solutions, featuring seamless payouts, payment reconciliation and checkout optimisation, delivers a fully unified experience, streamlining the entire payment journey.
Nomupay’s Head of Partnerships, Grant Evans, echoed this enthusiasm:
"This partnership is a natural fit. Both Nomupay and Venditan are dedicated to simplifying global expansion for enterprise-level merchants. By joining forces, we’re empowering Venditan’s customers with a unified payments platform that removes complexity and enables them to scale confidently in new markets."
This is just the beginning! We can’t wait to see the incredible impact this partnership will have on e-commerce businesses worldwide. Stay tuned, big things are ahead!
For more information about Venditan, visit https://www.venditan.com/
The way small businesses accept payments in Türkiye is about to get a major upgrade! Nomupay has teamed up with NearPay, an SDK-based SoftPOS solution, to introduce enhanced contactless POS technology to the Turkish market. This powerful partnership is set to transform how micro and small businesses operate by making digital payments more accessible, seamless and cost-effective.
Imagine running a business and being able to accept payments with nothing more than your smartphone—no extra hardware, no complicated setups. That’s exactly what NearPay’s SDK-based SoftPOS solution enables. By integrating this technology into Nomupay Türkiye’s payment ecosystem, we’re giving businesses the ability to accept contactless payments directly from their NFC-enabled Android devices.
For businesses, this means lower costs, fewer barriers to accepting digital payments and a smoother checkout experience for customers. It’s a win-win for everyone involved!
The official launch event, held on February 17th at the Wyndham Grand Istanbul Levent Hotel, marked a significant step forward in Türkiye’s digital payment landscape. The signing ceremony was attended by Nomupay Türkiye General Manager, Ergi Şener, and NearPay Founder and CEO, Mohammed Alban, both of whom emphasised the groundbreaking potential of this collaboration.
Şener highlighted how this partnership is about more than just payment processing:
"We see this project not just as an innovative payment solution but as a key milestone in the digital transformation journey of micro and small businesses. This journey extends beyond digital payment integrations—our project will also grant businesses access to a broader ecosystem. With NearPay’s reliable, fast and user-friendly SoftPOS technology, businesses will not only process payments more efficiently but also benefit from additional services such as inventory management, order tracking, sales reporting and fraud prevention—all integrated within a single application."
The first phase of this rollout will bring SoftPOS to yellow taxis in Türkiye, but that’s just the beginning! Together, we plan to extend this technology to various other industries, helping small businesses across different sectors streamline their operations and tap into the power of digital payments.
Şener added: "This innovation does more than just simplify payments—it provides micro businesses with a powerful competitive advantage. Without requiring additional hardware, businesses can now accept payments directly through their own applications.
"We see this technology as much more than a payment solution; it is a gateway for businesses to seamlessly integrate into the digital world."
NearPay is already a trusted name in payment technology, processing over 100 million transactions annually across seven global markets, including the U.S., Europe and the Gulf region. With a staggering $1.5 billion in yearly transaction volume, the company is now setting its sights on Türkiye—a market primed for digital transformation.
NearPay’s Head of Europe and Türkiye, Ece Berkol, shared why this move is so important:
"Despite its readiness and openness to digitalisation, there is still significant room for growth in digital payment systems. NearPay aims to be one of the leading players driving this transformation."
The SoftPOS technology has already simplified payment processes for micro and small businesses worldwide, and the company aims to contribute significantly to Türkiye’s digital payment infrastructure through this partnership.
Berkol emphasised the many advantages of NearPay’s solution over traditional payment systems:
"With its fast and easy setup, NearPay allows businesses to start accepting payments almost instantly. It offers a secure payment infrastructure, certified with PCI DSS security standards, ensuring that all transactions are protected. Another key advantage of NearPay is its flexibility and mobility—payments can be accepted from anywhere via a smartphone or tablet. Additionally, NearPay provides a cost-effective alternative to traditional POS devices, making it an ideal solution for businesses of all sizes."
This is just the beginning of a new era in digital payments for small businesses in Türkiye. Whether you're a taxi driver, a market vendor or a small shop owner, our SoftPOS solution is designed to make your life easier.
The future of payments is here—let’s embrace it together!
For more information about NearPay, visit www.nearpay.io.
Nomupay, TerraPay & KlickEx Pacific join forces to revolutionise money transfers to the Pacific Islands.
We're excited to announce that alongside our subsidiary, KlickEx Pacific Limited, and the global money movement company, TerraPay, we have launched a strategic partnership to deliver seamless and affordable money transfer services to the Pacific Islands.
This collaboration aims to enhance financial inclusion and provide accessible remittance options for individuals throughout the region and beyond.
Through this partnership, TerraPay will expand its global network, leveraging our innovative payout technology and KlickEx’s established presence across the Pacific. This allows TerraPay to streamline payouts and enable funds to be distributed directly into digital wallets. This will further empower individuals to support their loved ones and facilitate economic growth in the Pacific region.
Sheshagiri (Sukesh) Malliah, Vice President – Asia Pacific at TerraPay, expressed his enthusiasm for the new corridor, stating, "We are delighted to introduce a new corridor in the Pacific, further expanding our global footprint. Partnering with Nomupay and KlickEx is an exciting opportunity to reach even more customers and provide them with exceptional remittance services."
Peter Burridge, CEO at Nomupay said, "Our partnership with TerraPay is a significant step forward in our mission to help businesses scale globally. By expanding our network and integrating advanced payout technology, we’re delivering seamless, secure payouts that break down traditional barriers. This collaboration underscores the value Nomupay’s technology offers to global payment service providers, showcasing our commitment to driving innovation and supporting growth across diverse markets.”
Ben Kealy, CEO at KlickEx, shared his thoughts on the partnership too, stating, "We are thrilled to partner with TerraPay and enable their customers to send money transfers into the Pacific region. This partnership allows us to expand KlickEx beyond Australia and New Zealand, complementing our growth strategy and providing even more value to our customers."
This partnership underscores the collective commitment of Nomupay, TerraPay and KlickEx to fostering financial inclusivity, empowering communities and driving innovation across the Pacific Islands and beyond.
NomuPay has completed a third investment round of $37m, bolstering the firm’s ambition to open up the notoriously complex Asian market to international acquirers, merchants, Payment Service Providers (PSPs) and Independent Sales Organisations (ISOs). The final $12m tranche of the September fundraise was led by Endeit Capital, with Uneti Ventures (backed by early Adyen employees) participating. Existing investors continued their support, contributing $25m over the last 18 months.
The payments business in Asia is highly fragmented. Differing local regulations and myriad payment method preferences mean growing companies require multiple relationships to cover the region, leading to significant back-office complexity and reduced transparency of real costs. Access through a single, integrated platform, alleviates this to support growth.
Peter Burridge, CEO of Nomupay, says, “At present, so many organisations are beholden to the dominant global gateway acquirers, known as ‘Monos’. In many cases, these platforms only provide access to certain countries, only facilitate certain payment methods, and necessitate that customers use their gateway.
“Global and regional enterprises scaling in the Asian market need a more sophisticated and less prescriptive approach. At Nomupay, it is our goal to become the go-to payments platform to unlock Asia for companies globally and vice versa.”
Answering demand from Europe and the US, Nomupay’s Unified Payments (UP) platform will enable online, POS and payout capability in multiple Asian, European and Middle Eastern markets simultaneously through a single API.
The gateway-agnostic omnichannel acceptance and disbursements offering will also address the need for easy scalability due to its single back-office platform. NomuPay leverages AI to provide robust data management and reporting capabilities as well as enhanced business strategy decisions through provision of greater insights.
The latest round follows successful series A rounds of $53.6m from Finch Capital and other investors in 2023, bringing the total to just under $90m to date. Steady investment has seen Nomupay exceed 100% growth per annum over two years and the company is expected to reach profitability in 2025.
Jonne de Leeuw, Partner of Endeit Capital, says, “Nomupay has recognised and addressed a major deficiency in the payments landscape and is bringing both innovation and access to the EMEA and APAC markets, while unlocking further potential through local licenses and vertical focus.
“We are very pleased to participate in the development of NomuPay, and support the ambitious team as they continue to grow and scale. The business has significant global potential, and we look forward to playing our part in its success.”
Providing the service for partners has been a core part of Nomupay’s trajectory and success to date. Investments will strengthen operations within Asia and globally, helping partners and merchants protect and expand their customer relationships in new markets.
Jeroen Netten, Uneti Ventures, says, “This is the first time I have come across this unique agnostic approach to enabling growth expansion for other acquirers.’’
Experienced new hires with local market expertise have been enlisted to focus on and further drive organic growth. These include seasoned sales leaders Judith Loh (ex-Worldpay) and Alson Lau (ex-BBSML).
This will boost already strong organic growth to date, and ongoing, successful M&A activity, which includes the acquisition of Manchester-based Total Processing in 2023.
Expansion plans include additional markets, local hires and partnerships in Singapore, Indonesia, Japan and Vietnam, adding to existing local presence in the region in Kuala Lumpur, Singapore, Philippines, Hong Kong and Thailand.
For more information, checkout TechCrunch's article.
NomuPay X CatalystPay
We’re happy to announce that we have partnered with CatalystPay, a leading payment services provider, to amplify its global payment capabilities and further enhance its multi-acquiring strategy. Through this partnership, we’ve helped CatalystPay hit a significant milestone in its mission to provide comprehensive, seamless payment solutions to clients.
The goal of CatalystPay is to simplify and optimize payment processes for businesses, ensuring they have the flexibility and efficiency needed to thrive in a fast-paced market, whether this means strengthening their presence in existing markets or facilitating entry into new ones.
Danny Makin, Chief Commercial Officer at NomuPay, commented: “We are thrilled to partner with CatalystPay in this strategic collaboration. By leveraging our local acquiring licenses and payment solutions, we are confident that this partnership will significantly enhance the global reach and capabilities of both companies. Together, we are poised to deliver exceptional value to our clients, providing them with the tools they need to thrive in today’s dynamic market.”
Teaming up with NomuPay has facilitated CatalystPay’s expansion beyond the EU and EEA, entering new markets in Turkey and Southeast Asia for the first time by leveraging our local acquiring licenses across these regions, and providing more reliable and localized payment solutions. This expansion enables them to offer better and more cohesive processing services and merchant accounts within these growing markets.
Stefan Zisov, Chief Operations Officer at CatalystPay, expressed his enthusiasm: “This partnership with NomuPay is part of our medium to long-term strategy of expanding our global reach and solidifying our multi-acquiring strategy. By integrating NomuPay’s innovative payment solutions, we are positioned to offer even better flexibility and efficiency to our clients, to help enable them to scale their operations seamlessly across new markets.”
Additionally, through this partnership, CatalystPay is expanding its access to 40 countries and territories, and can now accept more than 133 currencies, as well as settle in local and major currencies, ensuring smooth and efficient financial operations for its global client base.
NomuPay’s partnership will further improve CatalystPay’s capabilities to offer faster processing times, competitive pricing, and enhanced transaction security.
About CatalystPay
CatalystPay is a leading payment services provider known for its exceptional customer service and comprehensive payment solutions.
Serving a diverse range of sectors including e-commerce, SaaS, travel tech, and more, CatalystPay is delivering on its mission to make payments easier and more intuitive, CatalystPay is developing an all-in-one platform that simplifies payment processes, empowering businesses to manage their operations effectively and drive sustainable growth.
For more information about CatalystPay, follow us on LinkedIn.
Gaining access to consumers all over the world has never been easier thanks to the growth of global e-commerce and increased online activity. But, although reaching international audiences is now possible, you still need to have the right fundamentals, ensuring the online payment process is smooth, to truly gain global growth.
That’s where a global payment gateway comes in.
Without it, you may see a decrease in authorisation rates, which won’t do your reputation, your customer’s experience or your bottom line any good.
So, if you’re planning to scale internationally and explore new markets, choosing the right international payment gateway provider is key to handling cross-border transactions smoothly.
In this blog, we’ll explore the basics of the payment gateway for global processing, its benefits and what to look for when selecting the best payment gateway for your website.
What’s in this article?
Just like a generic payment gateway, a global payment gateway is the bridge between your online store and the financial institution that processes your international customers' payments. It securely authorises credit card transactions and ensures that funds are transferred from your customer's account to yours.
What sets a payment gateway for international payments apart is its ability to:
Choosing a global payment gateway with a strong network of international acquirers improves authorisation rates, reduces fees and removes friction from the customer journey to help you break through any international barriers and accept cross-border payments.
Let’s break down the steps involved in processing international transactions through a payment gateway:
If you’re looking to future-proof your business, upgrading your payment gateway to accept global payments may be the right choice. Let’s take you through the benefits to see how an international payment gateway can help:
With an international payment gateway, you can accept payments from customers worldwide, regardless of currency or location. This opens up a whole host of opportunities to tap into new markets and diversify your consumer base that may not have been accessible otherwise. By eliminating barriers related to payment processing overseas, businesses can attract customers from anywhere in the world.
Accessing global markets means accessing more potential customers. The ability to accept international payments in multiple currencies and from various regions enables businesses to capitalise on international sales opportunities. This can result in increased revenue streams and overall business growth.
In today's interconnected world, businesses need to compete, not just locally, but globally. An online payment gateway for international customers gives businesses a competitive edge, enabling them to offer seamless payment experiences worldwide. This can set them apart from competitors who may not have the same level of international payment capabilities.
Global payment gateways are designed to handle high volumes of transactions, making them scalable solutions for businesses looking to grow internationally. Whether a business is processing a handful of cross-border orders or thousands per day, an international payment gateway can accommodate the scalability needs of businesses as they expand into new markets.
Global payment gateways often come hand-in-hand with advanced security features to protect your customers' payment information, reducing the risk of fraud. For example, here at Nomupay, our gateway comes with a fraud suite consisting of 120 fraud tools, including chargeback alerts, 3DS2 authentication, AVS checks and smart detection tools.
Most global payment gateways also come with user-friendly dashboards that allow you to track transactions, manage disputes and generate reports easily. Our Unified Platform dashboard does just that and more, allowing you to analyse real-time insights and create custom reporting to spot behavioural trends to help you make smarter business decisions.
Now that you understand how they work, you might wonder which one is the best global payment gateway provider for your business. Here are a few factors to consider:
For a full list, check out our blog on things to consider when choosing a payment gateway.
A global payment gateway is essential for businesses looking to expand internationally and accept payments from customers around the world. By understanding how it works and choosing the right provider, you can streamline your payment process, increase sales and provide a better experience for your customers.
If you’re ready to scale your business and open up to new markets, now might be the perfect time to take a look at the payment gateway you use. To learn more about how we can help you expand, get in touch with one of our specialists.
To recap, here’s an overview of the top FAQs about global payment gateways
Which is the best payment gateway for international transactions?
The best international payment gateway depends on your business needs. Look for providers that offer multi-currency support, access to local acquirers, low transaction fees and excellent fraud prevention tools.
What is an international card payment gateway?
It’s a payment solution that lets businesses accept global card payments, supporting various card networks like Visa, Mastercard and local payment options.
How do I choose the best international payment gateway for my website?
Look for seamless integrations, currency compatibility, strong security features and transparent pricing.
Are you looking for more stability within your business? Would you like to have predictable income? Then understanding recurring revenue is essential to reach your goals. In this blog, we'll explore what recurring revenue means, examples of recurring revenue models and their benefits and challenges so that you can leverage it effectively.
What’s in this article?
So, what exactly is recurring revenue? It refers to the predictable income a business generates at regular intervals from ongoing subscriptions, contracts or memberships. Unlike one-time sales, recurring payments ensure consistent cash flow, fostering long-term financial stability. It's the essence of subscription-based businesses and an increasingly vital component across multiple industries.
To expand on the definition, let’s take a look at some of the most popular types of recurring revenue: subscription-based model, Saas and membership. Take a look at the examples of recurring revenue models to see which is the most suitable for your business.
Customers pay a regular fee for access to a product or service, such as software, streaming platforms or meal delivery services. Two well-known examples include Netflix and Hello Fresh. Subscription-based models have seen a huge increase over the last few years since Covid-19, with consumers and merchants adapting to the change in the market and payment preferences.
Users subscribe to cloud-based software on a monthly or yearly basis, accessing updates and support throughout their subscription. SaaS subscriptions are widely used within work environments, such as Microsoft 365 and Salesforce.
Memberships can be more than just paying for a service; it can be a community. Customers pay a recurring fee for special perks or exclusive content or access, commonly seen in gyms, online courses or premium content platforms. It's all about feeling valued and connected, and every time a customer renews, it shows they're happy with what they're getting.
There are many advantages of recurring revenue. Let’s take a look at the ones that will benefit your business the most:
Like anything to do with business and payments, recurring revenue can come with its challenges too:
What’s the difference between monthly recurring revenue and annual recurring revenue?
Monthly recurring revenue (MRR) represents the predictable monthly income from subscriptions, while annual recurring revenue (ARR) reflects the total annual income from subscriptions, often calculated by multiplying MRR by 12. To go into detail, check out our blog on how recurring revenue can grow your business.
How can I track my recurring revenue?
You can track your recurring revenue effectively by:
Recurring revenue is an essential pillar of sustainable business growth. By embracing recurring revenue models, merchants can reap the benefits from enhanced cash flow to improved customer loyalty. However, navigating the complexities of recurring revenue requires diligence, adaptability and a customer-centric approach. By implementing best practices, businesses can thrive in an increasingly subscription-driven economy.
But now you know what it is and the benefits of recurring revenue, next up, let’s work out if a subscription-based model is right for your business.
One business strategy that has gained significant traction in recent years is the subscription-based business model. From streaming services to meal kits to software-as-a-service (SaaS) platforms, it’s safe to say that subscriptions have taken over and are transforming the way consumers access products and services. Over the past nine years, the subscription economy has grown by 435% and will continue to grow with projections to reach a massive $1.5 Trillion by 2025!
But is a subscription-based business model the right fit for your company? Before diving headfirst into this type of recurring payment, it's crucial to carefully evaluate whether it aligns with your business goals, offerings and target market. In this blog, we'll explore the key considerations to help you determine whether a subscription payment solution is a strategic fit for your business.
What’s in this article?
Let’s begin with the basics. A subscription-based business model is a type of recurring revenue model where customers pay a regular fee at set intervals, typically monthly or annually, in exchange for ongoing access to a product or service.
Unlike traditional one-time purchases, these models focus on customer loyalty to keep them around long-term. Thanks to its convenience for customers and predictability for merchants, it has gained huge popularity in a range of different industries, including e-commerce, entertainment and SaaS.
There are numerous benefits associated with adopting subscription billing, so before you consider whether it is suitable for your business, let’s see what you’ll get out of it:
Subscription billing software automates recurring payments, manages subscriber accounts and tracks billing metrics. It helps businesses set flexible pricing and handle subscription changes like upgrades, payment breaks or cancellations smoothly.
To fully understand how it works, we’ve covered how to accept subscription payments and then how to manage them.
To accept recurring payments online, you'll need a subscription payment gateway integrated into your website. A payment gateway suitable for subscriptions will securely process recurring transactions, encrypt sensitive payment information and ensure compliance with industry regulations, such as PCI DSS (Payment Card Industry Data Security Standard).
Here's how to get started:
Once you’re all set up to accept subscription payments, next is knowing how to manage them to ensure smooth operations and maximise revenue. Here are some best practices for managing subscription billing:
For more tips, you can check out our blog on managing recurring payments.
Now you have all the information on what a subscription-based business model entails and how to take subscription payments, it’s time to evaluate your own business model to see if it could be a beneficial option for you.
Understanding your customer base
What do your customers need or want? What keeps them coming back for more? The success of a subscription model hinges on having a loyal customer base that values recurring access to your products or services. Consider whether your offerings lend themselves to ongoing usage, and if they do, whether your customers will benefit from the convenience of subscription-based access.
Product or service viability
What do your customers need or want? What keeps them coming back for more? The success of a subscription model hinges on having a loyal customer base that values recurring access to your products or services. Consider whether your offerings lend themselves to ongoing usage, and if they do, whether your customers will benefit from the convenience of a subscription platform.
Revenue predictability and stability
Subscription models offer the advantage of predictable revenue streams, which can be appealing to businesses seeking stability and steady growth. However, it's essential to weigh this against the potential challenges of acquiring and retaining subscribers, as well as managing churn rates.
Customer acquisition and retention costs
Although trying to gain new customers can work out more expensive than retaining current ones, building and maintaining a subscriber base can also require investments in marketing, customer acquisition and retention efforts. It’s important to evaluate the upfront costs associated with acquiring subscribers and whether you have strategies in place to minimise churn and maximise customer lifetime value.
Flexibility and scalability
One of the benefits of subscription models is their flexibility and scalability. They allow you to experiment with pricing, packaging and features to optimise value for your customers. Assess whether your business can adapt to changing market demands and scale its subscription offerings accordingly.
Operational considerations
Implementing this payment model can involve operational adjustments, including subscription billing systems, customer support infrastructure and subscription management processes. Ensure that your business has the resources and capabilities to effectively manage these operational aspects.
Competitive landscape
Are your competitors utilising subscription payments? To remain relevant within your industry, determine whether a subscription-based model sets you apart and addresses unmet customer needs. Consider how your offerings differentiate from existing subscription services and whether you can carve out a unique value proposition.
Although it’s important to consider whether a subscription billing system is right for your business model, its’ safe to say there are so many benefits in implementing one.
If your business is ready to embrace subscription payments, we have the recurring payment solutions to help. Check out our payment offering, reconciliation tools and reporting dashboard, or have a chat with one of our experts to see what we can do for you.
Looking for ways to increase your recurring revenue? Why wouldn’t you be? Recurring revenue is essential for sustained growth and success. Whether you're a subscription-based service, an e-commerce platform or a SaaS provider, optimising your payment reconciliation process is key to unlocking the full potential of your business.
In this guide, we'll explore how you can enhance your recurring revenue flows and streamline your online payment reconciliation with key tools and strategies.
What’s in this article:
So, without further ado, let’s get straight to it with our top tips on how to increase your recurring revenue.
Conduct thorough market research to ensure your pricing plans are competitive yet profitable. Consider offering tiered pricing options to cater to different customer segments and maximise revenue potential.
You could go one step further and utilise dynamic pricing strategies to adjust subscription fees based on factors such as usage, demand or customer behaviour. Dynamic pricing algorithms can help optimise revenue by automatically adjusting prices to maximise conversions and revenue.
32% of customers will stop shopping with a brand after a single bad experience, so it’s important to focus on delivering exceptional customer experiences to increase loyalty and reduce churn. For example, you can implement loyalty programs, offer personalised recommendations and provide proactive customer support to build long-term relationships.
Most importantly, be flexible with payments. You’d much rather have a customer pause their subscription than cancel it altogether. If you can offer them the freedom to alter their plan, including the date they pay or the amount they pay, you’re much more likely to retain their custom.
If you want to appeal to a wider audience, diversify your product or services to increase upsell and cross-sell opportunities. Continuously innovate and introduce new features or packages to encourage existing customers to upgrade their subscriptions.
Managing failed payments is a critical aspect of optimising recurring revenue streams. Despite best efforts, failed payments can still occur due to a number of reasons such as insufficient funds, expired credit cards or technical issues. Effectively handling failed payments can help minimise revenue loss and improve customer satisfaction. Keep reading for tips on how to combat this.
The most important tip is to have a payment reconciliation process in place to increase your collection rates. At Nomupay, we offer an array of payment collection tools designed to prevent late or missed payments and maximise recurring revenue. So say goodbye to manual tasks with our automated reconciliation features:
Auto rebiller - If a payment fails first time, the auto rebiller is a handy tool that will keep trying until the payment is successful. Sometimes there's a limit on how many times it can try, which is when you can send pay by links instead.
Multi-card registration: With this setup, if the default card expires, the system will automatically attempt alternative registered cards until a successful payment is processed, reducing churn significantly.
Pay by links: If a payment has been missed, you can send a gentle reminder via SMS or email in the form of a payment link. This allows the customer to easily make the payment at their earliest convenience. You could even send them when they are due to avoid the payment being late at all.
Network tokens: Cards expire or get lost, but there’s no reason why this should affect you getting paid. Network tokens uses information provided by the card scheme networks to ensure your customer’s details are always up to date with the latest card information.
Optimal billing times: With valuable insights into your payment data, helping you to track key performance metrics and identify trends, our intuitive dashboard can help you make data-driven decisions, such as when the best time is to take the payment to increase the chance of success.
Maximising recurring revenue requires a strategic approach to pricing, customer retention and payment reconciliation. By leveraging advanced tools and techniques, such as Nomupay's automated payment reconciliation software, businesses can streamline their operations, reduce costs and unlock the full potential of their recurring revenue streams. Invest in the right tools today and pave the way for sustainable growth and success tomorrow.
If you're looking to boost your business and streamline your cash flow, accepting recurring payments might just be the key. Whether you're running a subscription-based service, selling membership plans or offering monthly services, setting up recurring payments can make your life a whole lot easier. Let's dive into the world of recurring payments and learn how to implement them effectively.
What’s in this article:
First things first, let’s quickly recap what we mean by recurring payments. Simply put, they're payments that occur on a regular basis, like weekly, monthly or annually. Instead of your customers having to manually make a payment each time, recurring payments automate the process, saving time for both you and your customers.
For a more in-depth explaining, you can check out our ‘What is a recurring payment?’ blog.
Before you accept recurring payments online, there are a few important things to consider:
Before adding a payment solution, it’s important to consider all these factors to make sure you offer the most effective and seamless plan for your business and your customers.
Do you think this solution is right for your business? Let’s move on to how to take recurring payments including best practices and set up tips.
If you’re already accepting online payments, then you’ll already have these in place. But, if you’re a new business, to accept recurring payments online, you'll need a:
Once you have these setup, it’s time to start accepting recurring payments.
On top of the fundamentals that you need, there are some best practices to efficiently accept recurring payments to ensure seamless transactions and customer satisfaction.
Transparency is key
Clearly communicate the frequency, amount, duration of the payments and any relevant terms and conditions. One of the biggest reasons for churn is hidden costs. Lack of communication to begin with can cost you customer retention and loyalty.
Customers appreciate knowing exactly what to expect upfront, reducing the likelihood of misunderstandings, followed by dissatisfaction. Highlighting potential changes or fluctuations in charges can also bolster transparency and customer trust.
Prioritise security
Protecting sensitive customer data should be a top priority. Utilising reputable payment processors that adhere to strict security standards, such as PCI-DSS compliance, helps safeguard against data breaches and fraud. Investing in robust encryption technologies will enhance the security of payment transactions, instilling confidence in customers and mitigating potential risks.
Utilise your data
Leveraging your data can produce valuable insights into customer behaviour, payment trends and potential areas for optimisation. Regularly analysing this data and reviewing billing processes will allow you to identify and address any issues promptly, minimising disruptions and maximising customer satisfaction. Automation tools that also utilise your transaction data can help to streamline billing procedures, reducing manual errors and enhancing efficiency.
Be flexible
Offering flexibility in billing options empowers customers to manage their subscriptions according to their preferences and needs. Providing easy-to-use interfaces for updating payment methods, adjusting subscription plans or pausing/cancelling services fosters a positive user experience and reinforces trust in your brand. Flexibility also includes accommodating various payment methods to cater to diverse customer preferences and global markets.
By adhering to these best practices, businesses can effectively manage recurring payments while prioritising customer trust and satisfaction. This approach not only enhances the overall customer experience but also strengthens customer retention and loyalty in the long run.
Now that we’ve covered the best practices for accepting recurring payments, next it’s all about the setup. If you're looking for a hassle-free way to set up recurring payments, Nomupay has got you covered. Here's how you can do it:
Accepting recurring payments is a game-changer for merchants looking to streamline their revenue flows and provide convenience to their customers. By following these simple steps and choosing the right payment partner like Nomupay, you'll be well on your way to success. So, are you ready to start a conversation?
What’s the one key player that every successful e-commerce website relies on? That’s right—the payment gateway. In this blog, we’ll break down everything you need to know about payment gateways in e-commerce, from what they are and how they work, to how to choose the right one and integrate it seamlessly into your store.
What’s in this article?
At its core, an e-commerce payment gateway is a technology that facilitates the secure transfer of payment data between a customer, an online store and the financial institutions involved, such as the bank, card scheme or payment provider. It acts as a virtual bridge, ensuring that sensitive information such as credit card details is encrypted and transmitted securely, safeguarding both the buyer and the seller from potential fraud.
There are mainly two types of payment gateways in e-commerce, and the one you choose can impact everything from transaction speed to security and user experience. Here are the main types:
| Type of payment gateway | Overview |
| Hosted payment gateway | These redirect customers to a third-party site (like PayPal) to complete the transaction. |
| Integrated payment gateway | Customers enter payment details directly on your site, allowing full control over the checkout experience |
Each has pros and cons, so consider your store’s size, resources and target audience before deciding.
When it comes to choosing the best payment gateway service for your e-commerce website, several factors should be considered. The market is flooded with options, but some stand out for their reliability, security, customer support and ease of integration.
There are a number of factors to consider, and which ones you focus on will depend on your business model and future goals. Let’s go through what to look out for to help you find the payment gateway solution for your e-commerce store.
Payment gateways must follow strict rules known as the Payment Card Industry Data Security Standard (PCI DSS) to ensure card information is handled safely. But depending on your transaction volume and business model, different compliance levels apply. So you’ll want to assess what levels of security your business needs. For example, high-risk businesses, like those in the CBD industry, will require extra security measures to protect customer data and reputation.
For optimum security, prioritise e-commerce payment gateway services that employ robust security measures, such as SSL encryption, and can offer additional tools, like chargeback alerts, IP blacklists and smart dynamic routing to keep your authorisation rates high and fraudulent activity low.
There are a range of different e-commerce platforms, plugins and third-party providers to choose from. You’ll need to assess the capabilities of all the technology and software involved to see if they are compatible with each other, as well as with the payment gateway.
For example, if you’re using WordPress, then you’ll need the WooCommerce plugin to accept payments. This is a great option for small businesses; its user interface is simple and integration is a breeze. However, there are some compatibility issues with other plugins, so you’ll need to conduct a test to see which ones you can or can’t use.
Alternatively, there’s Magento, which can offer a much more bespoke experience. However, its integration is more complex and you’re likely to need a developer to navigate it.
These are just two options of many. You can find out more about e-commerce plugins here.
Which platform and plugin you opt for, and their compatibilities, will be a big influencer of which payment gateway is right for your website to ensure you can offer local payment methods, accept cross-border transactions, easily grow the volume of transactions, etc.
There are many fees associated with payments, so finding one that doesn’t break the bank and works for your processing volume is important. But it’s not just the fees you need to be aware of, there are also two pricing structures to think about: Interchange++ and blended.
The blended pricing structure is a fixed price. It’s the simplest structure of the two, which can make it an attractive option for small businesses and startups. However, because the price doesn’t alter depending on how much you actually process, it can work out more expensive.
Whereas the interchange++ pricing structure is a little more complex. It will split out each fee so you know exactly what you’re paying for. Although you will need to have a stronger understanding of the fees to use this structure, it can often work out the better option when it comes to cost.
For a more detailed explanation, we have a blog dedicated to interchange and blended pricing.
A payment gateway service that provides a smooth user experience for your customers can contribute significantly to your online store's success. But it’s not just the customer’s experience you’ll want to consider, you may also want to bear in mind the experience for you as the merchant.
For example, in-depth reporting and full visibility of each transaction are increasingly important, especially if you want to leverage your data to fight fraud and analyse customer behaviour.
Having access to these insights can open up a whole host of opportunities, such as revenue prediction and automated tasks to boost sales and reduce resource costs. But it all starts with an easy-to-use interface that the best payment gateway can provide.
If you plan on expanding internationally, opt for an e-commerce payment gateway that supports a wide range of currencies and payment methods. There are so many alternative payment methods available these days and each region will have its preferred choice. For example, Alipay and WeChat Pay are huge in China, whereas iDEAL is the go-to in the Netherlands.
A global payment gateway that can access local acquirers and integrate a range of payment methods is crucial if you want a global presence and to expand your consumer base. Here at Nomupay, our gateway has access to more than 200 alternative payment methods.
Issues can occur no matter which payment gateway you choose, whether that’s failed payments or processing downtime, so opting for a gateway that has 24/7 support will be invaluable.
Having on-hand support will ensure issues are resolved quickly and efficiently, so you can continue to take payments without a hitch. Sure, chatbots can help with quick and easy questions, but knowing you have that human support on the other end of the phone or email can make a huge difference.
To integrate a payment gateway into your e-commerce website, you’ll first need to work out what your business needs. With Nomupay, there are a few options to choose from; our payment platform is compatible with a range of e-commerce platforms such as WordPress and Shopify. It also offers a selection of plugins that cater to different business types and content management systems (CMS). You have the flexibility to choose the most suitable option based on your specific business needs and the CMS you utilise, for example, you could opt for WooCommerce, which serves as an e-commerce plugin designed for WordPress.
For more information, check out our blog on how to integrate a payment gateway into your online store.
Selecting the right e-commerce payment gateway solution is a critical decision that directly impacts the success of your online business. By understanding your business requirements, researching available options and considering factors such as security, ease of use and global reach, you can make an informed choice. Remember that the best payment gateway for your e-commerce website is one that aligns with your business goals and provides a secure, seamless and reliable payment experience for your customers.
Want to know more? We have a more in-depth blog that tells you everything you need to know about payment gateways. Or why not arrange a one-to-one with one of our specialists to see how we can help your online business?
What is a payment gateway in e-commerce?
A payment gateway is the technology that securely processes online payments on an e-commerce website. It connects your store, the customer and their bank to authorise transactions.
How does a payment gateway work in e-commerce?
When a customer checks out, the payment gateway encrypts their details, verifies with their bank and ensures the funds are transferred securely to the seller.
What are the types of payment gateways in e-commerce?
The main types include hosted and integrated, each with unique benefits based on your store’s needs.
In today's digital age, the ability to accept payments online is crucial for businesses looking to thrive in the e-commerce landscape. It’s nearly impossible to succeed without it! With consumers increasingly turning to the internet to make purchases, with 2.71 billion people expected to shop online in 2024 compared to 2.37 billion in 2020, having a seamless online payment system is essential.
But what exactly is an online payment system, and how does it work? In this guide, we'll explore everything you need to know about online payment systems, including the types available, how to set them up and the benefits they offer to merchants.
What’s in this article?
An online payment system is a digital platform that facilitates the transfer of funds between a buyer and a seller over the internet. It allows customers to make payments for goods or services securely and conveniently without the need for physical cash or cheques. These systems leverage various technologies, such as encryption and authentication to ensure online transactions remain secure.
You would think that with the amount of technologies and systems involved in an online payment system that it would be a long and frustrating process. But in fact, it takes only a matter of seconds, if that.
Before we go into online payment process flow, here are the four main players involved in a card transaction:
Now, here’s a step-by-step guide to how the online payments process works.
We’ve already mentioned that an online payment system is crucial to the success of an e-commerce business, but why? Let’s take a look at the numerous advantages of an online payment system and why you need one:
Have we convinced you to invest in an online payment system yet?
Setting up an online payment system for your business involves several steps, including integrating a payment form into your checkout, adding alternative payment options, choosing a scalable and secure payment gateway for e-commerce, utilising plugins and joining a reliable payment processor to bring it all together. However, if you focus on finding an ideal payment processor first, like Nomupay, we will do all the legwork for you.
For a step-by-step guide of how to integrate all of the above with Nomupay, check out our blog on how to integrate a payment gateway.
It’s safe to say that implementing an online payment system is essential for merchants looking to stay competitive in today's digital marketplace. By understanding how online payment systems work and leveraging the right technology, you can enhance the shopping experience for your customers, increase sales and grow your business.
Recurring billing makes the process of repeated transactions so much more convenient for both the customer and the merchant, and in this day and age, convenience is everything. It will transform the way companies manage payments and revenue streams. So throughout this article, we’ll cover everything you need to know about recurring billing, including exploring its meaning, suitability for businesses and recurring billing solutions and software.
What’s in this article?
A recurring billing solution refers to the automated process of charging customers at regular intervals for products or services. This method ensures a seamless and predictable revenue flow for businesses as payments are automatically collected without manual labour while offering convenience to customers who no longer need to remember to make payments manually.
Recurring billing is particularly well-suited for businesses that offer subscription-based services, such as software as a service (SaaS), streaming platforms and membership sites. Additionally, companies with consumable goods or services that customers need regularly find recurring billing beneficial. Essentially, any business that offers a repeated service or product will need to offer recurring payments.
Some of the biggest businesses that utilise a recurring billing method include:
There are two main types of recurring billing solutions and which one you choose will depend on your business model:
Fixed recurring billing: Charges a consistent amount at regular intervals. This type of billing is often used for a service that does not alter month on month, and therefore, the cost is fixed, for example, memberships.
Variable recurring billing: Fluctuates based on usage or additional services. This is a more flexible option and is ideal for services that can change month on month. For example, with Hello Fresh, the customer may only want two meals one week and four meals the following week. Alternatively, it can allow the option for services to be frozen or delayed; this flexibility is great for preventing cancellations.
If you’re considering whether to utilise recurring billing software, then here are the main benefits to convince you to go for it:
Although there are great benefits for recurring billing, like with all things payments, of course, it doesn’t come without its challenges.
However, with the right tools, you can easily overcome these challenges. Check out our blog on managing recurring payments to see how.
To navigate the intricacies of recurring billing, businesses can leverage advanced recurring billing software, ensuring efficiency and reliability. Some key features to consider in the best recurring billing software include automated billing cycles, customisable invoicing, robust reporting capabilities and reconciliation tools, such as account updater and rebilling features.
You can discover all the tools we have available to optimise your recurring billing solution here.
Recurring billing is a powerful tool that can revolutionise the financial landscape of businesses, providing stability, convenience and improved customer relationships. By understanding its meaning, benefits, and challenges, businesses can harness the potential of recurring billing to foster long-term success in today's competitive market.
Want to know more? Check out our Ultimate Recurring Payments guide!
Global payment platform, NomuPay, is looking to expand its partner merchants in the Philippines in the next two years.
In an interview with BusinessWorld, Danny Makin, NomuPay Managing Director in Asia, the Middle East and North Africa (MENA), said: “Growth has always been a big part of the NomuPay strategy and there’s no difference with our vision for the Philippines market. This includes growth for our merchants and partners too, which is why we make it easy for other payment partners to integrate with us, so they can offer our solutions to their own customers without a hitch.”
NomuPay will also upsize its team in the country to help ramp up digital payments among local merchants and help them expand globally.
“While we aim to grow organically in tandem with market growth, we also have plans to expand our team over the next year, ensuring that we continue to deliver exceptional value and innovation to our partners and merchants alike,” Mr Makin said.
NomuPay is a licensed electronic money issuer (EMI) operator in the Philippines. Aside from its payment platform functions, it recently expanded its services to include recurring payments, pay by link, open banking and smart dynamic routing, thanks to its merger with merchant services and payment processing solutions provider, Nomupay.
The merger took place in December last year and will allow the platform to offer its partner merchants a complete end-to-end payment solution.
Mr Makin added, “This collaboration will bring so much value to the region, opening up a whole host of opportunities, enhancing the customer experience, boosting authorisation rates, improving the efficiency of the payment ecosystem and so much more.
“Our ambition for the future is to grow within this region and will be a key focus for us over the next 12 months.”
The company also hopes to contribute to the increasing use of digital payments in the country.
The combined value of transactions done via automated clearing houses PESONet and InstaPay rose by 30.3% to P11.6 trillion at the end of November 2023 from P8.9 trillion in the same period in 2022, latest data from the Bangko Sentral ng Pilipinas showed.
In terms of volume, transactions via the two payment systems climbed by 44.8% to 824.856 million in the same period from 569.665 million transactions a year prior.
The company can also help facilitate the rollout and acceptance of central bank digital currencies in some countries, improving cross-border payments, and merging batch payment services, Mr. Makin said.
“We feel our product fits the Philippines’ mission to reduce cash usage and envision our services will be a part of the facilitation of this movement.”
Declined transactions are more than frustrating. They can have a severe effect on your business, losing sales and customer trust, ultimately affecting your bottom line. If approval rates are something you’re struggling with, your payment setup might be part of the problem.
Two crucial components of online payments are the acquirer, or acquiring bank — the institution responsible for accepting and processing card transactions — and the payment gateway.
That’s where an acquirer-agnostic payment gateway comes in. It could be the game-changer you need to reduce those declines and keep your cash flow smooth. But what do we mean by an acquirer-agnostic payment gateway and how do you get one?
What's in this article?
Let’s clarify that an acquirer and payment gateway are two very different things, so an acquirer-agnostic gateway may seem like a strange concept. With an acquirer, also known as a merchant acquirer or acquiring bank, being the bank account that accepts the merchant's deposits, and a gateway being the facilitator of the transaction, what does an acquirer-agnostic gateway mean and how will it reduce declines?
Before we delve into the meaning of an acquiring-agnostic gateway, it's also worth noting that there's another payment term that can also get bundled into the mix: merchant account. Want to know the difference between a merchant account and a payment gateway? We have a blog on that too!
But for now, let’s get back to learning about an acquirer-agnostic payment gateway.
Okay, first things first – what does "acquirer-agnostic" even mean? Simply put, it's all about flexibility. An acquirer-agnostic payment gateway doesn't tie you down to a specific acquiring bank. It connects you with all the major players in the financial world, allowing you to connect with the one that suits your business best. There’s no stopping at one either, you can be connected to as many as you need.
For example, here at Nomupay, we have our own acquiring licences as well as access to more than 300 acquiring banks locally and internationally. Choosing a payment gateway that works with multiple acquiring banks — also known as being acquirer-agnostic — gives you flexibility and resilience to scale globally, as well as so we can offer you the best chance for high approvals.
Now that we've covered the meaning of an acquirer-agnostic gateway, let's talk about why it matters for your business:
No one likes a declined transaction. An acquirer-agnostic gateway ensures that you're not at the mercy of a single acquiring bank. If one bank doesn't accept the transaction, for whatever reason, or there’s a technical issue, the transaction can automatically be retried with another one. It does this by intelligently routing the transaction based on multiple factors, including country, currency and payment method. It's like having a Plan B that actually works.
Do you dream of expanding your business globally? A payment gateway that is acquirer-agnostic is your passport to international success. It supports multiple currencies and payment methods, giving your customers a seamless, localised experience, no matter where they are. Sourcing a local acquirer doesn’t just improve your acceptance rate, but it can also lower your processing costs.
The business world moves fast, and so should your payment solutions. An acquirer-agnostic gateway is much more scalable so it won’t restrict your business growth. Whether you want to expand internationally or the amount of daily transactions is increasing, this type of payment gateway will grow with you.
An acquirer-agnostic payment gateway is especially beneficial for high-risk businesses. Since these types of businesses are more prone to transaction declines, automatic retries with other acquirers can make all the difference in whether they succeed or not.
Are you considering making the switch and levelling up your payment game? Getting an acquirer-agnostic gateway is easier than you might think. The most important things to consider before making the switch are compatibility, gateway integration and support.
Compatibility is key to a smooth transition, and an easy integration process with the full support of your provider will ensure the process is hassle-free with no interruptions to your processing.
At Nomupay, the best place to start is to contact our payment specialists. They’ll guide you through the whole process and answer any of your questions to ensure we’re the right fit for you.
Our onboarding and integration teams will tackle the rest and get you set up in no time.
So there you have it – the secret sauce to reducing declines and elevating your payment experience. With an acquirer-agnostic gateway, you're not just processing payments; you're future-proofing your business.
If you’re ready to say goodbye to declines and boost your authorisation rates, learn more about how to integrate our payment gateway or get in touch to speak with a specialist.
Additional FAQs to help with your understanding of an acquirer-agnostic payment gateway:
What is an acquirer in payments?
An acquirer (or acquiring bank) is a financial institution that works with businesses to process card payments. When you pay with a credit or debit card, the acquirer makes sure the transaction goes through securely and that the money ends up in the business’s account.
Ever heard of Variable Recurring Payments (VRPs) and wondered what all the fuss is all about? We’re not just talking about recurring payments that are flexible, we’re talking about the new VRP method within open banking.
Stick around and we’ll fill you in!
Within open banking, VRPs harness the power to connect a customer’s bank with third parties via payment initiation service providers (PISP). The series of payments can be set up to be taken and adjusted automatically by the providers on the customer’s behalf, leveraging real-time data exchanges between banks and third-party services. Imagine a payment that understands and adapts to your financial behavior—VRPs make that a reality!
Absolutely! One of the benefits of open banking is that it prioritises security, with robust protocols ensuring data privacy and transaction integrity. VRPs built on this foundation offer encrypted, authenticated and transparent transactions, ensuring utmost security for both merchants and consumers.
Also, the most important thing to remember when it comes to open banking is the consumer has to provide consent before any data can be shared with third-parties!
| Aspect | Variable Recurring Payments | Direct Debits |
| Insights & analytics | Provides merchants with insights into customer spending patterns and financial behaviours. | Limited to transaction amounts and dates, with less detailed insights. |
| Integration | Seamlessly integrates with multiple financial platforms and third-party services. | Primarily linked to specific bank accounts, with limited third-party integration. |
| Flexibility | Offers flexibility in transaction amounts and frequency based on real-time data. | Fixed schedules and amounts, often requiring manual changes for adjustments. |
| Automation | Automated adjustments without the need for manual intervention. | Requires setup and occasional manual oversight. |
VRPs offer a lot of advantages, the most notable being a real-time transaction. By using the Faster Payment service, it’s speed and convenience is much more customer-centric. But does that mean it will take over from Direct Debits? Not necessarily.
Both systems have their strengths and serve different needs. It can also take time for banks and payment providers to implement new methods, as well as for consumers to trust and adopt them too. However, as technology evolves and businesses seek more flexibility and efficiency, we can expect VRPs to play a more significant role in the payments landscape.
Variable Recurring Payments are reshaping the way we think about recurring transactions and is definitely an innovation we’ll be keeping an eye on. For merchants, embracing this technology can lead to increased flexibility, improved customer satisfaction and streamlined operations. As always, stay informed, stay secure and keep innovating!
In this digital age, accepting payments online is a must for businesses big and small. Whether you're selling handmade crafts or offering consulting services, the convenience of online payments can't be beaten. However, with great convenience comes great responsibility. Ensuring the safety of your customers' financial information should be a top priority. So, let's dive into the basics of of online payment security.
What’s in this article?
First things first, let's talk about the basics. To start accepting card payments online, you'll need a few key elements:
Now, not all payment providers can offer all the components within one solution. For example, you may need to seek a payment gateway from one provider and a merchant account from another.
To keep things simple and your processing costs at a minimum, here at Nomupay we offer it all within a unified platform. On top of the aforementioned payment gateway and merchant account, our merchants also gain access to a network of more than 300 acquirers, over 198 alternative payment methods, reporting and analytical tools to keep track of transactions and so much more.
Now, let's talk about the tools that will increase your online payment security:
Invest in a Secure Sockets Layer (SSL) certificate for your website. This encrypts data transmitted between your website and your customers, ensuring sensitive information stays confidential. It also adds a layer of trust for your customers. Without the lock symbol next to your URL, which this certificate provides, you’re likely to scare off your customers.
As part of the 3D Secure 2.0 regulations, enable 2FA for secure online payments, particularly on high-value items. This adds an extra layer of security by requiring users to verify their identity through a second method, such as a passcode sent to their mobile device or fingerprint/facial recognition.
For recurring payments, this will only need to be completed during the initial setup; after that tokenisation will come into play.
Tokenisation is a secure way of saving a consumer’s payment details so that future payments can be taken with complete ease without the need for more information, often used within recurring payments and subscriptions. The card details are swapped for a token; a random selection of numbers. This token cannot be encrypted, so even if someone else gets hold of the token, they won’t be able to decipher what the card details attached to it are.
AVS checks the billing address provided by the customer against the one on file with their credit card issuer. Implementing this tool is a great way to verify the card user and reduce the risk of fraudulent transactions.
Don’t underestimate the importance of choosing the right payment provider. What fraud tools they offer is a crucial consideration in determining the security of your online payments. With Nomupay, we provide a fraud suite of 120 tools, including those mentioned above.
Find out more about how we can help you accept secure online payments via Fraud Suite.
Since the payment gateway is the key between all the components withing the payment cycle, it’s crucial to pick the right one for your business needs and security concerns. When selecting a payment gateway, consider the following:
Keeping up to date with the latest regulations can be tricky, but being PCI DSS compliant (Payment Card Industry Data Security Standard) is crucial for any business handling credit card information. To achieve and maintain compliance, you’ll need to adopt a proactive approach. Start by selecting a payments provider that adheres to PCI standards, ensuring that the infrastructure supporting your online transactions meets the necessary security requirements.
Regularly update all software to promptly address any potential security vulnerabilities. Additionally, limit the storage of customer data to the essentials and implement a routine data purge to minimise the impact of a potential security breach. By consistently following these practices, you not only protect your customers' sensitive information but also contribute to the overall security of your online payment ecosystem.
Fraud is an unfortunate reality of online transactions, even with all the right tools in place to prevent them. But there are additional steps you can take to minimise the risk:
While the digital landscape offers incredible opportunities for businesses, it's essential to prioritise the safety of online transactions. By implementing the right tools, choosing secure payment gateways, staying PCI compliant and actively working to reduce the chance of fraud, you can create a secure environment for both your business and your customers. So, go ahead, start implementing these tools and securely accept online payments!
It’s no secret that running a business comes with its fair share of challenges – but running a high-risk business can take those challenges to the next level.
Here we'll explore the key pain points of a high-risk business and share some tried and tested strategies on how to overcome them.
Let’s begin by addressing what those high-risk business problems are.
High-risk businesses often face a tangled web of regulations and compliance issues. Whether it's legal restrictions, industry-specific guidelines or cross-border protocols, staying on the right side of the law can feel like a constant uphill battle.
Chargebacks can be a significant pain point for high-risk businesses. Customers disputing transactions, whether valid or not, can lead to financial losses, reputation damage and operational headaches. Managing chargebacks to resolve disputes promptly is a must.
High-risk industries are often met with skepticism. Winning the trust of customers and partners can be difficult, especially when your business operates in an environment where trust is hard to come by.
In the online realm, high-risk businesses are prime targets for cyber threats and fraud. Maintaining the security of sensitive data and transactions is an ongoing challenge that requires constant vigilance.
All that being said, just because there are business issues to deal with, doesn’t mean they can’t be overcome. Here are our top tips on tackling the four key pain points.
The regulatory landscape can be tricky to navigate, so don't hesitate to seek expert advice. Hire professionals who specialise in the legal and compliance aspects of your industry. This investment will pay off in peace of mind and a smoother operational journey.
Develop a proactive approach to chargeback management. Monitor transactions, address customer concerns promptly and implement preventive measures to reduce the risk of chargebacks. Having a solid system in place will save you time, money and headaches in the long run.
Building trust starts with transparent communication. Be open about your business practices, share success stories and address concerns head-on; this also includes being clear about your shipping and returns policies and any additional costs. Establishing credibility in the market is a gradual process, and consistent communication is key.
Protecting your business from online threats is non-negotiable. Invest in robust cybersecurity measures, stay updated on the latest security technologies and educate your team about potential risks. A secure business not only safeguards your data but also earns the trust of your customers.
Moving a business online opens up a world of opportunities, but the biggest challenge is often adapting to the fast-paced and ever-changing digital landscape. High-risk businesses must not only contend with their industry-specific challenges but also keep up with the dynamic nature of the online world.
Implementing a digital-first mindset is essential. Invest in digital marketing strategies, optimise your online presence with a mobile-first approach and stay agile in response to market trends. Make the most of data analytics to understand customer behavior and tailor your strategy accordingly. Being aware and adaptable to the online shift will set your high-risk business on a path to success.
Here at Nomupay, we specialise in providing payment solutions for high-risk businesses. Our very own expert, Martin Brindley, said: “We understand the challenges that specialist sectors face and appreciate how frustrating it can be without the right support. That’s why we’ve created a platform that doesn’t just accept high-risk businesses, but helps them succeed.”
Just some of the tools and features you can benefit from include:
In the end, every business journey is a unique adventure. While high-risk businesses may face a steeper climb, the view from the top is all the more rewarding. By tackling challenges head-on and implementing strategic solutions, your high-risk venture can thrive in the face of adversity. So, go ahead – conquer those pain points and make your mark in the world of high-risk business!
Reach out to our experts today to get on board.
We've all been there – a customer adds products to their cart, only to vanish into the online abyss without completing the purchase. Frustrating, right? Well, that's what we call an abandoned cart. This is the cause of e-commerce brands annually losing $18 billion in revenue.
But fear not, because there are ways to turn those missed opportunities into successful sales! Here are our top tips on recovering abandoned shopping carts.
One powerful tool is the abandoned cart email. A personalised message might be just what your customer needs to convince them to complete the purchase. Give them a gentle nudge to remind them of the benefits of the items they left behind with exclusive discounts or highlight the limited availability of the products to create a sense of urgency.
When it comes to crafting your abandoned cart emails, keep them friendly, concise and, most importantly, personalised. Let’s take a look at how your emails should be written:
Timing is key! Send your abandoned cart emails strategically. Aim for a balance – not too soon to seem intrusive, but not too late that the customer forgets about their cart. Consider sending the first email within 24 hours and follow up with a couple more spaced out over the next few days.
Choose an email platform that allows for automation to streamline your efforts. Ensure that your emails are mobile-friendly since many customers shop on their phones. Monitor the performance of your emails and adjust your strategy based on customer behaviour and feedback.
You might be wondering, do these emails really work? The answer is a resounding yes! Cart abandonment emails have an impressive 41.18% open rate — easily beating the typical marketing email at 21%.
They have proven to be highly effective in bringing customers back to complete their purchases. By implementing a thoughtful strategy, you can significantly boost your conversion rates and revenue.
Now, let's address the elephant in the room – GDPR compliance. Make sure your abandoned cart emails adhere to data protection regulations. Here are a few things you must do:
Although the most successful, email isn’t the only tool you can use to convince your customers to complete the transaction. Here are a few additional tips to include in your strategy:
So, with these tips, you’re ready to turn missed opportunities into successful sales! Why not go one step further and prevent them from getting to this stage with our tips on how to reduce abandoned carts?
In the ever-evolving landscape of finance, it's crucial for businesses like yours to stay informed about the tools and systems available. One major shift in recent years is the move towards open banking. But what does that mean for you, and how does it differ from traditional payment methods?
#Before we start, let’s define what open banking is and what we mean by traditional payment methods.
Open banking is the latest development in the financial world. It’s simplifying the way consumers send and manage their funds through the use of real-time payments where the funds are transferred directly from the customer’s account to the merchant. It also utilises shared financial data with third parties so they can receive personalised recommendations from the services they use.
Whereas traditional payment methods, like card payments, include multiple agencies such as the card network, acquiring banks and payment gateway providers, etc. It’s often just a payment too without any additional services that open banking can provide.
Let's take a look at the key capabilities of both and how they differ.
Traditional payment methods: Within traditional payment methods, access to financial data is limited. The customer’s bank holds all the information, making it difficult for other financial institutions or merchants to access it.
Open banking: The best part about open banking is that it allows third-party financial service providers to access a consumer’s financial data (with their permission, of course). This means a variety of apps and services get a real-time view of their financial health, helping them make informed decisions.
Traditional payment methods: Transactions through traditional payment methods can have slow processing times and increased costs due to additional fees, including scheme fees. They may also not be the consumer's preferred payment method, making them less convenient.
Open banking: With open banking, transactions can be quicker and more cost-effective. The use of APIs (Application Programming Interfaces) allows for seamless integration between different financial systems, making transactions faster and more efficient.
Traditional payment methods: These methods may lag in adopting new technologies and providing personalised services. The services offered are typically dictated by the financial institution.
Open banking: The beauty of open banking lies in its ability to foster innovation. Third-party developers can create applications that cater specifically to a customer’s needs, offering a level of customisation and innovation that traditional methods often struggle to match.
Traditional payment methods: Traditional payment methods implement robust security measures, including strong customer authentication (SCA) such as a PIN or facial recognition, yet the threat of fraud and cyberattacks persists.
Open banking: Security is a top priority in the open banking ecosystem. The consumer has more control over which services can access their financial data because they must give consent before it can be shared, enhancing overall security.
Traditional payment methods: Cross-border transactions through traditional methods may involve multiple agents, leading to prolonged processing times and higher fees. But with the use of local acquirers, you can combat these challenges and increase your approval rate.
Open banking: Open banking facilitates cross-border payments with greater speed and cost-efficiency. Real-time access to international financial networks allows for swift and secure transactions, reducing the complexities associated with traditional cross-border payments.
Now, let’s take a look at the most popular traditional payment methods in comparison to open banking.
When you make payments with cards, you need an extra step using a third-party gateway and the card network, adding more fees, longer processing times and potential security risks. But with real-time payments via open banking, the transactions are completed instantly. Businesses pay less in fees compared to credit card processing, and they get their money faster with instant confirmation.
Card payments are accepted worldwide, but open banking, with it being a new innovation, is not quite there yet. Not all financial institutions have adopted this payment technology, so it’s still very important that you accept both.
Direct Debits and recurring payments are hugely popular when it comes to those monthly bills. The automated functionality makes them easy and convenient.
However, open banking is coming through with variable recurring payments (VRP). They both require the customer to authenticate the first payment making them just as secure as the other.
Since VRP is an up-and-coming method and one that may still need implementation for some financial institutions as well as merchants, consumers may not trust it as much as the old-faithful Direct Debit.
Although there are a lot of perks to open banking and we believe it’s definitely a method you should consider offering, it’s still important to offer traditional payment methods too. New technologies take time to be fully adopted and gain customer trust, and of course, everyone has their own preference on which method to use, so providing both is key to keeping your customers happy.
Real-time payments have become the new norm, offering convenience and efficiency like never before. If you're wondering how to get operationally ready for this fast-paced financial landscape, you're in the right place! In this simple guide, we'll break down the steps to ensure you're well-prepared for real-time payments.
In a world that thrives on instant gratification, real-time payments have emerged as a financial game-changer. Unlike traditional payment methods that involve waiting days for transactions to clear, real-time payments live up to their name by settling in seconds. This revolutionary approach to transferring funds and making payments is reshaping the way we handle our finances for both consumers and merchants.
Real-time payments operate on the principle of immediate transfer. When you initiate a real-time payment, the funds move from the sender's account to the recipient's account in a matter of seconds. This process is facilitated through advanced payment systems and technology that work seamlessly to ensure swift and secure transactions.
Now that we’ve quickly recapped the meaning of real-time payments and how it works, let’s look at how you get started with it.
First things first, you'll need to choose a reliable payment platform that supports this feature. Many banks and financial institutions now offer real-time payment options, but you’ll want to find one that ticks all your boxes for your business’s needs including:
Once you've selected a payment platform, make sure your systems are up to date. This includes both hardware and software. Real-time payments require the latest technology to ensure seamless integration. Regularly update your devices and applications to avoid any compatibility issues that may arise.
If you're a business owner, it's crucial to train your team on the ins and outs of real-time payments. Make sure everyone understands the new processes and is comfortable navigating the payment platform. This will help minimise errors and enhance overall efficiency.
With the speed of real-time payments comes the need for heightened security. Ensure that your chosen payment platform employs robust security measures such as encryption and multi-factor authentication. Educate yourself and your team on best practices for keeping financial information safe in the digital age.
Real-time payments mean real-time monitoring. Keep a close eye on your transactions to detect any discrepancies or potential issues promptly and spot behavioural trends. Receiving alerts and notifications can also help you to stay on top of any suspicious activity.
Financial regulations are constantly evolving, and it's essential to stay informed. Familiarise yourself with the rules and regulations governing real-time payments in your region. This knowledge will not only keep you compliant but also help you adapt to any changes in the financial landscape.
We understand the importance of staying on top of the latest developments, that’s why we’ve partnered with Token.io; the leading provider of account-to-account (A2A) payments enabled by open banking. This partnership allows us to offer real-time payments to our merchants with complete ease.
On top of that, you’ll gain access to more than 300 acquiring banks, a fraud suite with 120 tools and a secure payment gateway collated in our all-in-one Unified platform to manage these transactions seamlessly.
Becoming operationally ready for real-time payments may seem like a daunting task, but with the right approach, it's a seamless transition. By following these simple steps, you'll be well-prepared to navigate the world of real-time payments confidently. Embrace the speed, convenience and efficiency that real-time payments offer, and watch your financial transactions unfold in the blink of an eye.
Are you ready to take on real-time payments? Speak to one of our payment specialists today!
Whether you’re a subscription service or an e-commerce business offering a repeat delivery of products, the security of recurring payments should be a top priority. You’ll need to safely gather, process and store your customer’s sensitive data.
In this blog, we’ll unravel the layers of protection surrounding these transactions and explore the secure payment methods that ensure your customers' data stays safe from cyber threats.
What's in this article?
There are a range of technologies and tools used so you can manage recurring payments securely. Let’s take a look at the most effective:
Security concerns are one of the biggest causes of abandoned carts. So, maintaining the trust of your customers requires a commitment to the highest standards of data security. This is where Payment Card Industry Data Security Standard (PCI DSS) compliance comes into play. Although it’s mandatory to comply with these industry standards, such as implementing 3D Secure 2.0, to protect your customers' information, it also demonstrates your dedication to maintaining a secure environment. Displaying the PCI-compliant badge becomes a symbol of reliability in the eyes of your customers.
As a merchant, you’ll understand the critical importance of safeguarding your customers' financial information. Tokenisation is your ally in succeeding with this. When it comes to keeping your customer's card information on file, by replacing sensitive data (like a credit card number) with a token (a random and unique string of data), you ensure that even in the event of a breach, the actual payment details remain inaccessible. Implementing tokenisation is a strategic move to strengthen your payment infrastructure and build trust with your customers.
Let’s go into more detail about 3DS2 payments. This authentication measure verifies a customer’s transaction via a number of ways, including a PIN, one-time passcode or facial recognition. This added security measure ensures the cardholder is who they say they are.
For more information on 3DS recurring payments, check out our blog on ‘What is 3D Secure authentication?’.
Your payment gateway acts as the first line of defence against potential threats. Opt for a secure payment gateway that encrypts data during transactions, rendering it indecipherable to any unauthorised parties. This encryption not only protects your customers but also shields your reputation as a responsible and secure merchant.
Now, let's delve into the methods that make recurring card payments secure for both merchants and customers:
Mitigating fraud is not just a customer concern; it's vital for maintaining the integrity of your business. Here's how you can actively contribute to fraud prevention:
For more tips, check out our blog on how to prevent fraud in business.
As merchants, the responsibility of protecting your payment processing rests in your hands. Embrace the advancements in technology that provide innovative and secure subscription payment solutions, whether it's tokenisation, PCI compliance or secure payment gateways.
As a payments provider, we offer all the tools needed so that you can prioritise the security of your customer's financial information to not only fortify your business against potential threats but also foster lasting trust with your customers.
So, merchants, rest assured that with these security measures in place, you can confidently offer recurring payment options, knowing that you're providing a secure and trustworthy experience for your valued customers. So, if you’re ready to offer seamless and secure recurring transactions, we’re ready to help you get started!
If you've ever wondered about the buzz around crypto payments and how to integrate them into your business, you're in the right place. Today, we're diving into the world of cryptocurrency payment gateways and how they differ from traditional payment gateways.
First things first, what in the world is a cryptocurrency payment gateway? Just like a normal payment gateway, it verifies and facilitates transactions involving cryptocurrencies like Bitcoin and Ethereum. It's the bridge connecting buyers, sellers and the blockchain (the database in which all cryptocurrency transactions are recorded).
Now, let's unravel the mystery of how these gateways operate. When a purchase is made using digital currencies, the payment gateway for cryptocurrency plays a vital part. Here's a basic rundown:
Now, you might be wondering, "How is this different from traditional payment gateways?" Well, looking at the bigger picture, it isn’t, but there are a few details that stand them apart. let's break it down:
So, are you ready to dive into the world of crypto payments? Here are a few tips for finding the right gateway for you:
To accept crypto as a payment, integrating a payment gateway that can facilitate these digital currencies is crucial. At Nomupay, we have partnered with Rocketfuel, a dedicated crypto payments processor that enables merchants to accept Bitcoin payments and other cryptos on their website.
By collaborating with Rocketfuel, our merchants can easily accept cryptocurrencies with our scalable payment gateway and gain access to more than 120 digital coins.
“Despite having a whole host of benefits, accepting crypto payments doesn’t come without its risks. That’s why we chose to partner with Rocketfuel; the advanced payment system helps us offer our merchants low fees, protection from price volatility and no chargebacks.”- Head of Specialist Sectors, Martin Brindley
So there you have it—a beginner's guide to understanding how crypto payments work. It's like having your own digital wallet, and with the right gateway, you can unlock a world of seamless, secure and borderless transactions. Get in touch with one of our specialists today and see how you can integrate cryptocurrency payments into your offering.
Chargebacks are an unavoidable yet detrimental part of doing business, and understanding them is crucial for maintaining a healthy bottom line and a positive reputation. In this blog, we'll take a look at the most frequently asked questions on the topic to break down what chargebacks are and how you can navigate the often-tricky waters of these transaction disputes.
A chargeback occurs when a customer disputes a credit card transaction and the funds from that transaction are returned to the customer. The responsibility to prove the legitimacy of the transaction falls squarely on the merchant's shoulders. Chargebacks can happen for various reasons, including fraud, billing errors, product dissatisfaction or unauthorised transactions.
Chargebacks can also be known as friendly fraud because, more often than not, a customer is making a claim with no legitimate reason to do so (other than being angry and impatient to get their money back), and without realising this is a type of fraud. That being said, a study discovered that 23% of consumers admitted to disputing purchases even though they received the item and were satisfied!
When a customer initiates a chargeback, their card issuer investigates the claim. As a merchant, you're required to provide evidence to support the transaction's validity.
If you fail to do so, you lose both the sale and potentially incur chargeback fees and penalties. Not only that, but excessive chargebacks can result in higher processing fees or, in severe cases, losing your ability to accept credit card payments.
Chargebacks can take a toll on your business. They directly impact your revenue and, indirectly, your reputation. The fees and penalties associated with chargebacks can quickly add up, affecting your profitability. A high chargeback ratio may even raise a red flag with your payment processor or acquiring bank.
That’s why it’s so beneficial to have tools in place to keep your chargebacks at a minimum, such as chargeback alerts.
If you believe a chargeback has been unjustly initiated, you have the right to dispute it. Gather all relevant documentation, such as receipts, proof of delivery, communication records and any other evidence supporting the legitimacy of the transaction. Present a compelling case to your payment processor, and be prepared for the possibility of a chargeback arbitration process.
Credit card chargebacks are accompanied by reason codes that categorise the cause of the dispute. Card schemes, like Visa and Mastercard, have their own codes for you to be aware of, however, common reason codes include "fraudulent transaction", "goods not as described" and "services not rendered". Understanding these codes is crucial for addressing the root causes and taking proactive steps to prevent recurring issues.
Every online business must not exceed chargeback limits set by Visa Europe and MasterCard International:
VISA - 0.9%
MasterCard - 1%
These limits are calculated based on the number of transactions made on a merchant’s online store. If the merchant exceeds the set limits, his account can be suspended or terminated, unless preventive measures are taken to reduce the volume of chargebacks.
Prevention is the best defence against chargebacks. Here are some proactive steps you can take:
Chargebacks are a challenge that all merchants face, but they can be managed and minimised. By understanding how chargebacks work, actively working to prevent them and being prepared to dispute unjust claims, you can protect your business and maintain a strong reputation in the market. So, when it comes to chargebacks, knowledge is your best ally.
If you've been keeping an eye on the digital world, you've probably noticed how TikTok has been creeping into the e-commerce space. The popular short-form video platform has evolved beyond lip-syncing and dance challenges to become a potential rival to e-commerce giant Amazon.
Let's explore what TikTok's e-commerce is all about, its expansion, how it stacks up against Amazon and whether it's worth considering for your online business.
TikTok, originally known for its entertaining and often humorous video content, is making a significant mark in the world of e-commerce. TikTok's e-commerce is all about merging entertainment and shopping in a seamless experience. Users can now discover, browse and purchase products directly from their favorite TikTok creators, making the shopping process more engaging and personalised.
With the eruption of social commerce that has been a big success for other platforms, like Instagram, it’s not surprising that TikTok has swayed in that direction too.
TikTok has big plans to expand its global e-commerce business this year. It’s been reported that it predicts its merchandise sales will grow from last year’s $4.4 billion to $20 billion!
TikTok and Amazon are two entirely different platforms, but they are both making a significant impact on e-commerce. Let's compare them:
Although TikTok is flying high right now within the e-commerce space, can it really compete with Amazon? Well, only time will tell, but I don’t think Amazon has too much to worry about just yet since its demographic is much bigger and the user experience is completely different.
If you're an e-commerce entrepreneur wondering whether TikTok is worth your time and effort, here are a few factors to consider:
Overall, TikTok's e-commerce presence is making waves, and while it may not entirely replace Amazon, it offers a unique and exciting way for brands to engage with their audience. If your business appeals to a younger demographic and you're willing to get creative, TikTok could be a worthwhile addition to your e-commerce strategy. So, why not give it a shot and see if your products can go viral on the latest e-commerce sensation? Happy selling!
Gone are the days when you could only accept cash or cheques as a form of payment. In today's digital age, the world of commerce is evolving faster than ever with more online payment options than we could’ve imagined.
For merchants, adapting to these changes is not just a choice; it's a necessity. Online payment methods have become a cornerstone of modern business, and in this blog, we'll explore the ins and outs of these payment solutions and which methods are an absolute must to offer your customers.
What’s in this article?
It’s pretty simple, but just so we’re all on the same page, let’s recap what an online payment method is. Online payment methods are digital alternatives to traditional forms of payment, e.g. cash and card, designed to streamline transactions for both customers and businesses. They allow your customers to pay you swiftly and securely, enhancing their shopping experience and, consequently, boosting your sales.
With a huge shift from brick-and-mortar stores to e-commerce websites, the way consumers pay had to shift too, to meet the change in customer expectations.
These days, there are so many payment options to choose from. In fact, we have more than 198 alternative payment methods! But which ones you choose to offer will depend on the location of your business, your business model and your customer's preferences. Let’s take a look at the most popular options:
In today's digital landscape, credit and debit cards have stood the test of time, making them a popular choice for online payments. Introducing a card payment system enables you to seamlessly accept online payments, with Visa, MasterCard and American Express ranking among the most widely used choices.
Digital wallets are the most extensive with so many different ones to choose from. They provide the convenience of one-click payments and are ideal for mobile payments. Popular services include Apple Pay, Google Pay and Samsung Pay.
A digital wallet that deserves its own section is PayPal; widely recognised and used by millions. Integrating PayPal into your website or store can open the door to so many possibilities and a broader customer base. It’s reputation cannot be ignored; it’s status as being one of the biggest digital wallets around, along with PayPal's Buyer Protection programme, makes it an option customers trust.
Bank transfers have often been ideal for larger transactions. But with real-time account-to-account payments increasing in popularity with the development of open banking, these types of payments are becoming more widely used for all sorts of payments.
For tech-savvy and forward-thinking merchants, cryptocurrencies like Bitcoin and Ethereum offer a decentralised, secure payment method.
Security is paramount in the digital realm. Credit cards, digital wallets and the functionality needed to take payments online, such as a payment gateway, are renowned for their robust security features, including encryption and fraud prevention tools. Since all online payment methods are required to comply with the Payment Services Directive Two (PSD2) and will need to complete some form of authentication, customers can rest assured that their transactions will be safe.
The only online payment method that may need a bit more attention to remain secure is cryptocurrency payments. Although they are secure, crypto will require a deeper understanding to ensure safe transactions since they don’t fall under the same regulations as the rest.
We’ve mentioned that it has become a necessity to accept online payments, but what are the real benefits?
Like anything to do with payments, and business in general, of course, accepting online payments doesn’t come without its challenges. Here are the key areas for you to be aware of:
In the ever-evolving world of commerce, online payment services are essential for merchants. They provide convenience, efficiency and the opportunity to tap into a global market. While there are challenges, the benefits far outweigh them, making it a step forward that no business can afford to miss.
So, if you’re ready to embrace the future and integrate online payment solutions into your business model, then get in touch. Your customers will thank you and your business will thrive in this new era of commerce.
Open banking is the latest development in the financial world and is set to be a game-changer, offering a host of advantages to both merchants and customers alike.
With this new approach, financial institutions can now utilise the data they have stored (with the customer’s consent) to drive innovation and help solve real-life financial problems for businesses and individuals.
Before we delve into the advantages of open banking, if you want more of an overview, then you can check out our ‘What is open banking?’ blog.
First, let’s take a look at how open banking can benefit you, the merchant, and how it’s tackling the key pain points that can often arise.
Traditional payment methods, especially credit card transactions, can come with high processing fees. Open banking transactions typically have lower associated costs, making it an attractive option for businesses.
Open banking prioritises security, offering advanced authentication and encryption measures. Merchants benefit from reduced fraud risks, resulting in a more secure and reliable payment ecosystem.
On top of the added security, as a merchant, you’ll be thrilled to discover this benefit; there are no chargebacks within open banking. Chargebacks are one of the biggest pain points within a business and can be costly, so it’s significantly beneficial for merchants that customers cannot claim chargebacks when using account-to-account (A2A) payments.
Open banking allows merchants to access detailed customer transaction data with their consent. This information provides valuable insights into customer behavior, enabling businesses to tailor their products and services more effectively.
In traditional payment systems, it can take days for funds to reach a merchant's account. Open banking accelerates this process, allowing for quicker access to funds. These real-time payments are a significant benefit for businesses, improving cash flow management. Its popularity is shown by how quickly it’s been adopted with 195 billion transactions in 2022.
Now, let’s see what the benefits of open banking are to your customers and how this new development can offer them a smoother experience, encouraging loyalty and trust.
Customers often have accounts with multiple banks and financial institutions, making it challenging to keep track of their finances. Open banking consolidates all these accounts into one easy-to-use interface, simplifying account management and saving time.
Open banking apps and tools help customers budget and save more effectively. By automatically categorising spending and offering financial insights, customers can gain better control of their finances and make informed decisions.
Customers benefit from the convenience of A2A transactions, powered by open banking, by enjoying secure, one-click payments. The fact that a customer's information can only be shared with their consent, combined with the use of biometric authentication methods, like fingerprint or facial recognition, transactions are both secure and effortless.
Open banking enables customers to easily compare various financial products, such as loans, savings accounts and credit cards. This empowers individuals to find the best deals and make financially sound decisions.
Open banking is available to anyone with a bank account, making it an inclusive approach for all users to gain access to credit. Its holistic approach to credit assessment considers more than just traditional credit scores. This inclusive method allows a broader range of customers to access credit, helping those who might have been previously excluded.
Like any financial approach, despite its extensive list of benefits, open banking does not come without its challenges; trust being the biggest one. With any new development, it can take time for consumers to get on board, particularly the older generation. Consenting to have their financial information shared can raise risk concerns, so as a merchant, it can be a challenge to put them at ease and advise them of its security.
Other challenges for both merchants and consumers that shouldn’t be overlooked include:
In embracing open banking, it's crucial to be aware of the risks as well as the benefits. As a merchant, ensure you are up to date on the latest regulations and developments within this latest approach to payments to make sure both your business and your customers remain financially secure.
In conclusion, open banking is a win-win for both merchants and customers. It streamlines payment processes for businesses, offering cost savings and enhanced security. Simultaneously, it simplifies the financial lives of individuals, providing them with greater control over their money and investments and access to a wider range of financial services. Open banking is indeed an innovation that benefits all sides of the financial equation, making transactions smoother, safer and more efficient for everyone involved.
Are you ready to upgrade your payment solutions with open banking? Check out how we’ve partnered with Token.io to offer you A2A capabilities or get in touch with one of our specialists to discuss your options.
In a world where technology is evolving at breakneck speed, the use of Artificial Intelligence (AI) in e-commerce has become increasingly prominent. Many online retailers are harnessing the power of AI to enhance their customer experiences, streamline operations and boost sales. But is it the right move for your business?
In this blog, we'll explore the advantages and potential of integrating AI into your e-commerce website, and help you decide whether it's a step worth taking.
AI-driven tools are great to have in your locker to help track and analyse customer behaviour, giving you valuable insights to refine your marketing and sales strategies. Integrating the technology into your website can be achieved in various ways:
Effective inventory management is essential for success. AI can help you optimise your inventory by analysing historical data, current demand trends and even external factors like the weather or Black Friday.
With this information, you can use the algorithms to accurately predict demand to ensure you’re never under or over-stocked, improving order fulfillment for your customers.
AI's predictive capabilities extend beyond inventory management into demand forecasting. By learning from past sales data and external variables, AI can anticipate customer demand, identify market trends and provide you with insights to optimise your supply chain, reducing costs and improving overall efficiency.
Pricing is a critical factor in the competitive world of e-commerce. So you’re never way off the mark, AI can assist in setting the right prices for your products through:
E-commerce businesses are susceptible to fraudulent activities, and AI plays a vital role in identifying and preventing them. By analysing patterns and machine learning, AI-powered fraud detection can spot suspicious activity and flag them in real-time, as well as reduce the amount of false positives so genuine customers don’t get declined. Therefore, bolstering your security measures, protecting both your business and your customers from fraud-related risks.
Not only can AI help with the logistics of running your business, but it also has the incredible ability to understand and cater to individual customer preferences. By analysing customer data, the technology can anticipate what a shopper is looking for, making the shopping process smoother and more enjoyable. This, in turn, can increase customer satisfaction and loyalty.
Let's explore how you can leverage this advanced technology to create tailored, seamless and memorable customer experiences.
One of the most significant advantages of AI in e-commerce is its ability to provide personalised product recommendations. Here's how it works:
Personalised recommendations not only enhance the customer's shopping experience but also drive sales by showcasing products that genuinely interest them. Customers feel understood and valued, which can lead to increased loyalty and repeat business.
The search bar is a critical tool for customers navigating your website. AI can improve the search experience in several ways:
By optimising search results, you make it easier for customers to find the products they want, reducing frustration and increasing the likelihood of conversion.
Artificial Intelligence can take customisation to the next level by tailoring the entire shopping experience to each customer:
By offering custom-tailored shopping experiences, you not only increase the chances of a purchase but also make customers feel valued and understood, fostering loyalty and trust.
Conversational commerce, which involves interacting with customers through chatbots and virtual assistants, is another area where AI shines. These AI-driven chatbots can provide instant support to customers, answer their questions and guide them through the purchasing process. This not only saves time but also provides customers with quick, efficient and 24/7 support, making their shopping experience hassle-free.
It’s a great tool for voice-commerce too, which falls under the conversational commerce umbrella, utilising its intelligence from the consumer’s search history to provide the most relevant results.
If the above isn’t enough to convince you that AI comes with a whole host of benefits for your e-commerce website, here’s an overview of the beneficial outcomes to convince you:
Let's take a look at some real-world examples that are successfully using AI in e-commerce:
The use of AI in e-commerce is undoubtedly on the rise, and it's shaping the future of online retail. As technology continues to advance, AI's role in e-commerce will likely expand even further. While it might not be a necessity for everyone, it's worth considering how AI can benefit your specific operation and goals to take your business to the next level.
In recent years, the way you can monetise the gaming industry has opened up so many opportunities, particularly within the world of crypto and with the switch from one-time payments to recurring transactions. Mobile games initiated this trend with its ‘freemium’ model enticing more in-game payments. But as this sector evolves, so should your strategy.
The gaming industry has its own unique experience and needs for a successfully optimised checkout flow. Whether you're a developer, a publisher or just a passionate gamer, understanding and enhancing the payment experience can make all the difference.
So, grab your controller, and let's power up your payment strategy!
When it comes to gaming, one thing is for sure: time is precious. Gamers don't want to waste it fumbling through complicated payment processes. So, first things first, you need to understand what the pain points are and how to reduce this friction to keep gamers happy.
Here are your quick wins to do just that:
A seamless user experience is essential in the gaming industry. Your customer’s just want to get on with playing their favourite games, so the less time possible dealing with the payment side of things, the more time they get to spend doing what they love.
Here's how to ensure gamers have a smooth ride from selection to payment:
Security is a top concern for gamers, and rightfully so. To protect both your customers and your business, consider these security and fraud prevention measures:
The gaming industry is dynamic, and payment methods are evolving rapidly. Here are some exciting trends to keep an eye on:
Nomupay focuses on delivering tailored payment solutions for high-risk merchants, including those in the gaming industry. With the connections we’ve made over the years, the payment gateway will grant you access to over 300 acquirers to keep any processing downtime at an absolute minimum. With more than 198 alternative payment options, we can help you customise a solution with flexible pricing that aligns perfectly with your business model.
Simplify your payment solutions, consolidate detailed transaction data and access a comprehensive fraud prevention suite, all within our Unified Platform. This seamless integration empowers you to effortlessly optimise your payment strategy to keep your gamers gaming, and most importantly, paying.
Optimising the payment experience for gamers is vital in the ever-evolving gaming industry. By reducing payment friction, providing user-friendly experiences, enhancing security and staying up to date with payment trends, you can create a payment strategy that truly levels up your gaming business.
Need a hand implementing these strategies? Speak to one of our specialists and we’ll have your payments as smooth as your gaming skills in no time!
Have you ever wondered why some people prefer certain recurring payment options over others? Well, the answer might be closer to home than you think. Location plays a significant role in shaping our recurring payment preferences.
In this blog, we'll explore how different regions view and choose their recurring payment options, including the challenges of cross-border transactions which are crucial to overcome if your business goals include global expansion.
What's in this article?
Recurring payments are automatic, regularly scheduled transactions that make our lives easier. From subscription services like Netflix and Spotify to utility bills and gym memberships, they've become an integral part of our financial routines. But, the local payment methods people prefer can vary depending on where they live.
Here's a list of common recurring payment methods:
These recurring payment options offer flexibility and convenience for both consumers and businesses, catering to a wide range of preferences and needs. It’s advisable to offer more than one payment method, not just for consumer preference, but also in case one payment fails it can fall back on another.
Each region has its own cultural differences, so it’s no surprise that they will have their own differences when it comes to payments too. For example, some regions may have a stronger preference for traditional banking methods due to a historical trust in banks, while others may embrace newer fintech solutions due to a culture of innovation.
These preferences can make all the difference in whether a region will adopt or reject the latest trends and technologies.
On top of that, each region will have its own security procedures. For example, the European Union's General Data Protection Regulation (GDPR) has influenced consumer payment preferences by emphasising data protection and privacy.
To give you a few examples, let’s take a look at the recurring payment preferences for the UK, UAE and Europe according to a YouGov survey.
In the United Kingdom, debit cards are the recurring payment method that reigns supreme, even more so than credit cards. They’re simple, reliable and widely accepted. Many Brits prefer this method for everything from paying their rent to supporting their favourite charities. They’re a breeze to set up, and they provide a level of financial control that suits the British sensibility.
Although, that doesn’t mean you should forget other payment methods. APMs like digital wallets, are also very popular, particularly with the younger generation and must be included in your offering.
Now, let's jet off to the United Arab Emirates (UAE) to discuss their preferred payment options. Here, credit card-based recurring payments are quite popular. The UAE is known for its modern, tech-savvy population, and credit cards are the go-to payment method for many. It allows them to enjoy the convenience of recurring payments while earning rewards and cashback on their spending.
Pay by links are also popular, so recurring invoices, allowing them to pay when it's convenient for them, is something you should consider.
Europe is a diverse continent, and payment choices across the different countries can vary. However, in general, Europeans tend to favour SEPA Direct Debits for recurring payments. SEPA makes it easy to set up automated payments across Eurozone countries, eliminating the need for different bank accounts and payment methods for each country.
Cross-border recurring payments can be a bit of a headache. When you're dealing with different currencies, time zones and financial regulations, things can get complicated. This often leads to individuals and businesses in one country preferring certain payment methods to avoid the hassle of dealing with international transactions.
Common challenges associated with cross-border recurring payments include:
Although it may seem like there are a lot of challenges when it comes to cross-border transactions, there is a simple solution; use local acquirers. By using acquirers based in the countries you want to process in, you can increase approval rates, decrease processing times and limit the amount of fees you’re charged.
But how do you go about achieving this? With the right payment processing service you can easily expand your business to accept global payments. At Nomupay, we offer a multi-acquiring strategy that enables you to connect to a network of hundreds of acquirers. On top of that, we offer more than 198 alternative payment methods, so you can easily let your customers pick their method of choice.
Location is not the only factor influencing recurring payment preferences; the rise of open banking has also played a significant role in how people manage their finances. It gives us more choices, real-time updates and makes cross-border transactions easier. It's secure and trusted, but its availability varies by region, with the UK and parts of Europe leading the way.
Understanding how open banking is being embraced in the location you want to expand your business to can significantly impact your recurring payment options. It's an exciting development that provides enhanced choices and convenience, making it easier for individuals and businesses to manage their finances and automate payments.
Location matters when it comes to recurring payment preferences. The ease and convenience of certain payment methods can be a game-changer, and people tend to stick with what works best in their region. Whether it's the simplicity of Direct Debit in the UK, credit cards in the UAE or SEPA Direct Debits in Europe, location shapes your customer’s payment habits.
So, the next time you're pondering how to improve your recurring payments solution, take a moment to consider where you’re processing. Your location might just hold the key to the most convenient and hassle-free payment method for you. And if you’re ready to optimise your payment package to boost your monthly recurring revenue, why not get in touch and we’ll see how we can help you expand internationally.
A few late payments here and there may not seem like a big deal. But, when you’re a small to medium enterprise (SME), these late payments can make or break your business. Especially when it’s a larger payment as this affects their cash flow at a greater rate. Just last year, 37% of SMEs in the UK applied for credit to manage their cash flow due to late payments.
We'll explore how these delays affect small businesses, share some tips on managing and reducing late payments effectively, and discuss ways in which SMEs can adapt to this common challenge.
Late payments can have a domino effect on SMEs, causing a cascade of problems. Let's take a closer look at some of the most significant ways they impact small businesses:
Cash flow crunch: When payments from clients or customers are delayed, it can disrupt your cash flow. This makes it challenging to pay your own bills, employees and suppliers on time, potentially leading to financial strain.
Limited growth: Late payments can hinder your business's growth potential. Without a consistent and reliable inflow of funds, it's difficult to invest in expanding your operations, hiring new talent or launching new products and services.
Increased borrowing: To cover operational expenses during cash flow gaps, SMEs might resort to borrowing money, often in the form of high-interest loans. This, in turn, can lead to increased debt and financial stress.
Strained supplier relationships: If you're unable to pay your suppliers promptly due to late payments from customers, it can strain your relationships with these critical partners, potentially affecting the quality and availability of your products or services.
Wasted time and resources: Chasing down late payments consumes valuable time and resources that could be better spent on growing your business. It's frustrating to have to play the role of a debt collector.
Now that we understand the negative impact of late payments, let's explore some strategies to manage and reduce them effectively:
Clear payment terms: Set clear and concise payment terms from the beginning of any business relationship. Ensure your customers understand when and how they should make payments.
Invoicing automation: Use invoicing software that automates the invoicing process and sends reminders for overdue payments. This can save you time and reduce the chances of payments slipping through the cracks.
Offer incentives: Consider offering early payment discounts to encourage customers to pay on time. Conversely, you can charge interest on late payments to create a financial incentive for timely settlement.
Credit checks: Before engaging with new clients or customers, perform credit checks to assess their financial stability. This can help you identify potential late payment issues in advance.
Communication: Maintain open lines of communication with your customers. If they're experiencing financial difficulties, they may be more likely to inform you if they feel you understand their situation and are willing to work with them.
Invest in the right payment service provider: A PSP can have all the tools you need to implement these tips. Finding the right one can help you increase timely payments as well as reconcile any that slip through the cracks.
Adaptation is the key to survival in the world of SMEs, and late payments are no exception. Here are some ways small businesses can adapt to this common challenge:
Build a cash reserve: Establish an emergency cash reserve to help you weather periods of late payments. This buffer can cover essential expenses and prevent you from resorting to costly borrowing.
Diversify your client base: Don't rely too heavily on a single client or industry. Diversifying your customer base can help reduce the impact of late payments from a single source.
Flexible payment options: Offer flexible schedule options to your customers. This can make it easier for them to manage their transactions and reduce the risk of late payments.
Legal recourse: If all else fails, be prepared to take legal action as a last resort. Consult with a legal professional to understand your rights and options in pursuing overdue payments.
So, we’ve established timely payments to help maintain a healthy business, but how do you achieve it? That’s where we come in. With our recurring payment solution, we offer a range of features to make sure your revenue keeps coming in, including:
To find out more about each feature, head to our recurring payments page for all the information you need.
To conclude, late payments can be a significant headache for SMEs, but with the right strategies and a proactive approach, you can minimise their impact and keep your business on a steady path to growth. Remember that adaptability and effective communication are your allies in managing late payments and ensuring your business thrives.
Our payment specialists are ready to help you tackle this issue, so get in touch.
Subscription-based businesses are becoming more and more popular. The amount of entertainment subscriptions, like Netflix and Disney+ you can sign up for these days is crazy. But it’s not just services like these that are available now, you can also purchase your regular products on a subscription basis. In fact, the global subscription e-commerce market is expected to reach $2.64 trillion by 2028.
So with the huge amount of businesses that are receiving recurring revenue, it’s important to know how to calculate it and make the most of the predicted income.
What's in this article?
Recurring revenue is exactly what it says it is; revenue that you receive on a regular basis, often through recurring payments or subscription-based models. You can either receive monthly recurring revenue (MMR) or annual recurring revenue (ARR), and both will help businesses create realistic forecasts to make smart strategic decisions.
MRR and ARR are very similar in that they both predict recurring revenue. But it’s important to understand the difference between them and how they should be used.
The main difference is pretty obvious, and that’s the time frame they cover; MRR looks at revenue on a monthly basis and ARR is annual. Due to these metrics, different business models may find it more beneficial to focus on one type of revenue, for example, SaaS businesses that deal with yearly contracts will find ARR more suitable than MRR.
One thing is for sure, your monthly recurring revenue isn’t always going to be the same. In an ideal world, it will go up, but there are a few different types of MRR that businesses will need to be aware of when calculating recurring revenue to determine whether your forecasts are going up or down.
This is the extra money you make from new customers who just joined. It shows how much your business is growing.
This is the added income from your current customers who decide to upgrade or add more products to their subscription. In an ideal scenario, this is potentially more beneficial than new MRR because there are no customer acquisition costs and it shows customer loyalty, therefore, a revenue you’re less likely to lose.
Sadly, this is the money you lose when customers say goodbye and cancel their subscriptions. It's revenue that slipped through your fingers, which is why it’s so important to focus on your current customers and offer a seamless and convenient experience.
Good news! This is the money you earn from customers who once left but came back. These could potentially turn into loyal customers since they couldn’t find a better product or service elsewhere.
This is the money you lose when current customers downgrade or remove some services. This could either be because the additional features aren’t good enough, and is something you may need to focus on, or the customers are tightening their belts due to personal financial reasons, either way, consider what you can do to prevent this from happening.
This is the total change in your monthly revenue. It's like a scorecard for how you're doing. It’s the sum of the money from new customers and those who upgraded (New + Expansion MRR), with the sum of money from cancelled subscriptions and downgrades subtracted (Churn + Contraction MRR). The result shows if you’re growing or not.
The formula for calculating your recurring revenue is pretty simple. There are also two options, depending on how accurate you want to be.
For an average figure, you can multiply the number of monthly subscribers by the average revenue per user (ARPU).
MRR = Number of subscribers under a monthly plan * ARPU
Alternatively, if you want to be more specific or if the price of your plans varies quite drastically, you can calculate the MRR by summing up every customer’s subscription plan. This can easily be done automatically with the right platform.
If you’re calculating your MRR, you might as well calculate your annual recurring revenue (ARR) too, since they are very closely linked. Getting a calculation for your business’ ARR is just as simple, but this prediction presumes there will be no changes to your consumer base over the next 12 months.
You can calculate your annual recurring revenue with the following formula:
ARR = MRR * 12
You might want to use ARR as more of a guidance if your customer base often fluctuates
Having a steady income creates a strong foundation for any business. And being able to predict this stream of revenue so that you can make smarter financial decisions, identify trends and painpoints, assess the health of your company's revenue and establish opportunities for growth is an ideal situation to be in. That’s why knowing your monthly recurring revenue is so important.
For example, if you can see a steady growth of 10% month-on-month, you can utilise that knowledge to expand your business. This can include new hires, improved software or a bigger budget for your marketing strategy, etc. Without this insight, you’ll be taking a stab in the dark and could make decisions that are detrimental to your business.
Having the right strategies and tools to increase your monthly recurring revenue can boost your business's financial health. Here are some ways to make it happen:
By optimising payment processing and reducing churn due to failed payments, businesses can enjoy a more stable and predictable income stream. Offering flexible payment methods, seamless checkout experiences and robust subscription management can attract and retain customers, ultimately boosting your monthly or annual recurring revenue. Additionally, our solutions come with advanced analytics and reporting tools, allowing businesses to better understand customer behaviour and tailor their strategies for maximum revenue growth. In short, we can be a powerful ally in the quest to collect recurring payments, increase MRR and drive business success.
Remember, it's not just about the money you make today but also about the sustainability and long-term success of your business. So, if you’re ready to boost your monthly recurring revenue, get in touch with a specialist today.
The foreign exchange market, also known as forex or FX, is a complex industry. By dealing with multiple currencies all around the world, along with its rapid pace and volatile nature, there’s a lot to consider when it comes to processing trading transactions.
Just like other industries, forex platforms still need a merchant account and payment gateway to process payments, but it’s not always that simple due to its high-risk classification.
What do we mean by that and how can forex merchants combat this? We’ll cover it all so you can choose a payment provider that helps your business strive.
What's in this article?
A forex business will need a high-risk merchant account to increase its acceptance rate. Without one, banks are more likely to decline any transactions you or your customers wish to make. In general, they work the same as a traditional merchant account, but they do have some differences to compensate for the increased risk. This includes higher processing fees and increased protection against fraudulent activity.
For more information, check out our solution for a high-risk merchant account.
Forex merchant accounts are sometimes considered "high risk" because of a few reasons that make them a bit more complex. Let's break it down:
Remember, being labelled "high risk" isn’t a bad thing. It's more about the complexity and challenges involved. Banks might just need to be extra careful and have special safeguards in place to make sure everything goes smoothly for both merchants and customers.
With the unavoidable nature of forex trading being a risky business, you’ll want to take advantage of the tools available to ensure secure processing, including:
Finding a payment gateway if you’re in the forex industry can be tricky. You see, forex trading involves dealing with money from all over the world, like changing dollars to euros or sterling. But not all regular payment gateways are set up to handle this.
High-risk specialist, Martin Brindley, said: “Forex merchants need a special kind of payment gateway that can smoothly process all different currencies from around the world. They also need to follow certain rules and regulations to keep everything safe and legit, which can be challenging to stay on top of. That’s why finding the right payment gateway is even more important for high-risk businesses.”
When selecting a payment gateway for your forex business, here are some pointers for you to think about:
With these practical points in mind, you'll be able to choose a payment gateway that suits your forex business needs effectively.
At Nomupay, we specialise in providing payment solutions for high-risk businesses. With a secure payment gateway, local licenses in multiple countries and more than 198 alternative payment methods to choose from, we can offer a bespoke solution and flexible pricing to suit your business model.
Manage your payment solutions, in-depth transaction data and fraud suite all in one unified platform, so you can easily scale your business and increase your acceptance rates.
If you’re ready to apply for a high-risk merchant account and payment gateway for your forex business, get in touch with one of our specialists today.
A payment gateway is crucial when it comes to accepting card payments. It’s the technology that connects all the integral parts of the process together to facilitate and authenticate the payment. That’s why understanding how to integrate a payment gateway on your website is so important.
Without a payment gateway, you’ll be limiting yourself to cash-only payments; and in this day and age, we hate to say it, but your business will struggle to succeed. But how do you integrate a payment gateway on your website and where do you begin? We’ll tell you…
What's in this article:
Before we get into how to integrate a payment gateway, first up, you’ll need to find a payment gateway that is suitable for your business model and is capable of overcoming international payment processing challenges. The payment gateway service you choose can impact your customers’ experience and your business’ scalability because they can provide different capabilities.
A few things you’ll need to ask yourself when considering your payment gateway service provider include:
All of these factors will affect both your business and your customers. So, if you pick the wrong gateway, you could end up limiting your business potential and have a high decline rate or high abandoned cart rate due to unsatisfied customers at the checkout.
For more tips on how to get it right, check out our blog on choosing the right payment gateway.
When looking into an online payment gateway service, you may have come across different types, specifically a hosted or integrated payment gateway. So, we’ll quickly cover what they are and which may be more suitable for your business.
A hosted payment gateway is when the payment form is not on your website. The customer will be redirected to the ‘hosted’ platform to complete the payment. An example of this is PayPal and although this can make things easier during the integration stage, the customer experience is less seamless, which can have a negative impact on your conversion rate.
An integrated payment gateway is when the payment form has been embedded into your own checkout, so the customer will remain on your website. This option will require an Application Programming Interface (API) but does improve the customer’s journey, which in turn, can help to boost customer trust and conversions.
Here at Nomupay, we offer an integrated payment gateway, and with a dedicated team of experts, we will guide you through the whole process.
“The real advantage of an integrated payment gateway is how much smoother it makes the checkout experience. Customers remain on your website, trust stays high and you get more control over how payments are handled.
"Payment gateway integration doesn’t have to be complicated either. At Nomupay, we’ve designed our process to be as seamless as possible—whether you’re using plugins, APIs or custom checkout forms, we’ll guide you every step of the way.”
— Robert Wilder, Head of Integrations at Nomupay
Payment gateway integration is easy when you’re with the right provider. Whether you're looking for a gateway for your e-commerce website, your Forex business or a SaaS platform, we have a number of ways in which you can integrate the payment gateway into your checkout.
So, to get started, the first thing you’ll need to do is consider your business model and how you want to accept payments. We can help you with this through a one-to-one strategy session with one of our payment experts.
But here’s an overview of our integration options:
If you’re ready to create a website with a payment gateway, then get in touch and explore how our online payment gateway integration service will benefit your business.
Alternatively, you can find out more technical information regarding how to create a website with a payment gateway and how to install plugins to accept payments via our knowledge base.
Taking your business to the next level to go global can be a pretty daunting move to make. But one area of the strategy that can be much simpler than you think is accepting cross-border payments.
As long as you’ve chosen the right payment provider that has the capabilities to scale with you, then there shouldn’t be any issues.
One payment method that will help you grow internationally is pay by links, also known as request to pay. Global links can be sent to anyone, anywhere and are simple to manage with Nomupay.
Let’s take a look at how global pay by links work and how they can help your business grow.
Let’s first cover how you can use global links for payment. There are many ways a pay by link can be used, including a variety of channels in which they can be sent, making them a suitable method for a whole host of businesses in any industry. But here are the most common ways:
To make the process even easier, we’ve teamed up with Zoho, an invoicing software provider making it effortless to create and send invoices.
Next, let’s talk about why you should accept them. By having the capability to accept global payments by pay by link, you’re opening up your business to a whole range of benefits, including:
Remember, while global payments offer many benefits, it's important to choose reliable and secure methods and stay aware of potential fees and exchange rates.
With the right payment service provider creating a request to pay is easy. With Nomupay, it can all be done via the Unified platform in just a few simple steps:
With tokenisation, a customer’s card details can be securely saved making the payment even more convenient, which is ideal for loyal customers who won’t have to keep inputting their details every time they go to pay. What do we mean by tokenisation? It’s when the customer’s card’s Primary Account Number (PAN) is replaced with a unique token so that the details can’t be decrypted. We’ve got a tokenisation guide that will tell you everything you need to know.
Once you’ve created the request to pay, your payments provider will handle the rest. The link will be sent to the chosen channel based on the details you provided, most commonly via SMS, email or social media.
Then the payment will be made just like any other payment type; the funds will be sent and processed via a secure international payment gateway. So if your business can accept payments worldwide via your current gateway, then you can accept global payments via a pay by link too.
Finding a payment service that can support your business model is critical to its success. Selecting the wrong one can lead to limitations to scalability and a poor customer experience.
One thing to note is that a payment provider based in the UK doesn’t limit your business to only accepting payments in the UK. With the right service, you should be able to take your business worldwide. A few things to consider when choosing your pay by link provider to ensure global success include:
The preferred payment method differs per country. For example, AliPay is popular in China and iDeal is popular in the Netherlands. If your provider doesn’t offer a range of payment methods, you could lose out on a lot of sales and your cart abandonment could increase.
Your customers should be able to pay in their local currency. By offering this solution, you’ll be improving the customer experience, and ultimately boosting your conversions.
By being able to use local acquirers in the countries your business is processing in, you can increase the approval rate of your payments as well as the speed at which they are processed and decrease the processing costs.
Security should be your number one priority when it comes to accepting payments. With the right provider, they will use a secure payment gateway and offer a range of risk tools and data analytics so you can stay on top of any fraudulent activity.
You’ll want to choose a service that allows you to customise your pay by links to look and feel more like your website, for example, adding your business logo. This can help to increase customer trust, and therefore, your conversion rate.
Are you ready to take your business global? Get in touch with a specialist today and get pay by links added to your payment solution.
Accepting recurring payments is an effective way for your business to improve its cash flow. Why? Well, it’s essentially recurring revenue, which makes it much easier to predict future revenue.
But how do you manage recurring payments to make the most out of them? In this blog, we’ve given you our top tips on how to handle and set up recurring payments.
What’s in this article:
Before we get into it, let’s start with the basics. What do we mean by recurring payments? Rather than a one-off transaction, a customer can make a repeated payment for a product or a service such as a subscription, like Netflix. The customer will grant permission for the funds to be taken on a predetermined schedule, whether that’s weekly, bi-weekly, monthly, etc. until the contract comes to an end, or the permission is revoked.
Unfortunately, simply accepting recurring payments isn’t enough. Customer loyalty can be hard to come by; 32% of customers will cancel their service if they receive a single bad experience. That’s a high percentage that won’t give you a second chance!
So, being able to manage recurring payments properly is crucial to a business's success.
Here are our top tips on how to manage recurring payments:
Who doesn’t like an automated process? Recurring payments don’t just have to be automated for the customers but can be for the merchant too. With the right platform, you won’t need to manually take the payments every time. As soon as they are set up, the funds will automatically be taken on the agreed date, saving your business time and resource. Not only that, but it will also improve accuracy, reducing the amount of data input errors.
And since they are automated for the customers, those funds should keep on coming like clockwork.
There will be times when payments fail; it’s completely normal and nothing to worry about as long as you have the right tools in place to reconcile them. They can fail due to a number of reasons, but most commonly it will be down to expired card details or not enough funds in the customer’s account.
You can easily rectify these with a few smart tools, like multi-card registration, network tokens and auto-rebiller. So, just like everything in life, as long as you have a plan in place to manage failed recurring payments, then you’re in a good position.
Find out more about these tools from our recurring payments page and see how we can help you get those payments paid.
There are certain times that are more suitable for consumers to make payments, and everyone is different. This is where your data will come into play. Based on failure and success rates, Unified Platform can utilise this information to work out optimum billing times to increase your chances of a successful payment first time.
Knowledge is power in most instances, certainly when it comes to collecting recurring payments. We’ve already covered how it can influence optimum billing times, but it can also help you keep track of payment statuses, learn from customer behaviour and trends and build business strategies for the future.
Want to beat churn? The dreaded word for all merchants. The best way to manage recurring payments so that your customers stay loyal is to give them control. Offer flexible schedules with the ability to take payment breaks and make alternative payment methods available so they can pay with their preferred method.
Making your product or service easily slot into your customers’ lives, rather than being a burden, is a sure way to guarantee customer satisfaction.
Last, but certainly not least, is communication. If you want to avoid a chargeback, you’ll want to keep your business at the forefront of your customers’ minds. We’re not talking about marketing communications, we’re talking about being upfront about your billing policies so that they know what they are signing up for. Clear communication builds trust and reduces disputes.
This includes any issues that occur, payment reminders and how the transaction will appear on their bank statement. It’s not always super clear with your brand name in the description. As long as the customer is aware of how it will appear, they will recognise the transaction and know that it’s you.
As a merchant, recurring payments can be an absolute game-changer! There are many perks when managed correctly, making it a priority to get it right.
So here are the main reasons why it’s so important to manage recurring payments:
In a nutshell, recurring payments are a merchant's best friend. They bring financial stability and allow you to predict future revenue – crucial for making business decisions.
It's no wonder why businesses everywhere are embracing the power of recurring payments!
If you want to implement all these tips, then you’re going to need a payment provider that allows you to do so. That’s where Nomupay comes in. Here’s a quick overview of how to get started with setting up recurring payments:
What if my customer’s transaction is declined?
There are reconciliation features in place to ensure the transaction goes through. If it’s due to a lack of funds, then the payment can be automatically retried at a different time, or you can send a pay by link so that the customer can make the payment at a time that suits them.
What if my customer’s card is out-of-date?
No problem, our network token tool will automatically update expired, lost or stolen cards with their latest card information.
Will getting a new debit card stop their recurring payments?
No, getting a new card will not stop recurring payments that are set up if you utilise network tokens. Just like above, the customer’s card details will automatically update so there’s no interruption to their payments.
What if the customer wants to stop recurring payments on their credit card?
If the customer wants to cancel their recurring payments, depending on the reason, you have a couple of options. You can either offer multi-card registration so that the payments can be taken from a different card or offer them a break in the schedule if it’s due to financial strains. So, don’t worry, there are a few tactics to prevent losing the customer altogether.
Are you ready to see the benefits recurring payments could have for your business? Now you know all the tricks to efficiently manage recurring payments, have a chat with one of our payments specialists and let’s get you set up. Alternatively, why not check out some more tips on the best ways to accept recurring payments?
Digital payments have been transforming the financial world for years, making the industry more accessible, convenient and streamlined for both businesses and consumers. But it doesn’t end there!
New innovations are continuously being introduced, including automated payments and voice commerce. The latest development that has blown up this year and, love it or hate it, has been the biggest topic of conversation within technology, is Artificial Intelligence (AI).
Since OpenAI launched ChatGPT, so many other platforms have followed suit. There’s an AI for all corners of life, including content creation, retail product recommendations, speech recognition and, most importantly to us, digital payments.
But how is AI changing the payments industry?
Firstly, let’s take a look at the role of AI in digital payments and how it works. We all know how important data is for a business, especially when it comes to payments, and being able to leverage that data is the key to success. This is where AI comes in.
The technology can process and manage data on a mass scale on a daily basis. By using AI, you can identify patterns and gain insights into consumer behaviour much more quickly and efficiently than doing so manually.
This will help streamline the payments process and improve the overall experience for your customers.
Let’s look more specifically at the areas AI can benefit payments and your business as a whole.
Fraudulent activity is a big issue within the payment space, especially digital payments. But generative artificial intelligence has already proven to greatly improve fraud rates.
Its ability to self-learn from each transaction makes it an efficient fraud detector, picking up on the suspicious behaviours of a fraudulent payment. The AI-powered fraud detection system has shown to cut down false decline rates in half.
It can be hard to keep up with the new methods fraudsters use, but with AI analysing large amounts of data every day, the machine learning tool can detect new behaviours and un-seen fraudulent examples to stay ahead of the game. By leveraging this information, financial services can provide even better fraud prevention and security.
Although human touch is essential to provide a great customer service, AI can help to enhance it. With the use of a chatbot operated by AI, you can truly offer 24/7 support. The technology can identify common issues and use this information to develop solutions, saving time for the customer support team so that they can help with more complex queries.
Customers won’t have to wait in long queues or call during opening hours, they can quickly get answers to frequently asked questions helping to increase customer satisfaction.
With so much competition out there, how do you stand out from the competition? Many consumers want the personal touch these days to feel like they are being spoken to directly. And AI can give them that experience through the use of data.
By analysing a customer’s behaviour and transaction history, AI can provide suitable recommendations, including payment methods and financial products such as loans and investments. We’re already used to product recommendations from our favourite retail brands, so why not financial recommendations?
When a customer feels valued they are more likely to remain loyal and convert, so give your customers the attention they desire and they’ll stick around.
AI can also make the overall process and management of taking payments so much slicker and easier. Its analysis of transaction data in bulk and machine learning algorithms allow it to quickly identify discrepancies, compare data, input data, spot trends, etc.
By speeding up these manual tasks, AI can automate reconciliation with more accuracy, reducing the amount of errors and increasing the conversion rate.
Considering AI hasn’t been around for long, it has already made waves in the business and fintech world and is very quickly developing more and more functions.
Cameron Lee, Director and Head of Strategy at Nomupay, said: “What AI can achieve so far is impressive and is only going to get better. And it’s not just in payments and customer service that the technology can help businesses, it can also enhance marketing and e-commerce; its potential is endless.”
So if you’re wondering whether to introduce AI into your e-commerce website, payments management or another area of your business, we definitely think it’s worth looking into. AI is the future and it’s a technology we’ll be keeping an eye on.
Open banking has revolutionised how financial data is shared, unlocking a world of possibilities for you and your customers.
This financial innovation has already reached big numbers – Globally, volumes are projected to grow from $53 million in 2023 to $334 billion in 2027.
But what is open banking and how could it benefit your business? Let’s take a look…
The goal of open banking is to make it easier for data to be shared amongst third parties, improving the experience of financial tasks, such as payments, transactions, investments, etc. It’s a system that allows banks and other financial institutions to securely share a customer’s financial information with other financial providers, which would otherwise be kept in-house.
But what does this mean for all those affected?
Whether it’s a bank or a payment processing service, the financial institution can easily share its customer’s data to businesses, offering a more frictionless and trusting service.
Businesses can really benefit from open banking. With more access to a customer’s data, they can promote their business more effectively, as well as automate instant payments for a seamless experience.
Open banking puts the customer in control of their financial data. They can choose who has permission to access it and enables them to manage all of their accounts in one place, giving them better financial management, personalised recommendations and innovative products. It's like having a digital hub for your finances to make smarter money decisions.
Imagine having several accounts with different banks and financial services. In the past, it was a bit of a hassle to keep track of all your balances, transactions and expenses. Open banking changes that game!
Time to get a bit more technical. Open banking is enabled by Application Programming Interfaces (API); essentially a gateway between different software to help them speak to each other.
Open banking API is basically a set of instructions on how third parties can access a person’s data, such as account name and transaction history. The customer doesn’t need to fill out any lengthy forms; the third-party website will be able to access the data directly.
It’s down to the financial institution to implement open banking into its offering so that its merchants, and then ultimately the merchant’s customers, can benefit from it.
There are multiple scenarios in which open banking can be used to the benefit of all those involved. Let’s take a look at how to use open banking.
Since more businesses and services are gaining access to someone’s financial information, it’s completely valid to wonder whether open banking is safe. The short answer is yes!
Just like any other type of digital financial service, open banking puts a high priority on keeping financial information safe and secure.
Firstly, data sharing can only take place with the customer’s permission. They have full control over which third-party apps or services will gain access to their data and can revoke it at any time.
Secondly, access to APIs is safeguarded by strict banking industry standards such as PSD2. And since open banking relies on API to transmit the data, the information is protected in the same way online banking is. Therefore, there are open banking regulations that banks and financial institutions must follow, including encryption and authentication protocols, to keep the information confidential.
Of course, it's always important to choose trustworthy and reputable apps or platforms when using open banking. But when using a reputable service, open banking is designed with your security in mind.
Open banking and open finance may sound similar, but they have some differences. Open banking is all about sharing financial data between banks and other trusted companies. It allows you to connect your bank accounts to other services, like budgeting apps or loan platforms to help them manage their finances more easily.
Now, open finance takes things a step further. Think beyond just banks - It covers sharing data from various financial sectors, such as insurance companies, investment platforms and more. It’s like having a complete birds-eye view into someone’s financial life, rather than just a peek.
In simpler terms, while open banking focuses on bank-related data sharing, open finance expands that scope to include a wider range of financial information for a more comprehensive financial picture.
If you’re looking for open banking UK providers, we’ve got the solution for you. We’ve partnered with Token.io, the leading provider of account-to-account (A2A) payments enabled by open banking. This partnership allows us to leverage their extensive connectivity network and slick platform to offer you a fast and efficient way to launch Pay by Bank as a core payment method.
To implement your open banking payment solution, get in touch with one of our specialists today.
It's safe to say that almost everyone in the UK uses a Chip and PIN machine regularly. It’s potentially one of the most recognisable and trusted payment methods.
Chip and PIN is actually a brand name, officially known as EMV Cards or EMV Chip Cards because it was developed by Europay, Mastercard and Visa (EMV). It was introduced to create a global system for accepting credit and debit card payments that are more secure, faster and easier to use than previous methods. We can easily say they were successful in achieving this.
Although you know what Chip and PIN is, do you really know how it works and all the different types available? Let’s get into it!
Chip and PIN is a payment method used for face-to-face transactions, most commonly in shops and hospitality. The technology is enabled by a card machine or card reader to securely and quickly accept payments from your customer’s credit or debit card.
Chip and PIN was introduced in 2004 but it became mandatory for all cards in the UK to have this technology in 2006, and was a replacement for the older magnetic swipe method. The swipe method involved physically swiping a card and then comparing signatures. It was slow, lacked security measures and prone to fraud. So, Chip and PIN cards were introduced to combat these issues to enhance security and reduce card payment fraud.
In fact, during the first few years of Chip and PIN payments, there was a reduction in card payment fraud, with annual counterfeit card fraud losses down £81.9 million.
With Chip and PIN, cards have a microchip that securely stores payment information about the account holder, including their name, account number and card expiry date. The cardholder then has a unique 4-digit PIN.
When a customer is ready to pay, they insert their card into the machine and enter their PIN. This allows the Chip and PIN machine to access the card’s chip and process the payment by communicating the encrypted transaction data to the acquiring bank and issuing bank via the payment gateway. Once it has been authorised the amount will be transferred to your merchant account.
You can read more about how a payment process works in our card payments guide.
Chip and PIN cards can also be used to withdraw money from an ATM in the same way. The best part about a Chip and Pin payment system is that it is all done automatically for you in just a few seconds. Allowing you to take card payments quickly and securely.
There are a few types of card machines available to suit different businesses:
Countertop: These are commonly found at the main point of sale or checkout in shops. They require a connection to the mains and your WiFi or phone line.
Portable: These are popular in restaurants, bars or cafes. They allow you to take payments anywhere in your business and consist of a card reader and a base unit connected via Bluetooth.
Mobile: These machines are ideal for businesses on the move. They use a built-in SIM card and 3G connection, allowing you to take payments anywhere with a signal.
Why not check out the card machines we have available for your checkout?
In addition to Chip and PIN, many cards now have a contactless payment option. Contactless payments involve tapping the card on a reader for payments up to £100. They have become increasingly popular due to their speed and convenience.
Card readers will accept both Chip and PIN and contactless payments, as well as digital wallets like Apple Pay and Google Pay. As cashless transactions continue to grow, the use of Chip and PIN and contactless payments will increase.
Whether you're new to card payments or looking to switch providers, we can assist you. At Nomupay, we offer a range of card machine solutions tailored to your needs. Whether you run a boutique shop, food truck or coffee business, we can help you make your passion pay.
With our low rates, no setup fees and 24/7 UK customer support, now is the perfect time to get a new card reader. Visit our Point of Sale service page for more information on our card reader options and to get started.
Are you making the payment process as quick and simple as possible for your customers? Pay by links could be the solution you’re looking for.
Why? Well, it’s easy to manage and track for the merchant and allows the customer the flexibility they desire making it a really efficient way to convert. With so much competition out there and distractions to deter your customers away, being able to offer them a payment method that’s incredibly fast and frictionless is a sure way to truly get them onboard.
But what is a pay by link? To put it simply, a pay by link is a link sent directly to a customer that will take them to a checkout page so they can easily make a payment at a time that suits them. It’s that simple!
Still not convinced? Let’s explore the reasons why a business should accept pay by links.
Anyone! Any business can utilise payment links. Its versatility and customisable features make it the ideal payment method for any type of business to increase its conversion rates. But let’s take a look at some examples of the main business types that use pay by links.
If you’re just starting out and don’t yet have a website, or if a website isn’t suitable for your business model, such as a food van or mobile beautician, then pay by links are a great option for you. When a customer needs to make a payment and they aren’t there in person or if you don’t yet have a card machine, this method is the quickest and simplest way to collect that bill.
Is SMS marketing a big part of your brand? If you’re utilising your contact list for sales and marketing, why not use it to collect payments too?
For any business that has a high volume of payments to collect and multiple customer segments, being able to send out pay by links could become your saviour. You can automate the process and send out links in bulk to increase your collection rates.
Does your customer service team often take payments over the phone? Manually taking card details can come with security risks, that’s why sending a payment link while you’re on the phone is much more secure and can put the customer at ease. They're also more likely to have their phone on them than a debit/credit card, so can easily use their mobile wallet or stored data if they’re a returning customer to make the payment.
Other payment methods are just as important to gain a successful conversion whether you sell online or face-to-face. But if you’re still struggling to collect payments on time, adding payment links to your offering can just be the ticket to move those transactions over the line.
But why? Let’s take a look at the perks!
There are many ways you can collect payments these days, and some will be more suited to your business than others. Here are some alternatives that you can use as well as pay by links.
If you want to truly offer your customers the freedom to pay how they want to increase your conversion, depending on your business modal, why not implement all payment options?
When looking for a pay by link UK provider, there are a few things you may want to consider:
At Nomupay, we can offer you the whole package. Thanks to our Unified platform, you can add, amend, track and report on all types of payments, including pay by links.
Check out our pay by link page for more information on this solution, or get in touch to speak to one of our specialists.
Leading A2A payment infrastructure provider, Token.io, and award-winning payment processor, Nomupay, have teamed up to offer account-to-account (A2A) payments to European customers.
Facilitated by open banking, A2A payments ('Pay by Bank') offer a fast and secure way to transfer money between bank accounts. Users authenticate directly with their bank, ensuring high success rates and a frictionless experience, whereas merchants save costs and enjoy instant settlement for improved cash flow.
With a focus on delivering the latest technology to its merchants, Nomupay is thrilled to leverage Token.io's extensive connectivity network and powerful platform, which provides the fastest and most-efficient way for payment providers to launch Pay by Bank as a core payment method.
Token.io’s A2A payment infrastructure will enable Nomupay to swiftly launch its own A2A payment capabilities to its merchants across various industries through its gateway. With coverage of over 567 million bank accounts in Europe (80%+ of bank accounts in each of its 16 supported markets), Token.io boasts the highest-performing connectivity for A2A payments, ensuring seamless integration of this payment method across all channels and devices.
Nomupay is a leading provider of seamless payment solutions, enabling businesses to streamline their payment workflows, reduce costs and boost revenue. The company offers a range of payment processing services, including e-commerce, recurring payments and alternative payment methods, like pay by link.
Open banking-enabled payments are rapidly gaining popularity due to their speed and convenience. Globally, volumes are projected to grow from $53 million in 2023 to $334 billion in 2027, with Europe accounting for 86% of that.
Alex Leigh, Co-founder at Nomupay said, “Integrating A2A payments into the Nomupay platform was an important move to stay up to date with the market and our customers’ needs.
As a trusted provider, Token.io was the ideal partner. We’re excited to say that Travis Perkins has already shown an interest and will be an early adopter of the solution.”
Chief Executive Officer at Token.io, Todd Clyde said: "We’re thrilled to partner with Nomupay and to support its mission of delivering frictionless payment experiences. By harnessing the power of open banking, we will empower Nomupay's customers across Europe with secure, instant A2A payment capabilities."
The collaboration between Nomupay and Token.io marks an important milestone in the payment industry, where open banking-enabled payment capabilities are increasingly sought after for their speed, security, and convenience. By combining Nomupay's expertise in payment solutions with Token.io's robust open banking platform, merchants can expect enhanced payment experiences that drive business growth.
About Nomupay
Nomupay is innovating the payments industry for businesses worldwide to become the most customer-focused company in its space.
It’s a leading provider for custom solutions across online and in-store channels enabling businesses to streamline their payment processing, reporting and risk aversion to create an end-to-end product.
With access to more than 300 acquirers, a secure gateway with 99.99% processing uptime and more than 198 alternative payment methods, Nomupay is providing a seamless service to increase approval rates and boost revenue for businesses worldwide.
About Token.io
Token.io’s A2A payment infrastructure is powered by open banking and built for the payments industry.
With the simplest and fastest way to launch Pay by Bank as a core payment method globally, Token.io helps payment providers grow their market share in the face of the continued shift from cards to APMs.
Token.io's complete payments infrastructure offers the deepest and highest performing connectivity, reaching over 567 million bank accounts (80%+ of accounts per market) in 16 countries.
With fast and flexible deployment options, including the option to use Token.io's license and conversion boosting payment authentication flows, payment providers can quickly and easily launch and manage Pay By Bank capabilities.
The world has indeed embraced the digital era. And why wouldn’t we with so many benefits of advanced technology. But one particular advantage that stands out to every generation is speed. With just a few clicks, we can complete online transactions, plus the virtual space has become like a global common room where anyone and any service can be reached within moments. It's fast, easy to use and accessible worldwide.
However, with the increased convenience comes significant risk. As we’ve adapted to become reliant on the internet and technology as a whole, so have fraudsters.
Being aware of these risks and having tools and strategies in place to combat them is the best way to protect your business. So, let’s take a look at a range of statistics on how fraud affected businesses last year.
As we can see, cybercrime commonly presents itself as financial fraud using the online world to steal funds and then disappear without a trace. It’s become an art form that hackers have perfected, and businesses, without the proper defences in place, can have a hard time keeping up. So it’s not surprising that a substantial 39% of UK businesses reported falling victim to a cyber-attack in 2022.
Online ecommerce has become more and more exposed as the types of commerce expand, including mobile payments and social shopfronts. Its vulnerability is costly both to merchants and customers who are often easy prey when conducting online transactions if there’s a lack of secure third-party platforms or gateways. Businesses and their clients are more vulnerable to credit and debit card fraud, data breaches and identity theft.
According to a report by Cybersecurity Ventures, the global cost of cybercrime is projected to skyrocket to an astonishing $10.5 trillion annually by 2025. This staggering figure includes a wide range of cyber-attacks, specifically those targeting online payments.
Credit card fraud has become an increasingly severe problem when it comes to online payments. So much so that the global loss due to credit card fraud is estimated to reach $49.32 billion in 2030. That’s huge! But there are technologies and policies in place to help combat this. For example, EMV (Europay, MasterCard and Visa) aims to limit fraud by using embedded chips on smart cards. The EMV chips store a digital code that changes with every purchase making it very difficult for fraudsters to copy.
Chargebacks, which were initially designed to just protect the customer, have had a significant impact on card fraud, often called ‘friendly fraud’. In fact, at one point around 86% of all chargebacks were fraudulent. Customers could easily take advantage of the process and would receive an item, dispute it, demand a full refund, yet keep the item. The practice of friendly fraud has been recognised as one of the top threats to ecommerce and hospitality, and is especially damaging to small businesses – this type of fraud has been predicted to hit $100 billion this year.
However, the rules around chargebacks are getting stricter to protect the merchant also, with the aim to only let genuine claims through. There are also tools in place to help merchants manage chargebacks, like alerts that sends them an early warning so that they can turn it into a normal refund if it can’t be disputed and reduce the amount of charges.
If you have an online presence, which hundreds of millions of people around the world have, then you’ll have personal and potentially sensitive information available for fraudsters to hack. A scary thought. They can do anything from reporting false names and information to authorities to impersonating and invading bank accounts.
Identity theft, especially in the digital age, can strike anyone. Due to the ease of access to the internet and other sources that can be manipulated or corrupted by cybercriminals, it has become one of the biggest vulnerabilities of the average consumer. 2022 saw a 21% increase in identity fraud, and 90% of it originated online. So it’s more important now than ever to be vigilant when online.
Prevention is key because the cost of this type of fraud can ramp up. That’s why, as a business, using a secure payment gateway and additional verification tools has become paramount to avoid identity theft.
Worldwide data breaches have remained a growing problem, with an average cost to businesses reaching a huge $4.35 million in 2022. Attempts at stealing intellectual property or classified information is an issue that every single company in the world faces, and not even major brands have a full grasp on their security. In recent years, some of the big players have seen shattering numbers of data breaches in their systems and millions of records accessed. For example, in March 2021 Facebook lost information on 533 million users and in January 2020 Microsoft lost 250 million customer support records. You can find more of the world’s biggest data breaches here.
The online world is highly accessible and rich in opportunities. Seriously, what would we do without the internet these days? But it’s also equally filled with risks. More and more people are now opting for the quicker options of paying their bills, online shopping and making reservations that require their credit card or personal information.
As the statistics have shown, it has opened the door for fraudulent activity where they abuse the opportunities the internet has provided.
It’s also not surprising that they take advantage of holiday seasons too, where consumers are more likely to be spending. Since 2018, identity fraud rates only rose by up to 15% year-on-year during November and December, so Christmas time can be a particularly dangerous period for online shoppers.
There are numerous types of fraud and scams that cybercriminals actively pursue, even though their attack tools and methods may vary. One of the most popular scams on the internet is phishing scams. Cybercriminals commonly send a message, usually by email, pretending to be an authority, such as a representative of your bank, workplace or service you might be using to gain sensitive information or access to your device. During the height of the pandemic, phishing incidents rose by 220%.
But that’s not all. There’s also fake ‘too good to be true’ loans, money laundering, romance scams, the list goes on.
With the functionality of the online world continually expanding with people being able to do more and more online, it has become vital to find secure services and payment methods to successfully protect consumers.
On top of the EMV, there have been other solutions introduced to tackle the risks of online payments and protect the consumers payment information. The Payment Card Industry Data Security Standards (PCI DSS) set regulations for businesses and card schemes to follow to increase online payment security, including the introduction of 3D Secure.
Many online banking and payment providers, like Nomupay, have additional security features based on these requirements.
This includes:
You can find out more ways to protect your business here.
It’s pretty clear from these statistics that there’s an urgency for businesses and individuals alike to prioritise cybersecurity measures to protect themselves from the financial and personal risks associated with cybercrime. But it’s not easy. Fraudsters will continue developing and improving their practices, and it may be too fast for the average consumer or business to keep up with. It can be even more difficult if you’re a high risk merchant.
Implementing robust security protocols, staying informed about the latest threats and using secure payment platforms can go a long way in safeguarding your business and preserving the integrity of online transactions. By working together to combat cybercrime, we can make significant strides in reducing the impact of these threats on businesses and customers worldwide.
As a secure payment processing provider, we will help you continue to provide a safe payment offering to keep your customers and your business protected.
Get in touch today to see how our services can keep fraudsters at bay.
Sources:
The Latest Cyber Crime Statistics (updated May 2023) | AAG IT Support (aag-it.com)
Shocking Credit Card Fraud Statistics & Facts for 2023 (moneytransfers.com)
2023 Identity Theft Facts and Statistics
Card payments are increasing all the time. Just think about how often you use your card rather than cash. According to the UK Payment Markets August 2022 report, approximately 57% of all payment transactions recorded in the UK were taken by card. This number has been increasing steadily year on year.
So if you run a business and don’t yet accept card payments, why not? Fortunately, it’s never been easier to learn how to accept debit or credit card payments — even for small businesses.
And while we are a business that offers our own online payments service to help businesses take card payments online — this article will look more broadly at the questions businesses looking to accept card payments often ask, along with how they can get the best service for their needs in the wider industry.
It used to be that card payments were slow and awkward for businesses to process — requiring signatures, unreliable technology and long processing times, but thankfully not anymore. Today, the payment process is quick and simple both for online businesses and in-store.
For example, a business’s website can accept card payments via an online payment gateway. Whereas in-store, quick and easy payment examples include:
If someone calls up your business and wants to make a payment, you can even take card payments over the phone by using a virtual terminal.
Because it’s so easy, customers love paying by card. It’s now common for most people to make a purchase with either a credit or debit card. And a lot of younger people almost never have physical money on them anymore!
The great thing about taking credit or debit card payments is that there are a number of payment options to suit every type of business.
Whether it’s accepting online payments or taking card payments in person with Chip and PIN or contactless payments, the right payment method for your business will depend on things like your business functionality and its size. However, there are a couple of things that all businesses will have in common; if you’re accepting card payments you will need a payment gateway and a merchant account.
And of course if your business model does a blend of all of these things, then you can manage all of your card payment processing services together in one integrated payment solution.
As a business owner, you can benefit a lot from integrated payment solutions, if you aren’t already taking advantage of them.
A good integrated payment solution will help you manage your payment services better by helping you to:
They can do this by connecting your payment processing services to other parts of your business, including your payroll, CRM and accounting software.
So for example, whenever a payment is processed by your service provider, the data is automatically accounted for and recorded without you having to do anything.
Integrated payment systems make a more streamlined experience both for you and your customers. A good solution can also be integrated into the card readers that you use, so they are handy for in-person transactions too. It’s never too late to switch to an integrated solution, and you should see the difference almost immediately.
If you don’t yet have an integrated payment solution, you’re likely already familiar with the more traditional payment solutions and how they can be enormously time consuming.
For example, traditional solutions often involve the manual counting and collecting of invoices, receipts and credit/debit card information. Not only is this a lengthy and error-prone process, but businesses often lose out by paying accountants to do the work for them.
With an integrated payment scheme, all of this tedious work is performed by algorithms in real time. Leaving you with more time as a business owner to work on developing your business.
You should know that accepting card payments, even if you implement a quick and easier payment process into your business, does come with potential fraud and security risks. However, as long as you’re aware of these risks and put the right security measures in place, the benefits will far outweigh the potential negatives.
However, if your business doesn’t accept any card payments at all yet, then by switching over you’ll reduce the risk of having to hold significant amounts of cash on your premises, which can be an easy target for theft.
To protect your business from card fraud, a number of 3D Secure authentication tools are available that can be integrated alongside any other security your site has.
These include:
In addition, when taking payments online your business and customers will benefit from the payment system being PCI compliant.
PCI compliance is the security standard endorsed by credit and debit card companies, such as Visa and Mastercard, and ensures you have the right controls in place to protect yourself and your customers when they pay.
Read more about how our fraud and risk management tools can protect your business.
For more information on fraud prevention and security when it comes to accepting card payments, click on these links here:
No two businesses operate in quite the same way, and so there is no “one size fits all” glove when it comes to accepting card payments (at least if you want to really optimise how you accept and process card transactions that is).
So, if you’re interested in an integrated payment solution, and want to get the best results possible, you’ll want a provider that can offer customisable solutions and who can really work with you to get the most out of your business.
There are a few key players involved whenever your customer uses a card to purchase something from your business. Including:
When you think about it, it’s incredible really how such a seemingly complex transaction can be processed in a matter of seconds.
Here's what's happening behind the scenes:
But in more simple terms, there are three actions that happen whenever a card payment is made that involve the key players:
The customer uses their card and the payment gateway sends the information to the acquirer or payment processor who, inturn, sends the payment request to the card network or issuing bank. The issuer then checks to see if the card is valid and if they have enough money to make the purchase.
Whether the payment is accepted or declined, the information is then transferred back via the payment gateway to inform the customer and the merchant. If it is successful, the money is taken out of the customer’s bank account and held in the business’s merchant account.
The funds will be held in the merchant account for one to seven working days as a security measure before it is transferred to the business account.
You should know that if a customer purchases something from your business using a credit or debit card, you will need to pay an interchange fee.
You can’t avoid interchange fees if your business wants to accept card payments, and they are set by the individual card associations. They’re also non-negotiable but will vary depending on the card scheme used, for example, Visa or American Express card.
What you’re charged will also depend on whether you choose a blended pricing model or interchange++. Find out more in our interchange fees explained blog.
Credit cards and debit cards are processed in much the same way. However, debit cards usually have lower interchange fees because they’re considered a lower-risk purchase when compared to credit cards.
The reason why debit cards are thought to be lower-risk is simple. When a customer purchases something with a debit card, they are spending money that they already have, direct from their bank account.
When a customer uses a credit card, they are borrowing credit and therefore spending money that they don’t necessarily have. When a customer uses a credit card, the credit card company essentially extends a loan for the amount purchased in the transaction. The total sum of spends in a month is shown on a bill, which the customer is obliged to pay otherwise the credit card company will charge an interest rate.
Credit cards do have their advantages to businesses though. They are beneficial to your business as they allow consumers to spend more and allow more flexibility, especially when it comes to international spending.
As a business owner, however a customer spends — via either credit or debit card — is out of your control. But the more credit card transactions there are, the more fees you will likely have to pay at the end of the month. This is on top of all the other costs that come with card payments, so it’s important to understand all the fees so you can calculate them into your business costs.
The bottom line: you’ll want to make sure that the payment provider you work with is able to scale to your business needs and one that doesn’t rip you off.
Choosing the wrong online payment company can be a costly mistake. But you can easily avoid making that mistake with the right information.
For example, some companies might charge slightly different types of fees or hidden fees, including:
If you run a small business, the likelihood is you will have tight margins and will only have the budget for absolutely essential expenditures. So you will want to make sure that the company you do eventually go with will have a simple and effective billing process that works for you.
A good payments company will also provide:
The average transaction fee is anywhere between 1.5 - 3.5%. Transaction fees are set by the card schemes and are non-negotiable. The price is influenced by various factors, including what type of card is used by the customer (credit or debit card) and whether it is an international payment. The method of payment can sometimes affect the fee too, for example card-not-present transactions can cost more due to the risk factor.
Yes, technically it is possible. However, the alternative solutions can cost more per transaction. With Nomupay, we can quickly set you up with a merchant account or a high-risk merchant account so you can accept card payments with ease.
You will need a virtual terminal for that. Click on our service page to find out more information about how we can get you up and running taking card payments over the phone.
It’s very important that you choose the right online payments company correctly. Pick the wrong one, and you could be on the wrong pricing structure and paying more than you need to. Trust, transparency and good customer service and communications are key.
It just so happens that these are the values that we admire the most. But don’t just take our word for it. Check out our 5-star TrustPilot reviews.
And please, get in touch or visit our online payments and payment gateway service pages to get an idea of how we can help you to begin accepting online and in-store credit and debit card payments.
If you’re often collecting payments and distributing invoices, you’ll know how important it is to receive these payments on time to keep a positive cash flow. And that’s where our partnership with Invevo comes in; it's bound to be a game-changer for your business.
With Invevo’s advanced management technology and our seamless payment processing integrated into one platform, we’re offering a complete end-to-end solution to help businesses of all sizes.
So let’s introduce you to Invevo. It’s a receivables management platform that helps businesses collect payments more effectively by automating and simplifying the process through a streamlined back office.
Its features include:
Invevo provides clients with a self-service portal so that they can make payments, promise to pay and manage their accounts online including invoice disputes.
By monitoring and understanding a customer’s credit risk and behaviour, you can automate informed decisions to limit credit exposure., benefiting both you and your customers.
Take advantage of the data available to you; create a simple and quick process by making real-time decisions on segmented customers based on available credit, risk and overdue receivables.
You can work more efficiently and save time by configuring your workflows. By segmenting your customers into groups, you can easily manage communications to optimise your collection performance.
Increase collection rates through branded communications via a range of channels, including email, SMS and post straight from the platform.
By embedding our solutions into the Invevo platform, collecting payments couldn’t be easier. You’ll get access to our advanced payment technology and a vast selection of tools for a seamless processing experience.
By being fully integrated, your businesses can benefit from:
Whether you are looking to accept payments over the phone or send branded pay by links through SMS and email, all of these options can be easily executed directly from the platform.
With a simple embedded checkout and a range of alternative payments to choose from, such as Google Pay and Apple Pay, easily take payments without leaving the Invevo platform.
Increase your collection rates with flexible payments. Amend or pause payment schedules to maximise customer retention.
Since joining forces with Invevo, our integrated platform has helped many merchants accelerate their cash flow. Together, Invevo’s customers will gain access to a comprehensive set of tools for managing the receivables life cycle, including invoicing, payment processing, late payment management and real-time data reporting.
When customers pay through the self-service portal, that’s when they can experience the benefit of our partnership. And with it, we’re confident that we can help to:
Adecco experienced significant improvements in cash collection, operating costs and customer relationships by implementing the integrated Invevo and Nomupay solution:
Adecco's customers could pay on any device, leading to faster bank settlement times and improved working capital.
Adecco reduced gateway and acquiring fees through smart routing and saved on headcount through automated reconciliation of inward payments.
“After implementing Invevo, we saw an immediate increase in online payments from all regions and were able to recover lost revenue from previous months, not only improving our DSO but also increasing customer satisfaction.”
Adecco's success highlights the efficiency and seamless workflows this partnership offers, giving them confidence in their financial processes and providing a range of benefits through the integrated platform.
Want to see what our partnership can do for your business? Reach out to us today, and our team will provide an in-depth journey of our features, showing you firsthand how we can improve your conversion rate.
As a merchant, who doesn’t like recurring revenue? Nobody, right? That’s exactly what recurring payments and Direct Debits can provide for you when optimised to their full potential. If they’re not optimised, you could be missing out on a lot of revenue. In fact, the average retention rate for a business taking recurring card payments sits at an unsatisfactory 40-45%, so it’s important you take the time to understand both forms of payment and how to ensure a smooth customer experience.
But what’s the difference between them both?
Let’s take a look at recurring card payments vs Direct Debits to see which is more suitable for your business model.
What's in this article?
Before we delve into the differences, let’s quickly answer the questions: What is a recurring payment and what is a Direct Debit?
A recurring card payment (also known as a Continuous Payment Authority (CPA)) is when a customer makes a continuous payment to a company by providing them with their card details. The customer gives their permission for money to be taken from their account at set intervals, such as weekly or monthly.
They’re often used for subscriptions like Netflix, memberships such as the gym or even utility bills.
A Direct Debit can be a recurring transaction or a one-off payment. The customer will provide their bank account details to the company and will authorise the payments to be taken directly from their account. Direct Debits are often used for larger payments, such as rent or mortgage payments, as well as utility bills.
As you can see, recurring card payments and Direct Debits are very similar forms of payment. So similar, it can be confusing to distinguish between the two. They both require the customer to authorise the payment and the funds are taken on a set schedule. What they’re used for can cross over too.
So, what is the difference?
How recurring payments work differs from Direct Debits when it comes to the way the customer authorises the payments. For a Direct Debit, the customer must complete a Direct Debit mandate form providing their bank details, granting the business permission to take funds from their bank account.
The way a recurring payment works is the customer will provide their card details, either debit or credit card, granting permission for the funds to be taken from their chosen card.
Recurring payments are usually much quicker than a Direct Debit. They can be processed immediately or on the next working day. Direct Debits, on the other hand, can take several days for the funds to clear. So, if a payment needs fast clearance, setting up a recurring card payment would be the ideal option.
Since the payments are set up in different ways and the funds are taken differently, it’s no surprise that how to cancel the payments differ too. Direct Debits need to be cancelled via the bank and recurring payments need to be cancelled via the card issuer or organisation they are set up with.
Recurring card payments are far more flexible than Direct Debits. With recurring payments, the schedule can easily be amended or paused in an instance, as well as provide price variations, making them much more customisable. Whereas with Direct Debits, although making amendments is possible, advance notice needs to be given by both the consumer and the business.
For the customer, Direct Debits can be more secure due to the Direct Debit Guarantee. If money is taken by mistake, the bank usually has the responsibility to pay the refund. They will refund the payee and then raise an indemnity claim against the company, known as a Direct Debit Indemnity Claim Advice (DDICA) report in which the company has the opportunity to dispute the refund.
Whereas with a Continuous Payment Authority, the liability lies with the company and in a usual case, the merchant would log in to the CRM they use to issue the refund.
Since Direct Debits are taken straight from the customer’s account, the main issue for failed payments is if they have insufficient funds. As soon as the funds become available, the payment can be taken. However, there are more opportunities for a recurring payment to fail, such as an expired card. Therefore, Direct Debits tend to have lower failure rates.
However, you can implement features to combat expired or stolen cards. For example, network tokens will automatically update a customer’s card details based on the information provided by the card scheme network. This is facilitated by the process of network tokenisation in which a customer’s card details are stored as a unique string of digits so that recurring payments are secure and easily taken.
As you can see, the purpose and outcome may be the same, but how a recurring payment works is very different from a Direct Debit.
Both recurring card payments and Direct Debits have their own benefits and are ideal for receiving recurring revenue, but which one you choose will depend on your business model. If you want quick processing times and more flexibility, then recurring payments would be your optimal choice.
However, if you want to reduce churn, Direct Debits may be more suitable. Alternatively, you can check out our blog on how to beat churn and make your business model more autonomous with recurring payment tools like network tokens and multi-card registration.
For more information on how recurring payments work and how Nomupay can boost your revenue, get in touch or take a look at our ultimate recurring payments guide.
Is your business making the most of social commerce? This new approach has been gaining a lot of traction lately and is becoming increasingly popular among businesses and consumers alike. And guess what? It's not just a passing trend in the wake of the pandemic - it's here to stay!
In fact, even back in 2019 87% of consumers felt that social media informed their purchases, with 30% of consumers saying that they’d buy directly from these channels. Those percentages will only increase, so, if you’re not optimising your social media platforms, think about how much revenue you could be missing out on.
Plus, in these challenging times, social commerce is becoming an even more important tool for businesses. It's allowing them to quickly and easily launch an e-commerce store and checkout within their social media platform, which is especially useful for those who don't have the means to build their own website.
We’re not surprised this form of contextual commerce is on the rise, but let’s take a look at the benefits and how you can integrate it into your business strategy and increase the amount of ways you can accept online payments.
Social commerce is a type of ecommerce that allows consumers to make purchases via social media platforms. It is a way to shop that's more convenient and personalised to your needs. Imagine scrolling through your social feed and being able to make a purchase of something that catches your eye without having to leave the app. Pretty cool, right?
It’s designed to work in a way that feels natural and intuitive for customers. It's all about creating a seamless and enjoyable shopping experience that fits into our daily lives. So if you need a way to improve your customer experience, social commerce might just be the answer you've been looking for!
There are a range of ways you can use social commerce to advertise your business. Let’s take a look at some of the examples:
Platforms like Facebook and Instagram partnered with Shopify and BigCommerce to create social shopfronts. For merchants, the possibilities are endless.
With Facebook Shops, you can organise your product catalogue by collections and categories, just like any other e-commerce site. Shoppers can save and order products either through the app or directly through the merchant's website, depending on the merchant's preference. The best part? You can manage everything from within the social media site itself, without having to go back and forth between different platforms.
And that's not all - Facebook Shops and Instagram can integrate with Messenger and WhatsApp, making it easy for you to communicate with your customers and provide great customer service. You can even get insights for each product within your shopfront.
Regular, organic posts like Instagram Stories, Instagram Reels, Pinterest pins, Facebook images and carousels, and TikTok videos can be shoppable too. They just look like a normal post adding to the natural and seamless experience. The only indication that the products shown can be purchased via the channel is the icon or a label in the corner showing that the products are tagged.
A big trend for social media these days is user-generated content (UGC). Content creators can even be more influential than celebrities these days. UGC can also reach a wider audience than any ads you create – One study by LTK found that in 2022 alone, this type of content made $3.6 billion and a huge 75% of Gen Z shop via these creators. So, it’s safe to say, especially if you have an e-commerce business, merchants can’t afford to ignore this type of commerce.
Social media users have seen a 79.1% jump in just five years. This means that the possibilities for social commerce are also growing, and it's becoming even more user-friendly and interactive.
Facebook Shops is not just a game-changer in the world of e-commerce, but it has the potential to revolutionise this type of commerce on a global scale. But how? Why is social commerce so important? Let’s take a look at the benefits of social commerce to retailers.
So, if you’re not making the most of your social media platforms, now could be a good time to start! But if you’re already on top of it, why not see what other types of commerce you could optimise, for example, voice commerce.
To learn more about the future of payments, get in touch with Nomupay today!
NomuPay, a modern end-to-end payment platform purpose-built for expansion into regions of high cross-border and e-commerce growth, has raised $53.6m. The round was co-led by Finch Capital and Outpost Ventures, an investment platform of Neuberger Berman, with participation from individuals.
Peter Burridge, CEO of NomuPay, says “Every growing international enterprise knows the problem of ‘multiples’ when it comes to payments. There are multiple countries, multiple payment types, different payment use cases in each nation, a variety of channels, and an endless list of changing regulations. As a result, expansion slows down. Companies have to maintain countless technical integrations and vendor relationships while reconciling global payments. At NomuPay, we remove the burden of ‘multiples’, by unifying fragmented payment networks. In the face of continued technological, market, method and data fragmentation, we provide companies with an ‘all-access pass’ to global payments, enabling enterprises to continue to expand globally, and to future-proof payment strategies.”
NomuPay’s Unified Payments (uP) Platform provides omnichannel payment acceptance and payout disbursements through a single API integration. Engineered to simplify fragmented payment infrastructure throughout Southeast Asia, Europe and Turkey; the uP Platform provides scalable payment solutions and robust data management and reporting capabilities. An ‘all-access pass’ to payments, NomuPay’s uP Platform is gateway agnostic and capable of augmenting existing payment infrastructure with ease.
Radboud Vlaar, Managing Partner of Finch Capital, says “Under the Leadership of Peter Burridge, NomuPay has made a series of licence acquisitions, and top-level hires that have helped to take the company to the next level. On top of this, the company has built a Unified Payments Platform that unlocks local payment acceptance and payout disbursements in geographies that have long lacked a unified system, through a simple and single integration. We are very excited to see how NomuPay address the burning need of clients in these core markets.”
David Dubick, Partner of Outpost Ventures says, “We’re thrilled to partner with the deeply experienced team at NomuPay and be a partner with them in this next phase of growth. Throughout our conversations with NomuPay we’ve been continually impressed by the technological implementation of the uP Platform, its ability to solve a wide range of issues faced by enterprises and marketplaces in global payments, as well as their approach to distribution and the initial partners who are using the platform at scale.”
NomuPay has successfully started to onboard new clients as of Q4 2022, and is now actively scaling the business in their core markets. The team continues to add new markets to the uP Platform, as well as continuing to invest in product development.
What’s the most important factor for any business to succeed? Conversions! If your conversion rate takes a hit, then all areas of your business will struggle. But don’t fret, there are many ways to optimise your website to increase sales, and it all begins with data.
Transactional data is there to be leveraged; the key is in how merchants use it to retain both revenue and consumer loyalty for long-term growth.
We’ll guide you through the key avenues where a transaction could be gained or lost, whether that be in how you accept online payments with the methods you offer, checkout page friction or lack of data to understand your demographic.
Before we take a look at the strategies used to increase sales, first let’s see what could be holding you back. When a customer goes to make a purchase, the number of elements that can cause them to abandon their basket can happen before the customer even clicks ‘go to checkout’. Even after that, the threat to your bottom line hasn’t gone yet.
The main elements that can have the biggest effect are site optimisation, checkout flow and fraud. They’re variables that occur at different stages of the customer journey but can all affect merchant revenue and customer retention.
As we’ve mentioned, leveraging transactional data for every completed and abandoned purchase can give a very telling picture of both the success and downfalls of your processing; and how it can further be used in marketing campaigns.
Data can dictate where your customers are dropping off in the journey, but here are some of the key elements that you likely need to optimise.
Let’s begin by looking at cart abandonment, focusing on getting products through the checkout successfully, without friction, to increase consumer retention and loyalty.
Only last year, cart abandonment rates were at 72.86%. Whilst this figure has come down slightly in recent years, it is much higher for mobile and tablet devices. Due to a lack of alternative payment method offerings and optimisation, the friction created through checkouts on these smaller devices spikes cart abandonment rates to 85.65% and 80.4% respectively.
Working out the main cause for your consumers to abandon their cart will lead you in the right direction to see which element you should optimise first.
The list of alternative payment methods (APM) available these days is pretty long, but does that mean you should offer all of them? Not necessarily.
If we look at devices on a surface level and just take size into account, it’s obvious that trying to fit everything from the desktop checkout into smaller screens doesn’t always work. Simply, one size does not fit all – at the checkout or in traditional marketing.
Instead, use data to see which payments are the most popular in the market to add them to your offering, and then which ones amongst those are mostly used by your consumers to implement into your mobile checkout.
Since we’re used to speed and convenience these days, striking a balance between providing a range of payment methods that can fulfil a one-click checkout without slowing down the loading speed by offering too much is key.
So, digital wallets are a good place to start. In the US alone, Apple Pay users have been forecasted to hit 48.7 million in 2023, so that’s a lot of consumers you’re targeting. A case study from Google also found that offering Google Pay as a default for new users increased conversion by 20x.
Optimising the checkout flow with APMs can also help resolve friction that occurs from security compliance. The additional security steps at the checkout can often dissuade genuine customers from making the purchase.
Shoppers were often declined at the checkout due to a false decline (where valid card information is incorrectly rejected) caused by overzealous fraud parameters. However, since the use of biometrics has become the norm when using smartphones these authentication steps feel like second nature these days. Therefore, with the right APM, security measures can be met in a way that reduces the number of do not honours and false declines that a merchant has to deal with.
Another way merchants can ease friction at the checkout is by providing the option to save the customer’s card details; it’s a PCI-compliant way to make the checkout flow even quicker. By securely tokenising their card, the customer can use a one-click checkout journey without the need to verify the payment during every transaction.
One of the most important objectives for any business to obtain a profitable revenue is to reduce fraud. Friendly fraud, like chargebacks, can make a big dent in a business’s revenue due to a rise in refunds, wasted shipping costs and fines from the banks and card schemes.
Due to chargebacks alone, merchants lose an average of $3.75 for every $1 lost due to the added fees. So ensuring you have the right tools in place to combat this will help your bottom line.
Rather than offer a one-size-fits-all approach to fraud, like a lot of services, our suite of tools gathers information from every data point and assesses where and how it can be utilised. This insight can highlight how different demographic elements are suited to different strategies; just like differing marketing campaigns.
Fraud checks performed as a standard across the payments space are:
A trio of tools we offer are as follows:
Comparing this data against other data sets will help to detect discrepancies. Not only that, the more insights you gather, the more Machine Learning tools can use algorithms to perform predictive analysis on consumer spending, which helps to determine whether a transaction is likely to be fraudulent or not.
From this data, you can set rules on how to proceed to trigger methods such as 3D authentication or to set warnings for when a merchant is likely to receive a chargeback. Basically, data can be used to keep you ahead of the game when it comes to fraud so that you can limit the damaging costs and keep your revenue up.
Without insights you might as well build out campaigns with a blindfold on. It’s fundamental when it comes to understanding your consumer base so that you can create an effective marketing strategy to increase your website conversion rate. The mass market is more fragmented than you think, so you need to be able to target multiple markets whilst maintaining a cohesive brand message.
Keeping pace with actual purchase behaviour allows marketers to redirect campaigns to specific behaviour, such as an abandoned cart email campaign. The key here is to use insights from transaction data over time, to measure the flow of behaviour and add this to the current demographics.
All of the data you gather, including from the standard fraud checks combined with the regularly acquired data such as consumer demographics, a retention score and the RFM score (Recency, Frequency and Monetary Value) can be used to provide a solid picture of your consumer base. By determining the consumer’s purchasing behaviour, you can tailor marketing messages, explain motives behind these changing patterns and give methods as to how to maximise individual response rates.
The goal? To identify promising areas of growth and enhance direct response rates to marketing campaigns to ultimately, improve customer retention.
Here at Nomupay, we offer solutions that target the pain points and friction in processing and reconciliation that causes a drop in your conversions.
Our smart fraud suite provides the tools to track and manage the risks to your business, alongside chargeback alerts, IP blacklists, verification processes and more. Combined with 198+ alternative payments to choose from, 300+ local acquirers to increase authorisation rates and in-depth reporting and analytics, all integrated within a unified dashboard, you’ll have all the answers you need to hand so that you can implement an efficient strategy to grow your business.
Are you ready to get access to all the analytics you need to create strategies to increase your sales, improve your customer retention and reduce the risk of fraud, ultimately increasing your conversion rates? Get in touch with a payment specialist today.
The most successful cryptocurrencies are all:
What this essentially means is they are reliable and practical. For example, a coin that is scalable can process transactions very quickly, using the fastest and most secure blockchains.
Unsurprisingly, these qualities can make a cryptocoin more popular, expedient and valuable.
Read more in our article: Cryptocurrency Around The World.
Let’s take a look at the most popular coins on the cryptocurrency market to see why they’ve been successful so far:
As this coin was literally the first ever cryptocurrency, it’s not hard to see why it enjoys such an advantage on the contemporary market. This coin shook the global economy, becoming instantly recognised and accepted.
Shrewd planning has also worked in Bitcoin’s favour. It’s known to be transparent and easy to use, benefits from the latest and most robust security and technology, and is a scarce asset thanks to limitations on the amount of Bitcoins that can exist.
This cryptocurrency owes its success to technological innovation, including a programmable and developer-friendly blockchain, smart contracts and a decentralised finance (DeFi) ecosystem.
Ethereum’s spectacular technological successes have given it a well-earned seat as the second-most popular coin around, which in-turn has facilitated more trading, investment and helped it to stay reliable and stable.
Tether is what’s known as a “stablecoin”. Its value is pegged to the US dollar, meaning one dollar is equal in value to one Tether (USDT) coin. This stability makes it somewhat reliable as it offers reassurance to investors and businesses who do not want the uncertainty/price fluctuations that come with other cryptocurrencies.
Tether can also be quickly converted into other types of cryptocurrencies and even fiat currencies. Despite its popularity, some confidence has been shaken in stablecoins and Tether, especially since the shaking of the foundations of other supposedly ‘stable’ stablecoins in 2022.
This coin has really taken off over the past year because it is very fast at processing transactions, comfortably beating Bitcoin and Ethereum. “Very fast” is actually an understatement. Cardano can process one million transactions per second (TPS), in comparison to Bitcoin’s three (yes that’s the single-digit number “three”) per second.
It also operates under what’s known as a “proof-of-stake” consensus which is understood to be an environmentally-friendly way to mine coins. These factors, along with more technological innovations, are largely behind the recent success of this type of coin.
What makes this coin unique is that it’s already “premined” — meaning that there are a total of 100 billion tokens and no more can be made. Selling-points of XRP include its touted cost-effectiveness, scalability and environmentally-friendly nature of operations.
It has one of the fastest blockchain-based payment systems, and XRP’s speed and scalability have made it a favourite for cross-border transfers and business transactions.
A bit of an anomaly amongst the others, this “meme coin” was started as a joke, only to be catapulted to crypto royalty thanks to social media. There is no cap on the number of dogecoins, which is probably why so many younger people are attracted to it and why it’s accessible to a wider audience. A beginner can buy a large amount of dogecoins with little actual financial investment.
Benefits of dogecoin include the charitable and community-driven work it has carried out in the past, helping to generate a favourable public image. However, dogecoin’s success is more of a mirage, as its upward swings are largely determined by social media trends rather than any real technological innovation.
This cryptocurrency utilises an innovative blend of proof of history and proof of stake, which allows validators on the blockchain to decide on the timestamps along the different blocks in the chain. This keeps the chain decentralised while also keeping it secure.
But perhaps Solana’s biggest recent breakthrough was in the success of its Degenerate Ape Academy, otherwise understood as the first big NFT (non-fungible token) project on the market. Bold technological innovations, such as the Wormhole Project, have also kept Solana at the forefront of successful cryptocurrencies.
Similar to Tether, this stablecoin is pegged to the US dollar. Importantly, its auditing process has been described as one of “true financial and operational transparency”, helping it to build trust, confidence and authority amongst investors.
USD coin is also fairly well regulated, and has a competent suite of technological features, making it a favourite for users who don’t like the volatility and uncertainty that may arise from other cryptocurrency investments.
Polygon succeeds where Ethereum fails. In fact, it was largely developed to address the downsides with Ethereum. For example, Polygon can process up to 7,000 TPS (whereas Ethereum can only manage 14 TPS). The result is that everything built on Polygon’s blockchain is cheaper and quicker in comparison. Polygon also has lower fees that are attractive to developers.
Another undoubtedly big factor in Polygon’s success is that it is more scalable than Ethereum, and more developer-friendly, therefore encouraging more innovation.
Another stablecoin, Binance USD is also pegged to the US dollar. It is well-audited and adheres to strict regulatory standards, adding a reliability and trustworthiness to its name, which all serves to inspire confidence in investors.
Binance USD’s continued success has also seen it adopt new technologies (such as NFT products) and innovative partnerships.
By looking at these top ten most successful cryptocurrencies, a clear pattern emerges. They are all thought to be secure, stable and scalable — with, perhaps, the exception of dogecoin.
All of the coins mentioned above are successful, but some are more successful than others. Let’s take a close look at the bottom three for a clearer understanding:
You can earn a lot of money in crypto, but there are concerns about a lack of regulation in the industry, market manipulation, and of course market volatility. Like most sensible investors, it’s best to only put in amounts of money that you can afford to lose.
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Keep in mind
The information in this article is not intended as financial advice or recommendations for investment.
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There are a few unsurprising and surprising findings to conclude with.
Unsurprisingly, Bitcoin remains (by some distance) the most successful cryptocurrency on the market today. Yes, it has a ‘winter’ in 2022 but those gloomy forecasts are now giving way to sunnier days, and growth is yet again predicted.
What is surprising is how popular Tether remains. This stablecoin was rocked by controversy last year when it lost its stability, and dipped below the dollar value. This may also account for its relatively high (the highest in our sample) of negative sentiment on Facebook. And yet here it is, the third most popular, beating out other stablecoins that have not suffered the same fate.
It’s important to understand the crypto market, as it’s growing in popularity and is likely to be one of the preferred methods of payment for the so-called ‘Generation Z’. This includes knowing what type of crypto to accept, which type your customers will prefer to pay in and getting your business optimised and set-up to accept crypto payments.
Read more: ‘How to accept crypto payments as a business’.
Take payments anywhere, including crypto — with our payments platform
Voice commerce, also known as v-commerce or voice-to-shop, has long been on the rise; even before the pandemic caused us all to assess how contactless we need to be. We may even be as bold as to say that the convenience of voice assistant devices, like Amazon Alexa and Google Home Hubs, is the reason this type of technology is so popular.
In taking a look at both voice biometrics and voice commerce, we’ll delve into the role your voice can hold in both brick-and-mortar shops and online commerce.
Firstly, let’s discuss what voice commerce or voice shopping is. It is what it says on the tin; a type of e-commerce where you can use your voice to make a purchase.
Consumers have become accustomed to using their voice to make demands via a device such as playing a certain song, asking a question or even turning out the lights, but voice-assisted technology can go one step further and complete transactions.
Voice commerce relies on voice assistant software programs to function. It uses natural language processing (NLP) to interpret what the consumer is saying, such as “I want to buy a pair of trainers” and then carries out the appropriate actions; in this example, it will take them to a product page.
Artificial Intelligence (AI) also plays a big part in this function by using the consumer’s search history so that it can find the most relevant results for that individual. Pretty impressive, right?
The use of digital voice assistants is predicted to keep on growing; a study from Statista forecasts that by 2024, the amount used will reach 8.4 billion – a 433% increase from April 2022. Another study estimated that the transaction value of this type of commerce in the US alone will exceed $30 billion by 2024. So, it’s safe to say that much opportunity has developed from this smart voice technology.
Another development that has aided the rise in voice commerce is voice biometrics. Where face ID used to suffice, during the pandemic face coverings got in the way (literally), creating a challenge and making the use of voice biometrics a necessity. The development of this technology and, therefore, the increased use of voice biometrics in turn contributed to the rise in v-commerce.
To paraphrase Todd Mozer, CEO and chairman of voice technology firm Sensory, the utilisation of smart technology, like smart speakers, and the more recent population of smart speaker-enabled devices, such as televisions, has allowed for an increasing comfortability of voice technology and the use of AI.
If you’re wanting to jump on the voice-commerce craze, then here are a few ways your e-commerce brand can utilise it.
So, we’ve looked at the ways this technology can be used, but what are the advantages of voice-based e-commerce? Although there may be some additional resources needed to optimise your business for v-commerce, it could be worth it. Let’s take a look at the benefits:
Despite demand and the potential benefits of voice commerce, the journey isn’t going to be frictionless.
The main limitation of voice shopping right now is that it’s still relatively new technology, therefore, hasn’t been adopted by a large percentage of consumers yet. With new technology comes trust issues. The trust around the v-commerce market is still so variable that it arguably needs to establish itself more before it can really take off.
The integration of v-commerce isn’t as simple as a new payment method either; it lies more with the user interface and relies on the smart technology that the consumer uses too.
But regardless of the limitations of voice shopping, the roadmap isn’t far off. With the digital voice assistant market set to drastically increase this year, the way forward is only going to become clearer.
Voice commerce uses smart technology that’s still in its early days with so much room to grow, but can you imagine the future of e-commerce if this becomes the norm of how to shop?
With smart speaker actions and interactions already manageable via linked devices, the demand for truly contactless methods of commerce is growing. As soon as the trust issues surrounding AI voice assistance have been managed, v-commerce is sure to soar.
However, considering the statistics already mentioned, it’s clear that this change is already in motion; with the trends that gen Z is setting with commerce and their adaptability to new technology, it’s not hard to see why.
Some brands that are currently successfully using voice commerce include:
We’re yet to define how far v-commerce will evolve. However, it is certain that the addition of voice technology is going to going to play a big role in the future of commerce.
Cross-border shopping has become common practice for shoppers worldwide. Most consumers won’t even think twice about whether a purchase is being made locally or not; it’s just the norm to be able to shop internationally.
But does that mean expanding into the cross-border e-commerce market is the next step for your business? There are many things to consider that we’ll take you through to help you decide.
Cross-border e-commerce, also referred to as cross-border shopping and touristic shopping, describes the buying and selling of goods and services across international borders. For example, you’re a small business based in the UK selling personlised t-shirts and you have consumers all across Europe buying your goods; this is cross-border e-commerce.
This type of e-commerce is easily facilitated by implementing globally reaching alternative payment methods (APM) and local acquirers, combined with best practices for checkout conversions. If you fail to offer local payment methods, research shows that 20% of consumers will abandon their purchase.
For example, merchants in the UK can cater to APMs that are popular in other countries, such as Alipay and WeChat which are widely used in China to fulfil consumer demand met by Chinese consumers when shopping for items they cannot find in their own country. Chinese shoppers can shop across borders in order to purchase certain items to avoid accidentally purchasing counterfeit goods domestically or find items that aren’t available in their country.
By opening your business up to cross-border online shopping, your audience reach becomes international rather than just national – done right, can be a huge success.
The perks don’t end there! Here are some more benefits as to why consumers like to shop internationally, and in turn, why it could be good for your business:
Accounting for nearly a quarter of online transactions worldwide, cross-border e-commerce plays a big part in global trading. Since 2016, the percentage of online sales increased from 15% to 22% in 2022, and is showing no sign of slowing down as the implementation, availability and security becomes even more seamless.
Popular merchants for cross-border consumers in Europe include Ikea, H&M, Nespresso and Zalando. Their credibility as global merchants were ranked by their ability to cater to consumers in their native language and currencies, as well as seamlessly provide a variety of payment methods.
So, we’ve covered why cross-border shopping is on the rise, but what, as a merchant, should you consider before you make a decision? Take a look at the adaptions needed and challenges of cross-border e-commerce:
The UK is actually the third-largest market for international online purchases, with the USA and China taking the top two spots. But what’s the location of these international shoppers? Well, for the UK, the largest consumer base comes from the UAE (30%), China (28%) and India (27%).
It’s important to know this so that you know which markets to target, for example, which alternative payment methods to launch first.
Regulations around compliance can be confusing since they are often updated and can vary by country, so it can be hard to keep up causing friction for a lot of merchants.
So, you’ll need to make sure you have a dedicated team in place who are aware of the regulations of the region you want to expand to.
When supplying goods or services to a global audience, you need to offer relevant payment methods to each audience to cover consumer demand. In making these offerings, a merchant needs to understand which payments are most commonly used in which countries (and regions) and why.
Naturally, this can come with added costs to cover integration and risk assessments which your payment provider should help mitigate, but the potential for an increase in revenue can make it worth it.
When shopping online, do you prefer it if the site uses your native language and currency? It’s not surprising that most people do. So, in becoming a global merchant, you should consider optimising your customer journey by allowing consumers to shop in their native language and offering not only a preferred payment method but a local currency for them to pay in.
The main way of facilitating this is to enable IP recognition on your site to boost conversions.
Offering different payment methods may require numerous checkout flows and redirects which can add to your business’s internal efforts. It’s important to weigh up the manpower needed to make it happen and any potential friction it can cause the consumer. But with the right payment provider, they can help to facilitate the process to make it as seamless as possible.
Even though mobile commerce is on the rise, the majority of cross-border shopping still happens on the desktop. But that doesn’t mean you should ignore m-commerce, you may just want to consider where you spend your time when it comes to optimising the checkout flow.
Whilst nothing changes on your end when facilitating a cross-border service, your customers may be subject to tax and customs handling when receiving their goods – resulting in a loss in retention and loyalty – and possibly disputes.
It’s important to have access to acquiring banks all over the world to ensure that you can accept global payments. Without this, the chance of having a high decline rate will increase, plus added fees can incur. Thankfully, with Nomupay, we have local licences to acquire in multiple countries plus connections to local partners.
To be able to implement alternative payment methods, scalability to adapt to your international growth and connect to local acquirers to accept payments worldwide, you'll need the right payment gateway that allows this.
Going global is more than your payment method. It can be a balancing act between a potential increase in conversions, your brand authority and the additional costs and resource needed for your business. Considering them all is important before you make your decision.
While there are many societal threats that can affect the rise in cross-border shopping, such as global pandemics and Brexit, the right strategy could allow the majority of businesses to scale globally with finesse.
At Nomupay, we can help you do that. With local licences across Europe and Southeast Asia and local partners all over the world, more than 198 alternative payment methods to choose from with multiple currency options and in-depth reporting to manage optimisation, we can help you scale your business worldwide.
So, if you’re ready to expand your business, get in touch with us today to start implementing the right approach to global cross-border e-commerce.
If you’re running a business and it falls within the scope of the 6th Anti-Money Laundering Directive (6AMLD) regulations then it's important to make sure you stay compliant with them to avoid any problems down the line.
The EU and UK are very strict when it comes to 6AMLD compliance, and could potentially enforce quite serious financial and criminal penalties if you are caught out. So, it’s critical that you take the necessary steps to avoid these consequences.
In this brief introduction to the 6th money laundering directive, we will tell you everything you need to know about the new regulations so that you don’t get taken by surprise.
The 6th AML directive is a legal framework that was inserted into law across the European Union on 3rd December 2020.
It was brought in to build upon laws that are already in place to prevent Anti-Money Laundering/Countering the Financing of Terrorism (AML/CFT).
Although the EU came up with the idea for 6AMLD, it isn’t restricted to the European Union. The law changes also apply to European Economic Area (EEA) countries such as Iceland and Norway, and to any business that finds itself operating inside of the EU/EEA — even if those businesses are headquartered outside of those areas.
Yes and no. The United Kingdom was originally a member of the EU when its member states agreed to implement 6AMLD back in 2018. But it has since left the European Union and so is technically not bound to the new regulations.
But what you’ll find is that the UK Government has passed its own AML/CFT regulations which are very similar to the 6th AML directives. In fact, they are almost identical in most instances.
The UK has always had robust AML/CFT regulations, even before the European Union introduced its own, and some would say the UK’s laws go even further.
It’s important to remember that if your business is regulated or operates in Europe — even if it isn’t based in the EU or EEA — then you will have to make sure that it is compliant with the EU’s 6AMLD.
The 6th anti-money laundering directive has introduced new measures on top of the old 5AMLD regulations. It wasn’t long after the introduction of 5AMLD that the European authorities began to realise there were big gaps and weaknesses in the framework. So, before the ink had barely dried, preparation for the updated directives began.
To cover all bases, the key 6AMLD changes to the law have focused on making it easier for the authorities to detect and investigate financial crime. Here are the major changes in a little more detail:
To properly investigate and prosecute criminal activity across borders, and building on a greater awareness of how criminals have exploited international boundaries in the past, the 6th money laundering directive has put a big emphasis on increased cooperation between member states.
To do this, 6AMLD has expanded the definition of money laundering, bringing in a concept known as “dual criminality” to make it easier for the authorities to share information and to cooperate more efficiently when tackling a problem. The authorities can now also prosecute a criminal in any member state, even if the crime began or took place elsewhere.
There are six dual criminality predicate offences, including:
Another big change is that the 6AMLD has introduced a single definition of predicate offences across all of the EU’s member states.
The hope of this standardisation is that it will make it easier to identify and criminalise offences across the EU and EEA. And also to close some of the loopholes of interpretation between the different member states, making it easier to prosecute.
Because the 6AMLD largely builds upon and has updated the pre-existing offences already recognised by earlier AMLDs, the majority of the offences identified will not come as a surprise to people in the UK.
But two new predicate offences have been introduced, related to cyber and environmental crimes. The introduction of these two new offences, in particular, shows that there is a greater awareness of these crimes, and should be welcomed as a significant proactive step in the fight against them.
Previously, only individual people could be punished for money laundering. But now that definition has been expanded to include entire corporations and even partnerships between business entities. In other words, the regulators will be looking increasingly at companies to make sure they are complying with the new rules.
Another big change is that the 6AMLD will now consider “aiding and abetting” to be money laundering, and that this will carry the same legal repercussions. Under 5AMLD, only those primarily involved and directly benefiting were held responsible for the crime. Now, with the new standards, even so-called “enablers” will be punished.
This extended definition also covers anyone found encouraging money laundering or making an attempt to launder money. So, to keep on the right side of the new changes, you should take steps to make sure that your business's compliance processes are set up to identify and prevent the aiding and abetting of money laundering as part of your AML response.
Criminals will now serve longer prison sentences, pay larger fines and suffer professional disqualifications and disbarment. If your business has committed an offence it may be forced to cease operations, prohibited from conducting future business or have its assets frozen or even confiscated.
You’ll have to make sure your business complies with these extra new requirements to avoid the risk of these penalties.
You’ll need to think about:
If your business provides a service that could potentially be used for money laundering, then you’re likely to feel the greatest impact from 6AMLD.
This includes:
The regulations for anonymous prepaid cards remain much the same with 6AMLD as they did with 5AMLD — you can read more about this in our article on 5AMLD.
The way in which prepaid cards are regulated primarily involves spending limits and the scope of anonymity. Prior to 5AMLD, an anonymous prepaid card allowed for goods to be bought, well, anonymously. But with the introduction of 5AMLD and 6AMLD, the identity of a customer is now a requirement if a transaction exceeds 50 euros. This will apply to all transactions after 36 months, regardless of value.
In addition to this, the value that a prepaid card is allowed to hold has also been lowered from 250 euros (214GBP) to 150 euros (128GBP) and it cannot be funded electronically with anonymous money, nor can it be reloaded.
The UK government has already confirmed that it will move ahead with a new ‘travel rule’ for custodial wallet and crypto-asset exchange providers. This will require such providers to collect information on the beneficiary who has a crypto wallet that isn’t hosted on a crypto platform and is thought to be considered a risk, and to identify any suspicious behavioural changes. The European Union is expected to follow sometime within 2023.
6AMLD Summary
In short, 6AMLD builds on what 5AMLD set out to do. The revised directives have expanded the scope of what is considered money laundering, and have made the law easier to enforce.
These changes will impact a lot of businesses operating inside or with the EU, EEA and the UK. If you’re affected, then it’s your responsibility to take the necessary steps to ensure you are compliant right away, on top of additional regulatory requirements, like being 3D Secure. You definitely don’t want the reputational risk your firm may face for non-compliance.
Tokenisation is a secure way of paying that involves swapping out a customer’s sensitive financial information with non-sensitive information; a token.
For a payment token example, say a customer is about to purchase something online with their debit or credit card, the tokenisation payment algorithm will replace the card’s Primary Account Number (PAN) with a unique string of numbers called a token (also sometimes known as an ‘identifier’).
The token is then transmitted between the payment gateway and the payment processor, while the real card number is stored in a token vault. Therefore, credit card tokenisation protects the customer’s details at every step.
This tokenisation payment process — which can happen online or at a brick-and-mortar store if you have a digital wallet — takes place automatically and in real-time.
A customer will then pay with the token and not with their card details. The customer’s PAN is not transmitted during the payment process and is not at risk of interception by fraudsters.
This is what makes tokenisation for payments very safe. And because tokens are so difficult to interpret, they are almost impossible to use by criminals, even if there is a data breach.
‘Token Service Providers’ (TSPs) are what generate the tokens. TSPs can be varied. The major credit and debit card associations — such as Mastercard and Visa for example — are TSPs, as they issue their own. And so do digital wallets. Nowadays almost all major alternative payment methods use tokenisation. Apple Pay, Google Pay and Alipay are all also examples of TSPs.
Payment processors, such as ourselves, also provide tokenisation services. These tokens can then be utilised by the merchant to charge the customer for their purchase.
If you have a business model that relies on a steady stream of repeat business from customers, such as a subscription-based or recurring payments model, you will likely benefit from tokenisation.
This is because tokens can safely be stored away, so that the customer can regularly be charged according to the agreed schedule. The customer then doesn’t need to continuously provide their details after they’ve set up the first payment.
E-Wallets such as Apple Pay, Google Pay and PayPal are on the rise in a realm of contactless payments, but the technology behind them goes far beyond NFC chips and Fingerprint ID when it comes to protecting the consumer.
E-Wallets rely on tokenisation in order to create a digital replica of your debit or credit card – that is unique to your smartphone or device.
Apps on your phone will utilise the information connected to tokenised accounts (for example as we mentioned above, with Google and Apple Pay) in order to securely fulfil orders without ever needing to request or access your issuing bank’s details.
Tokenisation quickly provides a broad spectrum of apps with safe and convenient access to your mobile wallet. With all the shipping and billing information and with the additional biometric confirmation typically needed to complete a purchase.
With tokenisation in place, a customer’s card can be stored safely on a website as part of a ‘remember me’ system. This is very useful for returning customers; they can set-up an account on your website and rather than manually fill in their card details every time they return, they can benefit from a one-click checkout - a great way to increase loyalty! In addition to this, if your website ever did experience a potential data breach, then the card number information of your customers will not be exposed.
There are many benefits of payment tokenisation to merchants. Here are the key ones:
That being said, tokenisation is not perfect. There are a few downsides that you should be aware of:
Because tokenisation is a robust and secure payment technology, it naturally meets many of the security measures of the Payment Card Industry Data Security Standards (PCI DSS) framework.
But tokenisation does not replace the need to comply with PCI DSS on its own. There are other steps that you’ll need to continually take to stay compliant.
Including:
As the provider of your online payments, we’ll make sure that your tokenisation is PCI DSS compliant — so you won’t have to.
There are plenty of online payment companies out there that can offer tokenisation software as a service (including ourselves).
The biggest names in the business are probably Adyen and Stripe — and they certainly are respectable companies with many happy customers. But if you’re looking for a unified solution with a customer-focused approach, then Nomupay could be the answer.
Our tokenisation service comes alongside a whole host of perks: 24/7 support, guidance throughout the whole integration process and a customisable payments package, including a payment gateway, merchant account, transaction management and more.
Why not get in touch with one of experts to find out how our tokensiation software and other payment solutions can benefit your business.
Encryption alters the original data into something else. Whereas tokenisation removes this sensitive data from the process entirely — swapping it out with a token.
Tokenisation is also more secure. Encryption can be reversed in order to uncover the original data with a decryption key. But because a token itself does not contain any sensitive information, it cannot be deciphered. Instead, the sensitive information is kept separately in a safe token vault that is only accessible to those with permission.
No. Tokenised data cannot be deciphered or reversed — because there is no real relationship between the token and its original number. The PAN number is swapped out and replaced with a random alphanumeric ID.
Yes and no. The process itself is PCI-compliant. But you will need to take extra precautions in order to remain fully compliant, such as regularly checking the effectiveness of your token validation, and carrying out risk analyses.
To sum up, tokenisation is a great way to protect sensitive payment data — both yours and that of your customers. All of the big banks and many alternative payment methods are embracing tokenisation, and it’s a great way to make your business more attractive when it comes to accepting payments.
But without the right online payments company, you could end up with an inefficient tokenisation process that is not PCI compliant, and that conflicts with existing computer software.
Take care when shopping for a payments provider that offers tokenisation, as each business has its own perks and benefits — and bigger doesn’t always mean better.
We’re excited to announce that we’re expanding into Ireland! It’s been a great few years and with much success so far in the European market, this amazing opportunity presented itself to us, and we couldn't be more eager to take this next step.
What better way to celebrate the launch than with a special event? So, on Thursday 4th May we gathered some truly inspirational entrepreneurs and innovative merchants, all hosted by the amazing Elaine Deehan, our new Managing Director of Europe.
To kick things off, Elaine set the scene with an overview of Nomupay’s journey, followed by Cameron Lee, our Director of Strategy, who shared his thoughts on how we became one of the fastest-growing private companies in the UK.
We were also really excited to have international footballer, Niall Quinn, and CEO of Team Taca, Ash Quinn, which she co-founded with Niall, share the spotlight. As a local hero, Niall was a huge hit! After discussing their own accomplishments, they held an interesting discussion about their experiences working with payment processors, highlighting the challenges and the essential features needed for small to medium-sized businesses.
They provided valuable insight into how Nomupay had benefitted their business with a cost-effective and global payment processing solution, supporting various payment methods and facilitating entry into new markets. They also praised the payment gateway's fraud and risk management tools, ease of integration with the help of in-house experts, dedicated customer service and a range of product features, including pay by link, recurring payments and insightful reporting and dashboards.
But that’s not all! After a Q&A session with Niall and Ash, everyone was treated to an incredible show by impressionist Al Foran. He had them all in stitches with his hilarious impressions of key figures like Trump and Biden, local legend Katie Taylor and Hollywood star Robert De Niro.
Since we’ve had many successes in the UK and MENA region, we’re now ready to take on Europe. We know that expanding into a new region is always a challenge, but we're up for it and more determined than ever.
We already have a range of European merchants, so to make sure we're on top of our game, we've launched a brand new headquarters within the European Union. This will allow us to stay ahead of market trends, local payment methods and compliance regulations.
We couldn't be more thrilled with this new venture. Ireland is a fantastic location, and we're confident that with our expert team and innovative payment solutions, we'll continue to provide excellent service to our clients and partners throughout Europe.
What a journey it has been since our launch in 2015. Starting out as a team of four, we’ve grown to more than 60 based in the UK and more than 20 over in the UAE, and we’re not stopping there. We’ve got 25 more new roles on the horizon in Ireland. Our transformational growth has allowed us to process payments from more than 50 countries in a wide variety of sectors in the UK and overseas.
And the best part? Last year, we were shortlisted as one of The Times 100 fastest-growing companies, recognised as one of the UK’s most exciting companies by Insider Media and ranked the 3rd fastest-growing Northern tech company by GP Bullhound’s Northern Tech Awards.
In March 2021, we opened our first international office in Dubai, and it only whetted our appetite for even more ambitious plans. That's why we're thrilled to be expanding our physical presence across mainland Europe.
We're incredibly proud of everything we've achieved so far, but we're just getting started.
Now to spotlight the woman who will be heading it all up. With over 20 years of experience in the financial industry, Elaine is the perfect person to lead the charge as our new Managing Director of European operations.
In this role, Elaine will be responsible for driving the company's growth strategy in the region, establishing key partnerships and ensuring that our customers continue to receive exceptional service delivery.
Elaine is just as excited as we are. In her own words: “I am incredibly excited about this opportunity to contribute to Nomupay's success and to continue to be part of the dynamic fintech industry in Ireland. I look forward to building new relationships and working with new clients and partners across the continent.”
We couldn't be happier to have her on board, and we're confident that she'll do an amazing job!
Our mission remains the same as it did at the very beginning, to be the most customer-focused payment processor in the world. To do that we must continue to scale our operations globally, whilst improving our offering by listening to market needs.
After a successful couple of years in the MENA region, we’re ready to take on our next new challenge. This wouldn't be possible without the dedication and hard work of our team. Bring on 2023!
Payment links are a quick and easy method to get paid and are just as quick and easy for the consumer. Since speed and convenience is all consumers want these days, it’s a great option to choose.
Which is why they’re particularly popular within the hospitality sector. But, since they are a good way to chase payments, they’re also a useful method when it comes to payment collections too.
But are pay by links secure?
We’ll take a look at the risk and security measures in place so that you can comfortably integrate this type of payment request.
A pay by link is exactly what it says it is; a link you can send to your customers so that they can easily pay for your goods or services. It’s a type of pay invoice which can be sent in a number of ways, most commonly via an email link or SMS link.
The link will direct the customer to a payment page where they can make the payment when and how they want for ultimate convenience, removing any friction that may have prevented them from completing the transaction.
They can also be used for both one-time payments or recurring payments making them adaptable for any business!
Payment links are sent via a secure payment gateway, making them just as safe as any other channel. Just like when paying via a website, there’s also the option to tokenise the customer’s card details (the process of securely storing the card information by replacing the details with a unique code called the 'token’), making it an ideal option for subscription-based models.
But what makes pay by links so secure?
A secure online payment link is always fully authenticated and sensitive data will remain encrypted since it must be compliant with the PCI DSS standards.
Being a 3D Secure payment portal, strong customer authentication (SCA), like a one-time passcode or facial recognition, is also enforced to protect both the merchant and the consumer from fraudulent transactions.
Some of your more security-conscious customers may ask themselves this question and feel dubious about clicking the link. Especially since it’s been ingrained in us not to click any links! So how do you convince them that it’s completely safe? Here are a few tips:
There are many benefits of a secure pay by link for both you, the merchant, and the consumer. Including:
Just like any payment method, there’s always an element of risk. Fraudsters use smart techniques to gain access to a customer’s details and will attempt to use any form of payment. However, again like with any method, if you follow the security regulations and implement the relevant protocols you can lessen the risk.
Using additional tools to stay on top of your transactions and any suspicious activity will lower the risk even more. Check out our fraud suite to see all the tools we can provide to keep your pay by links secure.
Choosing a payment gateway is one of the most important decisions for any business, especially an e-commerce store. With so many options available, it’s not always clear how to choose the right payment gateway for your specific business needs. In this guide, we’ll walk you through what to look for in a payment gateway—from fees and features to scalability and security—so you can find the best online payment solution for you.
What's in this article:
Payment gateways enable businesses to accept card and online payments from their customers, either from an e-commerce website or in-store with a card machine reader, by authorising the transaction.
It does this by:
Need to know more about how a payment gateway works before you consider how to choose one? You can find out more about it in our payment gateways explained article. Alternatively, if you have an e-commerce store, you can check out our guide on what an e-commerce payment gateway is to get the basics first.
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Did you know?
How people shop for payment gateways has changed. Nowadays, in the payment space, every service tends to be bundled together into one package.
So people don’t really shop around for different types of payment gateways anymore. Really, in 2023, it’s better to get into the mindset that what you’re shopping around for is an online payments provider who can offer a complete package that’s well-suited to your business model.
We highly recommend you consider the following factors when selecting the right payment gateway for your e-commerce website, marketplace or even physical store:
Typically, a payment gateway will come prepackaged with three fees you’ll have to pay. Those are:
In most cases, merchants discover that the fees required for services add up fairly quickly. On top of the usual fees mentioned above, there are registration fees, payment processing fees, refund fees, transfer fees, batch fees and even limit fees. Another big one for merchants to think about is the Merchant Discount Rate (MDR), which takes a small percentage of each value processed on behalf of your business (this fee is attached to the merchant account).
You’ll want to think about all potential costs before committing to a decision, as what looks like the best deal on the surface might not necessarily be the case with a little research. Ultimately, you’ll want to settle on a payment gateway provider who will be transparent with their requirements and flexible in their service agreements.
Want a better understanding of pricing structures? Take a look at our interchange fees explained blog.
Some payment gateways put a limit on how many transactions you can process on a monthly basis. For some smaller businesses, this might not be a problem. However, if you’re dealing with a lot of expensive goods or experience a sudden surge in business — and you are not aware of these limits — you could end up losing out on a lot of money and customers.
You’ll want a global payment gateway that can easily accommodate fluctuations or rapidly increasing amounts of payments at any given time. Finding a gateway provider that does not have limited growth options will take one more hurdle off the track. For example, we provide an acquirer-agnostic payment gateway to connect our merchants to our local acquirers and network of third-party acquirers all over the world. Combined with our ability to intelligently reroute transactions, helps to increase authorisation rates and successful global payments.
Some payment gateway providers have their own plugins for e-commerce platforms and alternative payment methods (APMs) like Apple Pay and Google Pay. These plugins can really enhance the shopping experience for customers who like to pay predominantly with their mobile phones.
So if you are looking for a payment gateway, ask the provider if they have their own plugins and if they can demonstrate the effectiveness of them.
If a gateway approves a payment instantly, it doesn’t necessarily mean they are the best type of gateway. The trick is determining how long it might take for the money to make it from this approval stage into your merchant bank account.
This holding period or ‘processing time’ can be as little as 24 hours but it could also be as long as one week, depending on your online payments provider.
It’s important that either the holding time doesn’t take too long or that your payment gateway provider has a rolling reserve policy in place as a safeguard in the case of any chargebacks or refunds. Make sure to ask your provider about both the holding time and if they have a rolling reserve policy.
It’s also worth noting that high-risk merchants will have longer processing periods than low-risk merchants, so you will need to bear that in mind too.
It’s crucial that you find out what payment types your payment gateway will accept. Most of them will accept the big players — such as credit and debit cards from the major card schemes like Visa and MasterCard. But more and more customers are paying with many smaller alternative payment methods.
So, which payment types does your customer base prefer? It could be that you need a gateway that supports multiple currencies or that is better attuned to accept recurring payments.
Whatever gateway you choose, make sure it can handle the right type of payment methods your customers are using.
Some businesses are considered to work in ‘high-risk’ industries. Examples of such industries include cryptocurrency, gambling, gaming, the adult industry, the travel industry and so on.
Some online payment providers only deal with low to medium-risk businesses. So if your company operates in what you think is a high-risk industry, then you’ll want to make sure your payment gateway deals with your industry. Here at Nomupay, we specialise in high-risk and can offer a payment gateway and merchant account suitable for these sectors, such as the Forex industry, hospitality and digital goods.
Read more about high-risk businesses in our guide here.
A payment gateway is only a part of the puzzle; tt will be running alongside the general infrastructure of your website. Make sure the payment gateway you choose integrates smoothly with your e-commerce platform, whether it’s Shopify, WooCommerce or a custom-built store, as well as all of the plug-ins you have installed.
Being able to integrate your payment gateway into your platform is crucial, otherwise, it might make your website glitchy, or even break — this could cost you money as frustrated customers abandon their shopping carts.
If your business model is recurring payments/subscription-based, then it’s vital that you pick a payment gateway that is suitable for it. Any provider you choose must be able to save and store your customer details easily and safely so that they can be automatically charged on preset subscription schedules. Your gateway must also be able to offer re-attempts (in case the initial transaction fails).
If you don’t have a payment gateway to do all of these things, you may have to do them manually, which could cost you both time and money.
That’s why we offer a whole suite of subscription tools, like tokenisation, scheduler, auto-retries and account updater to ensure our merchants are well-equipped to succeed.
It will surprise no one to learn that receiving payments online is a favourite target for cybercriminals and fraudsters. To protect your customers’ data (and your company’s reputation), security should be at the top of your list when choosing a payment gateway for your e-commerce store.
Now, as a baseline, payment gateways are required by law to be level-1 PCI DSS compliant. But for extra security and peace of mind, you might want to think about a gateway that offers additional fraud and risk detection tools.
Read about our fraud & risk management tools
A good payment gateway will offer up a wealth of analytical tools so that you, as a business owner, can see exactly how and why shoppers are purchasing from your website. Advanced analytics like this are crucial because they allow you to detect potential loopholes in areas that may need improvement.
For example, our Unified Platform software offers a detailed payments overview with full visibility of your processing history, a unified approach to transaction management and smart reporting with real-time insights — to name a few.
All good payment gateways should make it as easy as possible to make payouts and refunds. They should also work to prevent user drops and failed transactions as much as possible.
For the majority of businesses, thousands of pounds will be processed through their payment gateway every day.
If for whatever reason, that gateway went down or crashed, that could cost the business a fortune.
So you’ll want to make sure that you get the best customer support possible. Only settle for a customer service that offers:
Only with all those boxes met can you be sure you’re on the right track.
| Factor | What to Look For |
| Fees | Transparent setup, monthly and transaction fees |
| Supported Platforms | Including but limited to Shopify, Magento, WooCommerce plugins |
| Currencies | Multi-currency and local payment methods |
| Security | PCI DSS Level 1, fraud detection tools |
| Customer Support | 24/7 support, dedicated account manager |
So there you have it, all the factors to consider when choosing a payment gateway for your business.
The bottom line: remember to choose with your business interests and customer’s requirements in mind. And make sure that it’s PCI DSS compliant. A good payment gateway is essential for customer satisfaction, trust in your brand and, in the long run, the success of your business. We recommend using this list as a guide.
Ready to choose the best payment gateway? Get in touch with us today to find out how
our all-in-one solution can meet your unique business needs—securely, affordably and at scale.
As a merchant, when we say chargebacks we’re sure a headache, a nuisance and unwanted costs are a few things that come to mind. But what do you think consumers think about? A high-value item that never turned up? Or a random transaction from overseas that definitely doesn’t belong to the cardholder? Although these are up there with the most used chargeback types, you’d be surprised to know that there’s a more common reason for a chargeback.
In fact, chargebacks have found a prime market within an industry that is left openly vulnerable to attacks due to the nature of its operation…The hospitality industry.
It may be considered to be one of the fastest-growing contributors within the payment solutions market, but a study found that in the US, 55% of all card fraud takes place within this industry. So it goes to show that without the right fraud management, the rise of chargeback culture can act as a considerable catalyst to this movement.
But why is this the case and what different types of chargebacks are causing the industry these costly issues?
Hospitality businesses have a whole host of issues to contend with when it comes to payments and tackling fraud. With various booking channels and modes of payments used to drive revenue, these are exactly the avenues in which chargebacks accumulate.
Here are the key challenges within the industry:
One of the easiest ways for a fraudster to test the balance of a stolen card is to place a reservation with it and charge it back to the bank. As chargebacks are notoriously hard to defend, and still not without cost (as we’ll get into) it is only one particular area of chargebacks that are successfully defended most of the time.
Customers may book a room and at the last minute make a decision not to turn up. If the cancellation policy doesn’t allow this, it can be easy for them to file a chargeback instead. Regardless of the reason, the loss of revenue will fall back on the hotel. Over in the US in 2021, 49% of consumers who had cancelled reservations, claimed their money back via a chargeback.
Similar to no-shows, guests may make a reservation in which they will pay a deposit – or even pay for the cost of a room upfront – only to book another room at a better cost. But when they notice that they are charged for the first booking because they forgot to cancel it, a chargeback will be filed to resolve the issue.
Failure to properly authorise payments can lead to chargebacks. In the instance where either the merchant is at fault or friendly fraud has been committed, failure to verify the identity of the cardholder so that a booking is placed without the cardholder’s knowledge can lead to these claims.
Deposits or additional fees that the customer is not aware of may lead to chargebacks.
Hotels may not take payments straight away. However, a delay in charging guests can be both frustrating and confusing to the customer who had previously allocated funds. Since it’s being taken at an unexpected time, the customer may either not recognise the charge or might not be able to afford it at that time, leading to a chargeback.
Hotels are often owned under a larger organisation or chain so can appear under a different name on a bank statement. This results in an onslaught of chargebacks that can either be intentional or cases of friendly fraud, wherein the customer did not intend to go past their initial enquiry of ‘cardholder does not recognise’ with the bank.
Whilst defending a chargeback is often a lost cause, this is probably one of the easier claims for a merchant to win as long as they can provide evidence to prove their identity. However, despite recovering their lost revenue, hotels will not recover the chargeback fine charged by the bank, nor the mark against their processing record which, down the line, can ultimately affect their right to process at all.
With no 3D Secure elements in place in the checkout flow, fraudulent or multiple transactions can be accepted. Two-factor authentication is essential to prevent this from happening. As soon as the genuine cardholder notices the transaction, the merchant will receive a chargeback.
When a guest makes a booking, they may forget or not realise that it is not inclusive and a movie-on-demand, mini bar or other hotel services they have used have been added to their bill. Additionally, if the hotel determines that there are damages to be paid, this can incur even more costs that they do not recognise.
Filing a chargeback for customer dissatisfaction can often fall under the reason code 4853 (MasterCard), otherwise known as a ‘not as described’ chargeback claim.
As chargebacks are often filed by 96% of dissatisfied customers who fail to raise a complaint with merchants, there is a significant call for resolutions. However, within this sector, a chargeback is more likely to be claimed out of convenience.
The time in which customers have to file a chargeback can extend up to 6 months, depending on the service provided. Considering a hotel’s revenue, this can lead to a whole new threat to the industry in false positives and perishability – where fraudsters also take up reserved spaces meant for valid bookings.
Whilst new measures have been taken to protect against chargebacks and fraud across e-commerce, the unshakeable business model for the hospitality sector means that large and small chains alike still lay vulnerable to attack. But here are a few solutions to minimise this!
Offering alternative payment methods such as Apple Pay and Google Pay ensures that a payment will be two-factor authenticated and identifiable. Also, using card terminals can instantly detect out-of-date cards and financial discrepancies. These compliant payment tools are implemented to negate chargebacks in the industry.
Used in card-not-present (CNP) transactions, an address verification check is used at the time of purchase to verify whether the address details entered match those registered with the issuing bank. This is a common fraud-preventative tool.
A refund always carries fewer consequences than a chargeback. So, if you get the chance to issue a refund instead, take it.
Uninterrupted access to customer services to resolve customer issues may help prevent chargebacks from being raised in the first place.
Making sure a hotel is clearly identifiable on a bank statement will help reduce the number of ‘do not recognise’ chargeback claims.
Clear policies on what a guest is charged for and at what stage of their stay should be clearly stated in the booking confirmation.
Hotels should keep clear records in order to fight any chargeback claims or manage any issues before they can escalate to a chargeback.
Nomupay’s payment gateway offers customisable fraud parameters to allow hotels to take payments tailored to specific authentication elements. With our smart fraud suite, you can manage and prevent chargebacks to limit the amount coming through and decrease the cost on your business.
Get in touch today to find out more about it!
The world of online payments can be confusing at times. Common questions we are often asked include:
Fortunately, we can answer these questions quickly. No, they aren’t the same thing. And yes, you will need both of them to receive payments from your customers, because they both serve different essential purposes.
This is how they are different:
It’s also not uncommon for our customers to ask why the merchant account needs to exist at all. After all, why can’t the money jump straight from the client’s bank account to your business bank account? Unfortunately, that’s just not how it works for online merchants.
With that out of the way, let’s take a look at both merchant accounts and payment gateways one by one.
What's in this article?
We’ll tell you what it isn’t first. A merchant account is not the same as a business bank account.
The function of a merchant account is to hold your customers’ money after they’ve made a purchase from your physical store or online store. The merchant account only holds this money for a small amount of time, usually one to seven working days, depending on the business model, while the debit or credit card is processed and verified to make sure that everything is in order.
After the card is successfully processed, the merchant account deposits the funds into your business bank account.
Sometimes your merchant account will keep some money back in case of any fraudulent activity or to pay a refund. This is called a rolling reserve and is usually between 5-10% of the funds.
If your business wants to accept electronic payments — whether online or in-store — you’ll need access to a merchant account, regardless of your business size. In today’s digital economy, being able to accept card payments is no longer just a nice-to-have, it’s essential to stay competitive and meet customer expectations.
However, that doesn’t mean every business needs to open a standalone merchant account. Some payment service providers, like Nomupay, offer an all-in-one solution that includes built-in merchant account functionality. This means we handle the technical setup and relationships with acquiring banks for you, saving you time and effort — while still giving you all the benefits of a dedicated merchant account.
Merchant accounts do have some important benefits. Let’s take a look at them:
They tend to group large amounts of transactions together, depositing all of them in your business bank account in one go. This makes it much easier for merchants to keep track of the transactions processed.
The rolling reserve makes things much smoother and easier should a refund for a customer’s purchase have to be made.
Merchant accounts also allow for fraud checks to be more readily carried out. So if anything suspicious takes place, it can be identified and dealt with before it lands in your business bank account.
Think of a payment gateway as a bridge that connects your merchant account to your customer’s bank. The role of the payment gateway is to allow your merchant account to receive money from your paying customers.
It retrieves information from the issuing bank and card networks and passes your customer’s card details to the acquiring bank for them to be verified. The gateway will then send the communication of whether the transaction has been approved or declined. If it has been approved, it will allow the transfer of funds.
For more in-depth information, you can find out more from our payment gateway explained blog.
Just like with a merchant account, if your business accepts payments online, then you’ll need a payment gateway too. Even brick-and-mortar businesses can benefit from using a payment gateway to support contactless and alternative payment methods, helping speed up checkout and improve the customer experience.
Again, it’s a common question to ask why a payment gateway needs to exist at all. But payment gateways are very important for security purposes and to enable smooth transactions.
For example, a payment gateway collects and encrypts your customer’s card details, protecting them from potential hackers or fraudsters. If it detects an issue during this collection process, such as a lack of funds, you as the merchant are then given the ability to either proceed or abort the transaction (or suggest that an alternative payment method be used instead).
| Feature | Merchant Account | Payment Gateway |
| Main function | Holds funds before transferring to your bank | Authorises transactions and encrypts data |
| Who it connects | Business & acquiring bank | Customer’s bank & merchant account |
| Fraud protection | Rolling reserve, risk monitoring | Encryption, 3D Secure, fraud screening |
| Needed for | Receiving card payments | Authorising and securing card transactions |
Just to make things even more complicated with the merchant account vs payment gateway discussion, let’s throw another aspect of the payment process into the mix: payment processors, especially since people sometimes confuse them with payment gateways. The two are not the same.
A payment gateway, as we discussed above, is what allows a card transaction to either go through or be rejected and conducts all the important checks in a matter of seconds. A payment processor is what then actually makes the transaction happen once the payment gateway has allowed it.
So it can be helpful to think of a payment gateway as a middleman. With that in mind, what kind of middleman do you want overseeing your transactions? Some payment gateways out there are very limited, which could, in turn, limit your business’s ability to accept payments and to grow.
The best kind of payment gateway, on the other hand, can handle 100s of different alternative payment methods alongside credit and debit card purchases, be flexible with transaction volume and have access to local acquirers.
Learn about our payment gateway service here.
There are a few different types of merchant accounts available, depending on your business model, that your payment service provider can offer you.
The standard merchant account can be called a dedicated account. This type of account can give you a lot of flexibility, offering the ability to customise and control your account with all the perks you need. Including flexible credit limits and cost structures, chargeback protection and multi-currency payment acceptance options.
Businesses that are classed as ‘high-risk’, such as cryptocurrency, gambling and adult sectors, will require a high-risk merchant account. Due to the nature of the business model, the payment processor, card network and acquirer will need to ensure more precautions are in place. This can prolong the setup process as more documents will need to be filled out and the cost can be higher.
But it does mean that, despite the risk your business holds, you can still be approved for a merchant account.
Depending on the nature of your business, usually, one type will be a much better fit for you than another.
You also need to be aware that some companies may charge a lot of extra or hidden fees. Standard fees include conversion fees, processing fees and chargeback fees. While hidden fees could include:
You will also need to research their anti-fraud protection tools to see if they are up to scratch.
It’s also worth checking if the merchant account you’re considering allows for payments in lots of different currencies. Especially if you are looking to take your business global at some point.
Similar to a merchant account, there is a range of payment gateways more suitable than others depending on your type of business.
The main areas to consider when choosing a payment gateway are:
While you shop around for a payment gateway provider, make sure to ask the following probing questions:
At Nomupay, the payment gateway we use offers all of the above. Along with the versatility and protections to support high-transaction volumes and high-risk businesses on a customisable level — and at very competitive rates.
The payment gateway we provide offers PCI security parameters and 3D secure fraud prevention software to fend off any malicious breaches during the
Our merchant services also provide access to our local acquirers around the world, plus our network of third-party acquirers, giving you access to more than 300 banks transaction of sensitive customer information.to ensure that transactions are processed with the best possible rates for your business.
As you can see, it is not the case of payment gateway versus merchant account, as if you would choose one over the other. Both are needed.
Hopefully, by now, the picture is a little clearer on the differences between the two and why they are essential; to beat fraud and stay ahead of the competition, you’ll need a great payment gateway AND merchant account.
They are two different things, but equally important to the handling of payment transactions online and in-store. That’s why it’s crucial to get both a payment gateway and a merchant account that will help your business succeed.
Whether you're looking for a combined payment gateway and merchant account solution or prefer standalone services, Nomupay has the right tools to power your payments. Get in touch today for a custom online payment solution that suits your business.
Back in 2016, in Europe, fraudulent activity from card use amounted to a huge €1.8billion, 73% of that was from card-not-present (CNP) transactions. So, there’s no wonder something had to be done to tackle this.
That’s where Strong Customer Authentication (SCA) came in. But what is it and how will SCA impact your business? Let’s take a look…
The sole purpose of Strong Customer Authentication is to make payments more secure. It does this by requiring additional information from the customer when trying to make a purchase via a debit or credit card.
It’s part of the Revised Payment Services Directive (PSD2), a set of laws and regulations for payment services in the UK, EU and EEA, to reduce the risk of fraud for online and offline contactless payments.
There are three levels of authentication: something they know, something they own and something they are. When making a purchase, the customer will be asked to provide two of them. But what information is actually required? It’s more than likely that everyone has provided authentication at some point without even realising it, but let’s take a look at the main examples.
SCA is required when a customer uses their card online or via a contactless offline payment; it’s classed as a ‘customer-initiated’ payment. The checks are required when both the cardholder’s bank and the merchant’s bank are based in the European Economic Area (EEA). So, if the merchant is in America, for example, then it’s not required.
If a business fails to comply with SCA, the Financial Conduct Authority (FCA) may have to step in to enforce action. So, it’s very important that your business takes this seriously.
There are a few ways in which SCA can be implemented depending on the method of payment. There’s the obvious PIN for offline card payments, but for online card payments, the most common way is to apply 3D Secure 2. This protocol adds an extra layer of security often via two-factor authentication, for example, the customer’s usual password, plus a one-time passcode sent to their device.
Alternative payment methods, like Apple Pay, often already have an authentication in place, such as biometrics, like facial recognition. This form of authentication is used so often these days. It’s even used just to unlock a smartphone, so many consumers don’t see it as a friction point anymore; it’s just part of the process.
Can you imagine having to authenticate a payment every single time? You won’t be alone if you’d find that pretty annoying. That’s why there are some types of payments that don’t always need to go through SCA. Ultimately, it’s up to the bank, but Nomupay can help you put exemption requests in place if the additional security checks don’t seem necessary, just to improve the flow for the customer.
Although to avoid any exemptions being rejected by the bank, each transaction will need to be flagged with the correct type of payment.
Since SCA has been introduced to lower the risk of fraud, it’s not surprising that low-risk transactions are often the most common exemption. However, there are fraud rate thresholds that the payment provider or bank cannot exceed to grant this:
The lower the value of a transaction, the lower the risk, so it won’t come as a surprise that there’s a set value where SCA is more likely to be exempt; this value is €30. Transactions below this value can be completed up to five times before some kind of authentication is required, or if the total value of previous transactions reaches €100. The cardholder’s bank will keep track of the value and amount of transactions made to determine whether authentication is needed.
This exemption is potentially the one that your consumers will be most used to nowadays, especially with contactless payments. The value has increased over recent years due to the COVID-19 pandemic to encourage more contactless payments. Currently, a consumer can spend £100 per transaction without having to go through SCA. However, once the total value hits £300, additional checks will be requested, for example, they may need to enter their PIN.
Netflix is the perfect example! Once a customer has signed up for a subscription, or another recurring-based model, and has passed all the relevant checks, as long as the payment is the same every month, there will be no more SCA requirements.
Similar to recurring payments, a merchant-initiated transaction can skip SCA once the customer has passed the initial authentication. This type of payment saves the customer’s card details so that the payment can be taken at regular intervals but the value can vary, like a utility bill.
The customers themselves also have the option to add a business they trust to a whitelist. So if they regularly shop online from a particular website, they won’t have to authenticate the payment every time. Perfect for those shopaholics who love a good haul!
Phone sales, also known as Mail Order and Telephone Orders, don’t require SCA either. So if a customer is providing card details over the phone, they shouldn’t need to be authenticated first. However, it goes without saying, that providing card details over the phone, should always be done with caution.
B2B transactions, such as employee expenses, can also be exempt from SCA.
We all know preventing fraud is really important; it protects both the customer and your business. But there may still be occasions that it could have a negative impact.
One of the main reasons a consumer may abandon their shopping cart is because the checkout page is too complicated. Add in more security checks and this could instantly put them off, especially those consumers who aren’t used to shopping online and are already unsure about the security risks.
So, what can you do to prevent that loss of sales?
Need specific information about how SCA will impact your business and how to implement it? Get in touch with our experts today.
As online payments develop, so do the security protocols needed to keep merchants and consumers protected. That’s why it was crucial that 3D Secure 1.0, which was introduced back in 1999, was updated to keep up with the latest technologies and fraudulent risks.
Read on to find out how 3D Secure version 2 is better than its predecessor.
3D Secure 2.0 has been introduced to comply with Payment Services Directive Two’s (PSD2) latest Strong Customer Authorisation (SCA) regulatory standards.
3D Secure 1.0 was initially launched under the umbrella of the world’s five leading card schemes. At this time, the internet was undoubtedly just building its footing and e-commerce was definitely not king – mobile commerce was non-existent.
With the rapid evolution of consumer shopping habits and e-commerce, the necessity of increased security to suit the demands of fast customer checkout flows had to be met.
Otherwise known as EMV 3DS 2.0, 3D Secure 2.0 was introduced as an evolved version of the 3DS1 protocol, designed to make risk-based decisions quietly during the checkout flow through the requirement of an authentication process between the customer and issuing bank.
If a transaction is determined to be high-risk, the transaction is challenged with an authentication process. The risk factor can be caused by a number of reasons: transaction value, item description and location of the transaction just to name a few.
But there are also a few different types of authentication:
The transaction is challenged and authenticated in the background and the customer does not need to input any information.
The transaction is challenged and the customer is sent a one-time passcode via SMS or email to input within the checkout flow to authenticate their purchase.
The customer must switch to their issuing bank’s app to verify their purchase with a biometric mode of authentication, such as face or touch ID. This may appear as a native overlay option on iOS or Android devices.
With the ability to authenticate payments in several different ways – including passively in the background and thereby frictionlessly – 3D secure 2 is considered an elevation of 3D Secure version 1, promising an increase in security for customers and authorisation rates for merchants. But let’s take a look at the benefits more closely:
3D Secure 2.0, whilst described as a very frictionless process, is not right for every merchant.
Although PSD2 SCA requires a level of authentication, such as that of 3D Secure 2.0’s protocol within the EEA, merchants looking to take payments might find that risk-based assessments at the checkout are unnecessary, depending on how their global shopper prefers to pay.
Whilst it’d be obvious to point out that certain alternative payment methods, such as invoices and prepaid cards, might negate the requirement of 3D Secure 2.0, the bigger point of friction lies in the variation of fraud rates in different countries. Across the world, different issuing banks have had varying approaches to tackling fraud in e-commerce due to the individual fraud rates of their territories.
Additionally, depending on the size of various e-commerce markets, issuing banks may have implemented other authentication methods or fraud checks that can create friction and possible faults within 3DS2’s protocol.
Rarely, in the case where a customer’s card is not registered for either 3D Secure’s protocols, version one and two, then a transaction will also fail to authenticate. This is likely to be more common in foreign territories when other card schemes are more popular and e-wallets prevail over credit card use.
Finally, whilst implementing 3D secure 2.0 into your checkout protocol is recommended as a risk and compliance measure, there are sporadic periods when your payment gateway may remove its availability. Businesses should refer to their payments provider for other SCA-compliant modes of authentication at these times.
Whilst PSD2 SCA’s local and broader deadlines have changed several times, the consensus is that the major implementation of 3D secure 2.0 is expected by December 31st, 2020 across most territories.
If you’re looking to increase your authorisation rates, do not hesitate to get in touch with Nomupay today
Internet shopping in the UK and around the world has become increasingly popular. As online transactions rise, so does the risk. Due to the heightened authorisation processes, sometimes a genuine transaction can get declined, and therefore, the merchant will miss out on a legitimate sale – very frustrating for both the merchant and the customer!
That’s why it’s important to keep on top of the risk protocols and have efficient tools and techniques for the prevention of fraud, like fraud scrubbing.
Let’s take a look at what tools are needed and how they can help you decipher between fraud, friendly fraud and a real customer.
Fraud scrubbing is the verification process that makes online payments via e-commerce sites safe and secure. The process will check the customer’s IP address, as well as IP blacklists, and whether the IP geolocation matches the billing address. If anything appears suspicious, the transaction will be declined.
A study found that 61% of online merchants say credit cards are the leading payment method for committing scams, so having the right tools in place for credit card fraud prevention.
Friendly fraud, also known as chargeback fraud, is when a customer claims a chargeback despite not having a legitimate reason to do so. But, why is it called ‘friendly’ fraud? More often than not, they don’t realise they’re committing fraud. They are simply a disgruntled customer wanting their money back as soon as possible, when in fact, disputes can often quickly be managed by simply contacting the merchant. It’s interesting to know that 23% of consumers admit to asking for a chargeback even though they were satisfied with the purchase!
However, a legitimate chargeback can only be claimed if they’ve not received the service or product they paid for, whether that’s down to fraudulent activity and the cardholder did not authorise the payment or the product didn’t arrive or is not as expected, and the merchant is unhelpful or unresponsive.
It’s pretty clear that customers misunderstanding when they should use a chargeback is the cause of friendly fraud being on the rise, but that doesn’t help out merchants. That’s why it’s important to be able to manage chargebacks so that you can tackle them head-on.
Before, we delve into fraud prevention solutions, it’s important to understand the impact if you fail to prevent fraud. So many areas of your business can be impacted: financial losses, damaged reputation and customer trust, additional fees and, worst case scenario, your merchant account could get closed down. So, the consequences can be detrimental to your business. But with the right defence, you can prevent fraud from tearing down your hard work.
As a merchant, to prevent fraud and chargebacks where possible, you need to have software in place that can detect and take action against suspicious activity. If you don’t, you could lose a lot of revenue unnecessarily. So, let’s take a look at the e-commerce fraud prevention tools that can make a huge difference to your business.
Since cart abandonment rates can be pretty high, a frictionless checkout is so important these days. That’s why the updates in security protocols, like the European Union’s Payment Services Directive (PSD2) are set to help merchants.
Its aim is to further reduce fraudulent activity with increased requirements needed for customer authentication online. The multiple-factor authorisation required for transactions are less likely to be flagged as suspicious. However, these additional steps aren’t always necessary, but when they are, they are so seamless these days that they often don’t hinder the customer experience.
In April 2023, Visa is set to update its requirements around reporting fraud. Why? To reduce the amount of friendly fraud chargebacks and help merchants retain more of their revenue. Merchants will have more scope to dispute a claim if they have evidence to contradict the cardholder’s claim. Visa’s upcoming Compelling Evidence 3.0 (CE3.0) initiative seeks to ‘level the playing field’ to create a fairer ecosystem for sellers, issuers and cardholders.
Here at Nomupay, our payment solutions implement advanced software to complete these fraud checks efficiently and smoothly, without impacting the customer’s experience. Get in touch to find out more about our fraud suite.
Card schemes, like Visa and Mastercard, regularly update their rules and fees. It can be hard to keep up, but if you’re with a payment provider, like Nomupay, then we will help keep you in the loop so that you don’t pay more than you need to.
In this blog, we’ll cover the rules around declined transactions for both in-store and online payments and how the merchant should handle them.
The card schemes have a set of Merchant Advice Codes (MAC). If you haven’t heard of them, they are reasons why a transaction has been declined which the issuer will send to the merchant. Depending on which MAC is sent will decipher whether the transaction can be reattempted or not. If you’re advised not to reattempt it and you ignore this advice then, you, the merchant, will be charged a fee.
You may be wondering why there are more potential fees on top of the usual issuer fee (a small charge from the card schemes to use the network or software that the card operates on), but the card schemes set rules to improve the payments ecosystem. The goal is to increase transparency when an authorisation is declined and reduce unnecessary reattempted transactions. The only way to enforce this rule is to charge a fee for those who don’t comply.
The descriptive response codes make it much easier for issuers to identify why they are declining the transaction allowing acquirers and merchants to correct the issues and determine how or whether they should reattempt the transaction. Adopting these authorisation best practices can help to improve approval rates, so it’s worthwhile for more than just avoiding the fee.
There is a range of Merchant Advice Codes, and they will differ depending on the card scheme. They can range from expected fraudulent activity to an expired card, to the customer not having enough funds in their account.
A few of the most common MACs include:
And the list goes on, but the issuer themselves will best advise you on the specific codes.
The best way to avoid the fees is simply to follow the rules. Declined transactions aren’t ideal for anyone involved; the cardholder, issuer, acquirer and merchant, but to continue to reattempt the transaction will only cost the merchant more fees and cause more embarrassment and inconvenience for the cardholder.
The response codes are made clear for a reason so that there should be no confusion as to whether you should try again or not.
Hopefully, you’ll now have a better understanding of what the Merchant Advice Codes are and why they’re important. But if you want some more information, feel free to reach out.
If you have ever used a credit card or debit card to make a payment while online shopping, which, let’s be honest, we’d be surprised if you haven’t, then it is likely that you have already used 3D Secure (3DS).
And if you’re accepting payments online, then it’s important to have a full understanding of what it is and why it’s important. So, let’s delve into it!
3D Secure authentication is an added security layer introduced into the payment process to protect both the merchant and consumer from online card payment fraud. Whenever a customer makes a purchase from your online store, the payment system will automatically require the cardholder to provide more information, such as a one-time passcode, to verify that they are the owner of that card.
The 3DS standard, alongside other fraud validation methods, such as Address Verification System (AVS) and Card Verification Code Check (CVC), gave customers access to secure payment methods worldwide via credit card and debit card transactions.
This fraud prevention measure was launched in 2001 by Visa (as Verified-by-Visa). It has gained credibility over the years and is now licensed by Mastercard, so it’s used by major card schemes.
Without going too deep into the technical process of 3D Secure, it acts by directing the customer to an authentication page or pop-up window during the online transaction process. The customer will be asked to enter a password that they have previously set up with their issuing bank or a one-time passcode that’s sent either by SMS or email to authorise the transaction. Only after successfully completing this process will a customer be able to complete the payment.
The authentication requirements are carried out by the issuing bank (the cardholder’s bank or credit card provider) via an Access Control Server (ACS). When customers are redirected to the authentication page, it is down to the card issuer to verify the information and the ACS will signal whether the transaction can be approved or not. After the right details are entered, they are then automatically sent back to the website with an order confirmation message. Quick and simple, but very secure!
The main benefit of 3DS is pretty self-explanatory; it makes online payments and recurring payments more secure. It provides both online merchants and their customers with an added level of security when online shopping. But let’s take a look at the benefits more specifically.
3D Secure helps:
Perhaps the biggest disadvantage of 3D Secure for online retailers is the friction it can cause. Many users believe the additional validation step ruins the user experience during the checkout process. This can result in an increase in transaction abandonment and lost sales.
The type of information required can also cause issues. Some banks may ask the customer to create their own password which can easily be forgotten rather than sending a one-time passcode. However, since the protocol was introduced, it has developed to be as seamless as possible, and the added step isn’t needed for every transaction. More often than not, it also gives the customer the reassurance they need to know the website is safe.
There are three key banking domains present throughout the transaction process. Each will play its own part with its own liabilities. These banking domains are:
3DS is not required in every country nor by every card scheme worldwide. However, in using this authentication at the checkout stage in your choice of payment gateway, the liability of chargeback fraud is more likely to fall on the acquirer and not the merchant who has implemented every measure required to verify the identity of the customer.
The implementation of 3D Secure is also likely to increase with the requirement of Strong Customer Authentication (SCA) compliance.
SCA refers to the additional information that is required from the customer during the payment process. It’s a regulatory mandate that was introduced across Europe back in 2016 as an addition to the Payment Service Directive (PSD2).
Fraudulent activity and chargeback costs were scarily high before SCA was brought in and is primarily used as an extended effort to further validate payments at the checkout stage and verify cardholder identity.
SCA protocols work by acquiring two of three types of verification:
3D Secure 2 is the latest development within the authentication protocol, making the integration of security compliance much easier than before. It was released by a network of six major card issuers, collectively called EMVco, and was launched back in 2017, although it took some banks till 2020 to have it fully integrated. Since its main aim is to be less disruptive than its predecessor, 3DS 2 sends more data elements from the cardholder in the initial transaction stage, in order to perform a risk analysis. This determines whether the bank will push the transaction into a frictionless checkout flow, or have it challenged and require more details.
The upgrade has resolved what was seen as added friction at the checkout in the move to increase payment security; especially when taking payments on mobiles and other smart devices. The improved design dramatically increases the user experience on mobile by being fully compatible with in-app transactions, which, in turn, can also be used with biometric identification.
With the added options of Apple Pay and Google Pay, which already carry the benefits of being two-factor authentication compliant, additional payment choices are increasing conversions for merchants worldwide alongside reducing payment friction for consumers.
If you’re ready to get started taking payments, or if you need to optimise your checkout flow with a seamless and secure payment experience, we can help. At Nomupay, our online payment gateway and processing solutions allow you to take payments through our 3D Secure hosted iframes with easy integration and full technical support.
Are chargebacks negatively affecting your business? Unfortunately, they do have a history of doing that when not managed properly.
Thankfully, a lot has changed over the years and merchants have more protection and systems in place to prevent chargebacks from happening. However, more and more people are shopping or paying for a service online increasing the risk of fraud and chargebacks.
So, are they actually getting better? Let’s take a look at how they are used and how you can mitigate the risks.
Chargebacks were first and foremost implemented to protect the consumer in the use of credit cards from merchant error, merchant fraud and criminal fraud. If a consumer isn’t happy with the service or product received or didn’t authorise the payment, they can raise a dispute with their bank. If the bank deems the claim to be valid, the chargeback process will begin to claim the consumer’s money back.
As e-commerce grew and grew with online sales drastically increasing by 21.3% back in 2016, the use of credit cards increased, and therefore, the amount of chargebacks, also known as friendly fraud, was on the rise too. In fact, a study has shown that the cost of chargebacks will exceed a huge $100 billion in 2023.
Since the main purpose of chargebacks is to protect the consumer, merchants were left unprotected, posing a serious threat to the merchant’s revenue. Doesn’t seem fair, right? Of course, genuine claims deserve to be paid, but what about those who have found a loophole in the process and are abusing the system?
Any merchant who accepts payments online is at risk of credit card chargebacks. In fact, it has been found that merchants lose an average of $3.75 for every $1 lost to chargebacks due to the added fees.
E-commerce was hit with a huge loss of $20 billion globally in 2021 because of criminal fraud. Therefore, since 80% of chargebacks are fraud-related, it can be argued that e-commerce merchants are affected the most, especially those that sell clothing, high-end merchandise, furniture and easily resalable products.
But it’s card-not-present merchants that are hit the hardest due to the nature of the transaction. The lack of physical contact makes it much easier for the consumer to commit friendly fraud.
So, consumers are protected, but where’s the protection for merchants? You may be wondering, ‘can a chargeback be reversed?’ or ‘can a merchant dispute a chargeback?’. You’ll be happy to hear that a chargeback can be disputed if the merchant can provide evidence against the claim.
Failing that, there are tools out there to help you reduce the amount of chargebacks you receive. With Nomupay, our Fraud Suite tool comes complete with chargeback alerts. This means you’ll receive an early warning for any chargebacks coming your way so you’ll have time to refund the customer instead, reducing the amount of costs that chargebacks incur.
Get in touch today to see how Fraud Suite can help your business and provide you with chargeback protection.
Cryptocurrency has become a global phenomenon. All around the world consumers are buying and selling digital assets, and playing virtual games built around them. Businesses have even jumped on board and have made it possible to use crypto as payment.
But, although cryptocurrency has been around for a while now and is continuously growing at an extremely fast rate, there’s still often confusion around it. So, we’re going to take a look at why it’s become such a popular alternative payment method.
Bitcoin was the first cryptocurrency to be backed in 2009, and to this day is still the most widely recognised and used digital currency in the world. But what makes crypto in general so special?
Many companies, including giants like Microsoft, Dell and Dish are accepting cryptocurrency as payment. What started as a peer-to-peer monetary transfer has now integrated into business transactions, especially in industries like tech. And with the benefits mentioned above, it’s not hard to see why. The combination of security, speed and lower fees makes it a no-brainer to add it to your payment offering, changing the global economy.
Some businesses use crypto in other ways too, for example, blockchain-based smart contracts. This is a program stored on a blockchain that runs when predetermined conditions are met to automate the execution of an agreement, aiming to help reduce the pressure heaped on small-to-medium businesses. They avoid countless processes of invoicing, inventory, payroll and secure transactions. Instead, they offer a process that enables SMBs to create, validate and approve contracts to suppliers, clients or customers quicker and easier.
The cryptocurrency global market cap is huge, but which countries are dominating? Take a look at the map below to see where in the world cryptocurrency is most common.
2022 hasn’t been a good year for the industry. As of December 2022, the global market cap was $858.43 billion; a drop from the previous year which hit a trillion dollars. Despite this, investment and trust are still high.
With being such a volatile industry, crypto businesses need a high-risk merchant account to be able to accept card payments. But once you have that in place, you can accept global payments. Obtaining a merchant account, even a high-risk account, can be tricky when you fall into this sector, but with Nomupay, we have access to more than 300 acquiring partners making it much easier for us to find an account right for you.
If you’re ready to accept cryptocurrency payments from around the world, or if you’re in the crypto industry, get in touch with our specialist team today.
The subscription-based economy is already a considerably popular market with the rise of Netflix, Spotify, Audible, Hello Fresh and Disney Plus subscriptions. It’s rare to find someone who doesn’t have at least one subscription set up these days. In fact, pymnts.com conducted a case study that found 64% of millennials have at least one of these services or share someone else’s account, and 78% of all consumers subscribed to at least one service – up 6% from 2019. Think about how many you have yourself!
Before we discuss why this rise has come about, first let’s recap what a subscription economy is.
What's in this article?
The subscription business model is part of a broader range of recurrence-based payment models. These types of services tend to be used, and paid for, weekly, monthly or yearly. In short, it is a service that is used repeatedly.
The subscription-based economy highlights the growth of this particular business model. You’ll notice that the majority of the businesses mentioned above are from the entertainment sector, so, it’s fair to say that these kinds of services are often thought of when we talk about subscriptions.
Lockdown was the time for subscriptions to really shine; it gave them the chance to truly demonstrate their value. However, with the increase in the amount of entertainment subscription businesses, alongside repayment models often used with IVA and debt management, it’s no wonder that even prior to lockdown, the subscription economy was already growing with a market value set to increase from $4.1bn USD in 2020 to $7.8bn by 2025.
Since consumers were left with little choice but to buy subscription services to replace what they’d usually purchase in-store; merchants had to adapt their businesses to be more like a recurrence-based model. Even new sectors turned to subscription models to generate the retention and customer trust that they once achieved through an in-store experience.
For example, 59.7% of surveyed vacationers said that they would be willing to book more trips if flexible repayments or recurring payment options were made available.
The subscribe and save economy has also been on the rise. This new tactic to encourage sign-ups is an attractive option, especially to millennials, giving them the flexibility to manage their finances through installments and versatility.
On average, the UK consumer will spend £60 a year on subscription services, but, to continue the upward trajectory of the subscription economy growth rate, those that fall into broader spectrums of recurring-billing models, such as debt management, can still learn from the success of the more popular entertainment services.
In exploring customer churn and retention, the infrastructure of recurrence-based models, regardless of their use case, paints a picture of the changing consumer behaviour and the need for convenience in an increasingly competitive market.
If you’re looking to scale your subscription business and adapt to match customer demand, offering a customisable package is key. The more you focus on a user-centric model, the greater the chance to increase your monthly recurring revenue. The more revenue you retain, the more able you are to adapt to use even more automation, reducing churn further through effectiveness and efficiency.
But let’s take a further look into churn…
There are many reasons why a customer can no longer make a payment or choose to cancel a subscription, and they can fall under two categories: involuntary and voluntary churn.
As studies reveal that 55% of retailers say subscription models increase customer retention and loyalty, it’s clear that an automated service can be successful in decreasing churn. But, that doesn’t mean it still can’t happen. The service still needs to be seamless and convenient since 7.3% of subscribers plan to cancel their plans within the first year. That’s why the level of this automation can help to reduce cancellation risks and friction in all forms of recurrence-based payments.
Here are the main reasons why a subscription-based model could lose a customer under each category:
Payments declined due to:
Since subscription services are on the rise, so will your competition. To stay on top of the market, it’s pretty clear that the biggest advantage your service should provide is customisation. Things change, including finances, situations, priorities, etc., and to ensure you minimise the risk of churn, you as the merchant need to be aware of this.
For example, in order to further help consumers manage their service, repayment amounts should be tailored and added on an individual basis to suit flexible and ever-changing circumstances. 51.7% of customers profiled by pymnts.com – amounting to 14.2 million consumers – would pause a subscription service over cancelling it when given the option.
That’s why we cater to the demands of both merchants and consumers through the dynamic functionalities of our recurring payment tools.
Here are just some of the features we can provide to offer the best ways to accept recurring payments:
Want to know more about how you can scale your subscription business? Get in touch today to learn more about our recurring payment solutions!
Whilst this payment method is by no means new, having been widely used in the hospitality industry, its use across other industries is becoming more popular. The reason for this comes with the increasing effort to improve the customer experience by reducing any friction at the checkout.
Let’s take a look at the benefits of a payment link and how it has developed to be used in many ways.
Pay by link, also known as ‘request to pay’, is a quick and easy method to send your customers a convenient and secure way to make a payment. This type of payment falls under contextual commerce.
What is that? Well, it’s basically a push method of taking payments that is organically implemented into the day-to-day activities of the consumer. For example, if a customer is scrolling through Instagram and they see a product they want, they can purchase it there and then within the app.
So, with payment links, the payment can either be made in the moment whilst on the phone to the merchant but via their own device rather than telling the advisor their payment details or in their own time when it naturally fits in with their daily tasks.
One of the biggest benefits of pay by link is that they don’t necessarily require you to have a website, so they’re an ideal solution for all businesses.
Although you can customise the way the payment link is displayed, its primary function is to provide a good customer experience. In involving the customer only when it is necessary, request-to-pay schemes use customised payment pages and unique reference codes where the consumer has to simply confirm the amount that they want to pay. The items and quantities are already allocated, and other variables, such as delivery, have been resolved before the customer has even arrived in the payment journey.
Details from the customer’s device will be pushed to the merchant through the payment link, and the customer will get real-time confirmation after the payment is made. It doesn’t get much more convenient than that!
In situations where the customer has yet to register their details also remain relatively frictionless. Most commonly using their device’s autofill features via Apple Pay or Google Pay, the process is quick and tokenised, ready to be used again at a later date.
Bringing commerce to people, instead of people to commerce – regardless of the context – is the key USP of pay by link. With the ability to increase sales and open revenue channels for merchants, pay by links work wonders in upholding the customer journey through to completion, as well across the recurring billing payment model.
Since you can customise payment links, and they can be used for both one-time payments and recurring payments, there are multiple applications where they can be used, including:
One of the biggest concerns about chatbots, especially in a customer service situation, is sharing sensitive data. Using payment links allows customer service agents or automated systems to securely comply with PCI DSS standards whilst maintaining an informal rapport with their customers.
Thanks to changing rules surrounding open banking, payment links can also be used in peer-to-peer situations across messaging sites to prevent bank details from being shared. So if there are any concerns around the security of pay by link, rest assured they are more secure than more traditional methods.
The most common form is pay by text. SMS links are commonly used across the hospitality sector. The customer is often asked to confirm their appointment or booking, whereby doing so the merchant will be able to charge them after the fact.
There are so many opportunities with scenarios similar to this to provide a smooth customer experience. For example, a couple could make their reservation for a meal online and fill in their billing information at the same time. They then go on to enjoy their meal and simply have to confirm their payment via SMS afterward.
Or, your customer is at the hair salon, having frequented it often, their billing information is already on record. They leave the salon, only having to confirm the amount they want to pay via a link. So simple and convenient.
Working similarly to SMS, as 45% of people open ‘abandoned cart emails’, email payment links are commonly used to convert across ecommerce businesses. Using the link, the customer can be taken directly to the checkout, sometimes with a discount incentive to reduce a global cart abandonment rate of more than 75% across all devices.
Other use cases include invoice payment links as the number of B2C digital invoices is set to grow to 27.7 billion by 2024.
Less obvious than our other use cases, payment links that appear in social feeds are often disguised as part of the User Interface (UI). They appear as you tap on a photo in your Instagram feed where you can then follow through to the payment stage or pay with your phone’s default payment setting without even leaving the app.
This is arguably the most recent use case of contextual commerce due to the 55% of abandoned transactions that come from social media purchases alone. Customers found themselves abandoning a purchase after encountering too many steps following a jump at a social touch-point.
Payment links are commonly used within a recurring billing model to not only register an initial payment, but to then continue to authorise payments on a weekly, monthly or annual basis. Equally, with pay-later schemes, such as Klarna slice-it, a payment link is commonly sent via email for the customer to pay by. Merchants can also manually reissue payment links as part of a reminder protocol to avoid arrears in sectors such as the insolvency industry, making managing payments much easier for both the merchant and the customer.
Requiring the utmost compliance with PCI DSS standards, similar to chatbots, payment links are one of the most popular ways for customer service agents to take payments over the phone without keying them in with a virtual terminal. According to PCI SSC, the average data breach will cost £3.2 million. In removing the need for card details to be read over the phone, liability for the merchant is reduced making it much more secure and convenient for all involved.
Aside from ease and convenience, security is a big benefit for pay by links. Removing the risk of manually taking personal details (i.e. over the phone), data is much less likely to be compromised.
Nomupay’s pay by link services hold the highest level of PCI DSS compliance alongside customisable fraud tools so you can rest assured that your payments are in safe hands.
Merchants also have the added assurance of taking payments via most traditional and alternative payment methods, including Apple Pay and Google Pay, allowing you to cater to a truly omnichannel payment journey.
Consumers expect quick and convenient these days and that’s exactly what payment links can offer. The frictionless shopping experience with minimal steps and the option to pay how and when they want will be very attractive to your customers.
There are a lot of benefits for the merchant too. With Nomupay’s platform, Unified Platform, you can create, send and track your payment links all in one place. And with real-time updates when a payment has been made, they take minimal effort to manage.
As you can see, there are so many benefits to using pay by links. To learn more or to begin accepting pay by links, get in touch.
Everyone wants to be paid on time, no matter what kind of business you’re in, or even personally from friends and family. But, in reality, it doesn’t always happen and problems with getting paid can often arise. As a business, it is crucial to your success to receive timely payments from your customers or clients. In fact, a study showed that 79% of business owners could not pay themselves due to overdue invoices.
If you’re struggling to get your payments on time, take a look at our tips below to help boost your collection rates.
Late or missed payments can be detrimental to a business. It can affect the business’s revenue as well as risk a bad customer relationship if multiple communications need to be sent out to collect the payment. Nobody likes to get bombarded with messages chasing for money, so it’s important to consider better payment solutions to help:
There can be a variety of reasons for late payments, some of them will be out of your control, but here are the most common:
If your business is falling victim to missed payments, there are a range of payment collection methods and tips you can adopt to ensure you receive timely payments.
Recurring billing are the most convenient way to collect recurring monthly payments. Once they are set up, the payments will be taken automatically on an agreed schedule. This means the customer only has to input their details once and the business can create automated invoices saving time for both parties. Managing these types of payments correctly can help to guarantee a recurring revenue.
If any payments are due, a pay by link can be sent to the customer. Compared to other methods it is less intrusive than a phone call and much easier for the customer to respond to than a letter. If your customer doesn’t get the payment processing option that’s convenient for them, there’s a 60% chance they will walk away. Therefore, by accepting pay by links, you're giving them the option to make the payment there and then via a link on their phone can help to increase collection rates.
Having clear and transparent invoices will help make payments easier for the customer. If they know exactly what they are paying and when and receive regular, helpful updates, this will help them to keep track of their finances and get their invoices paid on time.
Everyone has their preferred payment method, whether that’s via a bank transfer, debit card or credit card, or digital wallet, etc. By offering a variety of methods, you are making the payment process much easier for your customers, therefore, increasing the chance of them paying on time.
By creating a bespoke payment plan with your customer or a personalised product, depending on the service you’re providing, can make the customer feel valued. Also, having open communication with transparent fees and the ability to amend the payment plan if needed is the kind of customer service that helps to build a positive relationship.
With Nomupay, we can help you bring these tips to fruition. You payment package will be complete with a range of tools and methods that make late payments a thing of the past. Including:
If payments are still slipping through the net, we have a whole host of reconciliation tools too, to make sure those collection rates still remain intact.
So, if your business needs a hand to get paid on time by your customers, get in touch and our experts can advise you on the best payment solution package.
Cryptocurrency has taken the fintech world by storm, changing the way we do payments. So, the big question is do you accept crypto payments on your website?
We’ll be taking a look at why you should accept this form of payment and how, so that you can start earning with crypto.
To begin, let’s recap what cryptocurrency is. Cryptocurrency is basically a digital form of money. The biggest difference from traditional money, besides crypto having no physical cash, is that it’s unregulated, meaning the banks or other institutions have no control over it. Instead, it has a peer-to-peer system where volunteered participants verify each transaction and update the blockchain (the system that holds all the record data).
Since crypto is virtual money, it’s stored in a crypto wallet, similar to a digital wallet, making it an inclusive and global payment option. But that’s not all, there are so many advantages. So, if you’re wondering ‘why should my business accept cryptocurrencies?’ then here’s why:
To successfully optimise cross-border payments, merchants will need to accept local payment methods and integrate local acquirers. Although we highly recommend that any business that wants to excel internationally should take these tips on board, another way to grow its global success is by accepting cryptocurrency.
Crypto payments have no boundaries. Since they live in the digital world there are no national currencies, it doesn’t require conventional currency conversions and can be sent to anyone in the world making it a quick and convenient way to make purchases online.
Just like any form of payment, cryptocurrency does come with its risks. But knowledge is key to help mitigate those risks. Here are the two main factors to be aware of.
Unless you’re a crypto guru, decentralised finance (DeFi) can be very confusing. With new coins, technologies and metaverse developments being introduced all the time, it can be difficult to keep up.
One of the biggest areas of concern when it comes to crypto is how volatile the market is. You’ve probably seen on the news on more than one occasion that crypto has crashed. However, as a merchant, you can liquidate your crypto as soon as the funds are transferred to combat this risk. Merchants can also benefit from volatility when the market goes the other way and the price value of crypto skyrockets.
To receive crypto payments you’ll need a payment provider with a gateway that can facilitate this type of payment. Here at Nomupay, we have partnered with Rocketfuel, a global payments processor that specialises in helping merchants accept Bitcoin payments and other cryptos on their websites.
This partnership allows us to offer our merchants the ability to accept crypto payments on their website on top of the other 198+ alternative payment methods.
Whether you’re new to payments or just looking to add crypto to your current payments solution, getting set up is quick and simple. At Nomupay, we operate on a same-day integration, so our team will get you ready to accept crypto payments in no time.
What cryptocurrencies you can receive as a merchant will depend on the payment gateway and provider you go for. In general, the main cryptos that a business would accept are the biggest in the game, Bitcoin and Ethereum. But with Nomupay, you can take so much more than that.
Yes! Why hold yourself back by only accepting one type of crypto? Take a look at more than 120 coins you can accept with us via Rocketfuel.
Our cryptocurrency payment solutions for businesses have a whole host of benefits. We chose Rocketfuel to help us facilitate these types of payments for a reason, being the most advanced payment system for merchants who want to accept payments in crypto.
The benefits include:
The number of companies that have focused on using crypto to facilitate payments is drastically growing. In fact, 18,000 businesses are already accepting cryptocurrency payments, and it’s not hard to see why. To find out how you can integrate crypto into your payment offering, get in touch.
Interchange fees can be confusing, but they affect all businesses that accept card payments, so it’s important to understand what it is, how they’re calculated and why you have to pay it.
After reading this blog you’ll be in the know and have a better understanding of the fees you’re paying.
Whenever a customer purchases something from your business using a credit card or debit card, a small percentage of that transaction will be used as a fee to pay the issuing bank (the customer’s bank). This fee is called an interchange fee. They can cover:
Interchange fees aren’t the only type of fee you need to be aware of either. There are also acquirer markup fees and card scheme fees. Here’s a quick round-up of all three processing fees for comparison:
Good to know:
Of the three fees, the most significant chunk is usually down to the interchange fees, estimated to be around 70-90% of the total fees. Don’t worry about having to keep track of the three different fees either, they’re all a part of the interchange++ pricing structure. Wondering what the ++ stands for? Well, that’s just referring to the acquirer markup fee and the card scheme fee.
You may be wondering why these fees are necessary. Well, without the issuing bank providing the customer with their form of payment, i.e. the card, as well as performing a number of checks to determine whether to accept or reject the payment, and without the payment provider supplying the payment gateway and the methods of payment, such as a card reader, the transaction would not be possible. So, they take a small cut so that they can continue to provide the merchant with the support and the software needed for a successful business.
Also, when it comes to credit cards, the issuing banks are actually putting themselves at risk. They cover that risk by charging the merchant.
You’d think it was the issuing bank that would set the rates since they receive the fees, right? Wrong. They are actually set by the card schemes.
They won’t be the same for every merchant because they vary on region and what card scheme is being used, as well as a number of other reasons that we will go into later. On average, they range between 0.3-0.4% for European transactions or considerably higher at 2% in the United States.
The fees aren’t set in stone either and are regularly updated. For example, both Visa and Mastercard change and publish their new rates every April and October. So it’s a good idea to keep up to date on the latest rates via the card network websites so you know how much you’ll be charged.
Here are the two most popular card schemes:
The cost of the fee can also change due to a range of transactional factors. Here are the different scenarios that can affect the calculation of the interchange fee:
As you can see, there are many transactional factors that can impact the interchange fee, so no business will be charged exactly the same.
Just to confuse matters even more, when joining a payment provider you won’t just be presented with one pricing model. The alternative to interchange++ pricing is blended pricing. But, what’s the difference between the two? Let’s take a look at the benefits of interchange++ pricing versus blended pricing.
Larger businesses or businesses that have been around for a while and understand the fees are more likely to go for this option because you’ll get the true cost of payments.
Although Blended is much simpler to understand, sometimes they can work out more expensive than interchange++.
Want to know more? Then check out our blog about interchange pricing versus blended pricing.
It’s hard to believe that interchange fees weren’t always regulated. This led to controversy, including how large businesses could use their clout to negotiate lower rates, leaving smaller businesses to pay the full amount.
Thankfully, progress has been made to better regulate interchange fees across the world, including the introduction of fee caps and stricter rules to enforce them.
Global interchange fees, including in Europe, USA, Canada and India will vary quite a bit but, on average, the fee is approximately 0.99%.
At the time of writing, these are the average caps for credit cards and debit debits across the different regions. But remember, they do change bi-yearly, so be sure to use the links above to find out the most accurate rates.
These may just be averages but there are some exceptions to keep in mind:
Brexit has affected many areas of business, interchange fees being one of them. Initially, the UK government decided to stick to the EU regulation on these fees with caps of 0.2% (debit) and 0.3% (credit) and, domestically, not much has changed since.
However, in October 2021 Mastercard and Visa revised the interchange fees for cross-border transactions between the UK and EEA. This has led to cost increases for UK businesses. They now have to pay interregional capped consumer rates. But the way both card networks have gone about it is slightly different.
Mastercard has made changes that specifically affect card-not-present transactions. The changes only affect UK businesses buying things across-regions. It does not impact EEA businesses, who can continue to make purchases from outside the EEA in the UK at the old rates.
Visa has announced even more changes than Mastercard. More specifically, Visa’s changes will impact cross-region card-not-present transactions, consumer refund transactions and commercial transactions.
Unlike Mastercard, Visa will demand that EEA markets also have to pay increased rates to deal with UK businesses. So it won’t just be a one-way street.
Although there are some differences, the changes in the rates are currently the same. For both Visa and Mastercard, the interchange fees have risen from 0.2% pre-Brexit to 1.15% post-2021 for debit transactions. For a credit transaction, the fees will increase even further from 0.3% to 1.5%
Hopefully, we’ve helped you gain a better understanding of interchange fees. But, if you’re still unsure and need some guidance on which pricing structure is suitable for your business, then get in touch. We’ll be more than happy to help.
NomuPay Group, a fast-growing financial technology company, today announced the formation of its Global Board of Directors. Composed of seasoned industry veterans, the Board includes Finch Capital Managing Partner, Radboud Vlaar; former WorldFirst CEO and current Marqeta SVP and Managing Director, Jeff Parker; and Lisa Shields, the former CEO of Hyperwallet (now a PayPal service), and current CEO of ERP-banking platform, FISPAN. Juan Benitez, the former General Manager of Braintree and previous GoFundMe President has also joined the Board in an advisory capacity. Each of these Board members brings with them a wealth of payment expertise, including extensive knowledge of acquiring, processing and disbursements.
“I am extremely excited to welcome these four individuals to the NomuPay Board and team,” said Peter Burridge, Group CEO. “The vision and expertise that these leaders are capable of providing NomuPay is tremendous; I couldn’t have asked for a more talented group to guide the growth of our platform.”
A modern end-to-end payment platform purpose-built for expansion into regions of high cross-border and e-commerce growth, NomuPay’s Unified Payments (uP) Platform provides omnichannel payments acceptance and payout disbursements through a single API integration. Launched in 2021, NomuPay’s uP Platform is focused on simplifying fragmented payment infrastructure throughout Southeast Asia and Turkey, providing European and North American partners with scalable solutions and transparent reporting capabilities.
Radboud is the Managing Partner of Finch Capital. Prior to launching the firm, Radboud was a Partner at McKinsey & Company where he was co-lead of Digital Banking globally, as well as a member of the EMEA Banking Leadership. Prior to McKinsey, Radboud worked at TPG; he has also co-founded 3 companies. Radboud has led firm investments in ZOPA, Fixico, Fourthline, Goodlord, NomuPay and BUX, among others. He is currently a Supervisory Board Member at Robeco.
Jeff is an experienced fintech executive. He is currently SVP and Managing Director of Marqeta. Previously, Jeff was the CEO of WorldFirst, a UK-based cross-border payments platform, which was acquired by Ant Group in 2019. Jeff has served on the global executive team at OFX in the role of Chief Enterprise Officer. Prior to this, he has also held roles at Macquarie, Accenture and JP Morgan. He currently holds an advisory role with Stake, the online share trading platform.
Lisa is an experienced fintech founder and executive. She is currently the CEO of FISPAN, the market leader in ERP-banking. Previously, Lisa founded and led global payments platform, Hyperwallet, for 15 years, which was acquired by PayPal in 2018. Lisa holds an MS in Engineering from MIT. She is a member of the Canadian FinPay Committee, was named the EY Regional Entrepreneur Of The Year in 2015 and received a Women in Payments Innovation Award in 2016.
The former President of GoFundMe, Juan has more than 20+ years of experience in technology, product, and business leadership. Prior to GoFundMe, Juan was General Manager of Braintree, a global payments company that was acquired by PayPal in 2013. Before serving as GM, Juan led product and engineering as Braintree’s CTO. Prior to Braintree, he spent nine years in various capacities at Yahoo!, including VP of Engineering in Yahoo!’s Advertising Products Group and VP of Search Advertising. Benitez holds a BS and MS in Electrical and Computer Engineering from Carnegie Mellon University. Juan enjoys advising several companies and serving on the board of the American Red Cross Silicon Valley Chapter.
Planet, a global technology leader providing integrated software and payment services, has today announced a partnership agreement with NomuPay. It’s part of a shared ambition to deliver integrated payments and connected commerce to the hospitality sector across the Asia Pacific region.
NomuPay, a Finch Capital-funded company, offers a modern, unified payment platform (the uP Platform) that enables omnichannel payment acceptance and pay-out disbursements through a single API integration. The partnership will see Planet and NomuPay help growth-minded providers in the hotels and food & beverage industries quickly expand their services throughout Southeast Asia.
Planet will also partner with NomuPay to bring self-serve and unattended integrated payment solutions for parking across NomuPay’s existing markets, including Hong Kong, Philippines, Malaysia and Thailand.
Read the full release from Planet here.
How often do you browse an online store and add a few items to your shopping cart, only to leave before you’ve made the purchase? We’ve all done it. In fact, a study from Baymard found that around 70% of online shoppers abandon their shopping carts! But why?
Although there will be plenty of consumers simply browsing to pass the time with no intention of actually making the purchase, there are many genuine customers who have been put off with frustrating or confusing checkout forms or additional shipping costs they were unaware of.
So, let’s take a look at how you can optimise your checkout experience to boost conversions.
First, let’s start with why. You don’t want to go through all the effort to engage your customers only to lose them at the final hurdle, right? Of course not! So optimising your checkout page shouldn’t be an afterthought; it’s just as important as the rest of your website.
The way we make payments online may have changed so much over the years with multiple options and advanced technology to make the process quicker, easier and more secure for the consumer. So staying up to date with the latest developments and trends will help to keep you ahead of your competition and ensure you meet your customer’s expectations.
Making your checkout process as simple and transparent as possible is the best way to create a checkout experience that converts.
Here are a few key factors you should consider.
We all have our preferred online payment option, whether it’s by credit or debit card or by a newer alternative like Buy Now Pay Later. And the amount of alternative payment methods available these days is forever growing so there’s so much to choose from. But if your checkout doesn’t offer someone’s chosen method, you can kiss them goodbye.
No longer can you just offer the traditional choices, customers expect to see Apple Pay, Klarna, PayPal, and the list goes on. You should bear in mind generational payment methods too. Boomers will definitely favour a different way to Gen Z, so it’s important to make sure you optimise the customer experience for everyone.
More than 67% of consumers are browsing on one device, like a smartphone, only to switch to a desktop to complete the transaction. Why? Because the site isn’t optimised for mobile checkout and they trust the desktop version more. But this isn’t a great experience. Consumers should be able to browse and buy all on one device. Especially now mobile commerce and even social commerce are growing so fast.
So what happens if your eCommerce business isn’t optimised for mobile devices but your competitor’s website is? The competitor wins the sale. So take some time to understand what devices your customers are more likely to use and optimise your checkout accordingly so your customers keep coming back.
If your business is global, there are other considerations to ensure your checkout is localised, including language, currency and payment method.
Ask yourself, would you purchase from a site if you couldn’t understand the language? Probably not, right? So if a consumer can’t browse your site in their own language and view prices in their chosen currency, you could struggle to gain their trust. Each country will have its own preferred payment method too, so it’s important to research each market. For example, Alipay is the most popular payment method in China, whereas The Netherlands prefers iDeal.
Speed and good user experience are everything. So much is at our fingertips these days, so if your site can’t keep up, you could get left behind. Making the checkout quick, simple and transparent can help to win your customers over. Here are just a few things you can do to improve your checkout flow.
As people become more aware of how their data is used and their privacy rights, building trust is crucial to gaining loyal customers. Although you can’t always show the risk management you have in place, there are some visuals that can put them at ease.
Sometimes consumers just want to make a one-off purchase without then being bombarded with marketing emails. Retailers forcing them to create an account result in a 34% cart abandonment rate. Allowing a quick and simple guest checkout could prevent many customers from walking away.
Optimising the checkout page isn’t the only way to increase your eCommerce site’s conversion rate. You could have the best checkout experience but still lose some customers. If that happens, it’s still not over, there are a few marketing tips to draw them back in and reduce the number of abandoned carts, for example:
Here at Nomupay, we can help you build the best online checkout experience. With a range of payment solutions, you can easily create the journey that suits your business and audience. So, what are you waiting for? Let’s get your checkout optimised!
How often do your customers checkout on mobile? Or do online banking via their phone? These are both examples of mobile commerce and, as you can imagine, are becoming more and more widely used.
So, if you haven’t already, you need to get your business optimised for mobile.
To put it simply, mobile commerce (m-commerce) is the buying and selling of goods and services via a smartphone or mobile device. Whereas electronic commerce (e-commerce) is done via any device, but more often than not on a computer.
Both are hugely important for any business and have their own benefits and consumer base. Most businesses are already optimised for e-commerce but are losing sales because they haven’t improved the experience on mobile too.
Mobile commerce covers multiple areas within the digital market so it’s important for most businesses to take it onboard. Here are the main types of m-commerce:
We’ve all had a browse on our phones during our lunch break to pass the time, right? Mobile shopping is the type of m-commerce that allows us to do this, and complete the transaction without having to switch to a computer. It also allows businesses to promote via other digital channels, like social media, SMS and push notifications, opening them up to even more consumers.
Social media is changing the way consumers shop making social commerce one of the fastest-growing types of mobile commerce. They can quickly make a purchase in the middle of scrolling through their favourite platform without even leaving the app. It has really taken the quick and convenient way of shopping the younger generation has come to expect to a whole new level.
With mobile banking, it’s much more convenient to take care of your finances with the option of using any device or even an app to make transfers, pay bills, view your bank balance, etc.
It’s no wonder there’s been a rise in digital-only banks taking advantage of the switch in how consumers like to manage their money.
The way consumers make payments has changed so much over the years; mobile payments have grown rapidly with the amount of alternative payment methods now available. Digital wallets have become increasingly popular making payments online as well as in-store much quicker and easier.
The benefits of m-commerce will continue to grow as it develops, but there are already plenty of reasons why your business should be optimised for it.
Potentially one of the biggest reasons consumers opt for mobile commerce is because it’s convenient. Ever forgotten to buy something and you’ve just returned home from the shop? Or need to quickly send a friend some money? You can literally do whatever you need to do anytime, anywhere with a few quick taps on your phone.
Consumers expect quick, simple and convenient ways to be able to shop and make payments, and that’s what mobile commerce can offer. It’s not ideal having to switch to a different device part way through your shopping experience, and you shouldn’t have to do that anymore with advanced technology. So, if your site is optimised for mobile, then you are instantly offering a smoother customer experience.
Generation Z and millennials have been raised in a digital era and are used to having everything at their fingertips, or at the other end of their phone. Between them, they have so much spending power, so if you aren’t optimising your business to target this huge consumer base, you could be missing out on a lot of sales.
You can gather more data that you wouldn’t necessarily be able to get from just a desktop. For example, thanks to GPS tracking, you can discover the location of your consumers which can help improve the service by offering information like delivery times and their nearest store.
So, are you ready to optimise your website for mobile? Here are our top tips on how to get started.
Many consumers use mobile shopping because they are digital-first and would prefer to use their preferred payment method like digital wallets. So, first things first, make sure you offer multiple options of payment for your customers to choose from.
The screen of a mobile device is much smaller than a computer screen, so altering the design of your website is a no-brainer, right? But how? Well, there are a few obvious ones, including:
Mobile commerce has the highest rate of abandoned carts at 85.65%, so it’s pretty important to improve the checkout experience for mobile devices.
Quick loading speed – How quickly your website loads can determine whether your customer will stick around or not, it may even need to be as quick as one second.
Add a guest checkout option – Letting your customers easily enter their details with a quick checkout form, rather than force them to create an account, is often a good way to get that conversion.
Allow one-click buy – Speed isn’t just about the loading time. Returning customers might not want to have to retype their details every time they make a purchase. Having the function to save their details will make future purchases even quicker.
Improve your security features – One of the biggest reasons a consumer may switch to a desktop to make a transaction is due to concerns about the site’s security. A few ways you can put your customers at ease include highlighting some of the risk management you have in place and displaying customer reviews and logos of well-known, trusted payment methods you accept, like Mastercard.
Want to get started on optimising your website for mobile commerce? Get in touch today and one of our experts will be happy to help.
The Christmas rush is looming. Black Friday is just around the corner. Are you ready for it? Now is the perfect time to sprinkle a bit of extra magic across your website to maximise your sales potential.
What’s our number one tip for any e-Commerce website? Preparation! Take a look at where you should start.
Data is your best friend when it comes to preparing for Christmas. Although you can’t see into the future to know exactly how your customers will behave, last year’s data will provide a good insight to make smart estimations. But what do you need to know?
It’s more important during the lead-up to Christmas than ever to ensure your website runs as smoothly as possible. Many consumers find Christmas shopping stressful, so if your site isn’t meeting expectations, you could lose sales to your competitors.
By making the most of your data, you can segment and personalise your marketing strategy to really make your customers feel special this Christmas. When tailoring your content you can include the customer’s name, the products they’re interested in, a relevant message, target the channel they’re most likely to use, etc.
Here are a few channels you could personalise:
Social commerce is another way of buying and selling that is gaining traction. Being able to purchase online the latest trends that popular influences are promoting without leaving the app is a huge appeal. By not optimising your social media channels could result in your business missing out on big sales to your competitors who are evolving with the latest developments in e-Commerce.
Abandoned cart rates are already an issue with nearly seven out of 10 shoppers leaving their items behind. The closer it gets to Christmas, this rate tends to spike even higher, especially once they find out their item won’t arrive before Christmas. But all is not lost. If you have a good strategy in place, you could still entice your customers back and reduce your abandoned cart rate.
The last thing you want is for your customers to return their items. But if you don’t provide a smooth experience, they may not return to your site in the future. Christmas is rife for returns so it’s important to get the process as simple and quick as possible beforehand.
Take our tips on board to be better prepared for Christmas than your competitors and boost your Christmas sales. If you need more advice on how to improve your checkout experience, get in touch!
How many people do you know had their holidays cancelled during Covid-19? The travel industry took a huge hit during the pandemic and had to deal with endless cancellations, refunds and travel restrictions, and now has to adapt to the change in consumer behaviour.
We’ve taken a look at what has changed and how the travel industry should respond.
There has been a shift in how consumers pay for trips and spend abroad. The travel industry will need to keep up with these changes if it wants to thrive. Here are some of the main trends to be aware of:
Whether you like it or not, we’re becoming a cashless society, and that includes when we’re abroad. With the innovation of travel cards, digital wallets and other alternative payment methods, travellers don’t take cash like they used to. Instead, they’re opting for the easier, safer and more reliable option of digital payments.
Consumers expect quick, fast and easy when it comes to shopping, and it’s no different when it comes to paying for holidays. It doesn’t matter if they’re buying sunglasses or the whole holiday package, the checkout experience should be frictionless.
More and more people are turning to digital payments with the increased amount of alternative payment methods available. With the rise in Buy Now Pay Later schemes (BNPL), digital wallets, QR codes and cryptocurrency, they are increasingly becoming the preferred option. Having these new solutions available will make your business more user-friendly and accessible to a wider audience.
Since the travel industry is such a volatile industry, this carries plenty of risks. Whether it’s down to something huge like a pandemic, or something minor, like staff shortages, both the industry and the consumers need to be protected. Digital payments offer that security if any changes need to be made, giving people the reassurance that they’re safe to make the booking. On top of that, there are more regulations in place to protect the consumer’s privacy and data. Strong Customer Authorisation (SCA) requirements should be implemented to help prevent fraud.
There’s no escaping the changes within the payment world no matter the sector, but these are the main areas in the travel industry:
Air travel doesn’t seem to have completely recovered from the effects of the pandemic yet (it’s hard to ignore the media reporting on the huge airport delays), making it all the more important to have the right payment solution in place to improve the customer experience at checkout.
Staycations have become a big thing. But it’s not just where people are staying that has changed; how they want to pay has changed too. With the hotelier sector being so volatile, payments are often taken closer to the time of the trip, if not during the trip, as well as having a good cancellation policy as close as 24 hours before the check-in date. This flexibility is a key change that digital payments can offer.
Most bookings take place online these days, but that also means there’s more competition. Since there’s a lot going on behind the scenes of a travel agent, being the mediator between the customer and the hotel or airline, a good payment solutions provider is needed to ensure a smooth experience.
There are so many options when it comes to payment solutions, but there are a few winners that will really help you gain success. Here are our top tips to improve your digital payment offering.
Whether you’re selling holiday packages, flights or day trips out, consumers want to pay via their preferred payment method, including Apple Pay, PayPal, BNPL, etc. Why? Because it’s quicker, easier and they trust it.
If you’re in the travel industry, chances are you’ll be dealing with more than your local currency, as well as global payments from international customers. To manage your cross-border payments your business will need to consider local acquirers to minimise the risk of declines and to lower any merchant fees.
How do you get your customers to keep coming back? By rewarding them for their loyalty. There’s so much competition out there, so consumers can easily shop around for the best deal making loyalty very difficult to gain. But if you can create a loyalty program that can not only offer great deals but is also seamlessly linked to payment options so that your customers can easily use their points to pay for their next trip, then they may be more willing to come back. Remember, quick and easy is the key!
Having the right technology behind you to offer the best customer experience is vital in such an unpredictable industry. That’s why finding the right payment solutions provider is important for your success. Since travel is considered to be a risky industry, it can be difficult to find a provider, but here at Nomupay, our experts are willing to help. Get in touch today!
You’d be surprised at how many consumers abandon their shopping carts - It’s nearly seven out of 10 shoppers, with mobile users having an even higher rate of 85.65%. That’s huge, so reducing your abandoned cart rate should be a big focus to increase your conversion rate.
Let’s take a look at why consumers abandon their shopping carts and how you can create recovery campaigns to gain those sales.
An abandoned shopping cart is when a customer adds items to their basket, only to walk away before making the purchase. It can be incredibly frustrating for any business. It doesn’t matter how far they get in their journey, if they don’t complete the transaction, you’ll get £0.00, making all the effort you put into promoting your product a waste of time.
There are multiple reasons why someone might not complete the transaction. Some may even have had no intention to buy the items and were simply browsing as a pastime. These types of customers are probably a lost cause, but there are a few key reasons that you should be aware of to regain those genuine customers.
One of the biggest reasons a customer may drop off at the checkout point is that the checkout page is poorly designed. For example:
If your competitor has a better checkout page, it’s much easier and quicker for the consumer to buy from them instead. So, optimising the checkout page is just as important as the rest of the website.
There are so many ways to make payments online these days on top of the major credit cards, including Apple Pay, PayPal and Buy Now Pay Later. Everyone is going to have their go-to method, so if you don’t offer the payment option they like to use, they’ll probably choose to shop elsewhere.
With Nomupay, you’ll have access to more than 198 alternative payments!
There are a number of reasons why a customer may not trust your website, the above reasons for abandoned carts being a couple of them, but it could also be due to a lack of visible security features. To help gain trust you should make sure you are SSL certified, promote positive reviews and make use of well-known logos.
Have you been tempted to hide your shipping costs and any other fees until the last moment? You may think it will help to entice customers to add items to their shopping cart, only to have the opposite effect when it comes to the purchase.
Consumers like transparency. If you’re upfront about additional costs and avoid any nasty surprises, you could drastically reduce the amount that leaves without buying the goods.
If all your efforts to improve your checkout experience still result in abandoned carts, all is not lost. There are a few marketing tips you can try to draw those customers back.
In fact, 70% of consumers are more likely to convert when retargeted after cart abandonment, so let’s take a look at the top strategies.
You may have received a few of these yourself in the past. They’re essentially a reminder to the customer that their items are still waiting for them, just in case they forgot or ran out of time to complete the purchase. Knowing their basket has been saved for them offers great customer service and can help to build trust. The personal touch can encourage consumers to choose you over a competitor too.
There are so many different A/B tests you can do to work out the best approach for your business, so here are a few things to consider:
It could convert 15% of your abandoned carts, so it’s worth doing.
Although retargeting ads can cost more than traditional display ads, their conversion rate is much higher to make it worth the spend. Statistically, 30% of non-converting shoppers will return to complete the purchase from retargeting ads. There’s so much you can do with them too!
Data is your best friend when it comes to this strategy, and there’s so much available for you to know your customer and be able to create personalised ads that work.
Optimise for a specific channel – It’s unlikely you’ll want to use the same ads on social media as you would on a news website, like BBC. Tailoring your ads to the platform they will appear on can help to target the market more effectively.
Campaigns with a relevant message – Altering the message on your ads can also help to target the consumer. Their shopping behaviour can help you decide on which kind of message they need, including the type of shopper they are, the item they were interested in and when they dropped off your website.
Segment your customers – There is a range of ways you can build segments to create more relevant ads, including their sale history, order value and product they’re interested in. That way you can show them relevant products at the right price point, offer them suitable offers and have a personalised message. For example, acknowledging that the customer has shopped with you before with a loyalty discount code can make them feel valued and be more likely to convert.
Who doesn’t love a discount? They are a great way to draw your customers back in if they weren’t 100% convinced to complete the transaction. Whether it’s a percentage off their first purchase, money off for being a loyal customer, free shipping or a free additional item added to the basket, discounts often work a treat.
Even if you’re upfront about your shipping costs, a customer may still change their mind at the last minute when they see the total bill. In fact, 61% of consumers are “at least somewhat likely” to cancel their entire purchase if free shipping isn’t involved. Although your net profit may not leave room to offer free shipping to everyone, there are a couple of things you can do to try and get that conversion.
Free shipping code – You could offer a free shipping code just to those who have abandoned their cart. They would receive it in their automatic abandoned cart email to encourage them back to your website.
Free shipping threshold – If a customer is just a few pounds off the minimum spend they’ll often buy more just to get the free shipping. There may be a bit of trial and error to work out what threshold works for both profits and conversions, but it’s worth it if it means the customer will click buy!
So, if you try all of these techniques, you could convert a good chunk of your abandoned carts.
Have you noticed a difference in how your customers are paying online? Alternative payment methods are on the rise all over the world, and with so many options it’s important to keep up with the latest trends.
But how have did all these alternative payment providers become so popular and why should you make sure your business is offering multiple payment options to your customers?
Alternative payment methods (APM), also known as local payment methods, are essentially other ways to pay that aren’t the more traditional cash or major debit cards or credit card schemes. Although they are classed as alternatives, some of them are becoming more popular than conventional methods across the payments landscape.
They include:
The use of cash has drastically declined, especially since the pandemic and the use of alternative payment methods has risen. Here are some of the most popular methods:
As the most conventional payment option, card payments from big names like Visa and Mastercard, are accepted worldwide, so it’s a no-brainer that businesses should offer these payment methods. It’s the ideal choice for recurring payments too.
PayPal arguably started the hype around alternative payments being one of the first digital wallets. So many others followed suit, including more digital wallets, Buy Now Pay Later schemes and cryptocurrency.
Digital wallets, also known as e-wallets or mobile wallets, are one of the most popular alternative payment methods. So popular the amount of consumers using them is expected to grow by 83% by 2025! And it’s not hard to see why. You can leave your wallet behind and have all your cards in one place for quick and easy mobile payments. There are many digital wallets to choose from these days too, the big ones being PayPal, Apple Pay and Google Pay.
Products and services are already at our fingertips with online payments, add in Buy Now Pay Later and there really is no stopping us. Paying in installments has become popular in eCommerce with Klarna and Afterpay being the biggest services available.
Wire transfers are a bit more old school but are popular for large global payments. They are also referred to as bank transfers, which is a direct transfer of money from a customer’s bank account to the business bank account. They transfer using SWIFT and IBAN codes but although it’s not the quickest form of payment and can take more than one business day, it is a secure choice for international transfers.
Although a volatile currency, crypto has taken the finance industry by storm. Bitcoin may be the king of cryptocurrencies, but there are so many new coins making waves. The digital currency is also becoming accessible to make purchases both online and in-store.
In short, it’s expected. In this day and age, it’s rare to find a retailer that is cash only. Who carries cash these days? So if your online business only accepts credit cards, you may get a similar reaction.
Everyone has their preferred online payment method and if your checkout page doesn’t offer it, at best, you could leave your customer slightly disappointed or, at worst, lose their business altogether. And with so much competition out there, consumers can easily find a more convenient checkout experience that works for them.
Every country or region has its own preferred online payment method too. So offering internationally popular payment methods can make your product or service available to those all over the world.
Still not convinced that your checkout page should offer alternative payments? Here are a few more advantages for you to think about.
The more options you have available for your customers, the more likely you can offer them a seamless checkout experience. Availability and speed are key, and if you can provide a one-click transaction, even better!
Most consumers use their preferred payment method because they trust it, especially if they can use security features like face ID to verify a payment. And if a customer trusts your website, they are more likely to keep returning.
Consumers are less likely to abandon their shopping cart if they can finalise the transaction in a way they are used to. Reduced abandoned carts mean higher conversion rates. It’s a win-win!
Do you want global success? Understanding which payment method is the preference for each region can help your business achieve this. You also need to bear in mind that some digital wallets aren’t available in certain countries so you’ll need to make sure you provide a payment method your customers have access to.
Here are just a few local payment methods you may need to consider:
If you’re thinking about the APMs you want to offer, you’ll need to think about factors such as price, the features they have, functionality, security, and how they can make your checkout truly frictionless.
With Nomupay, you’ll have access to more than 198 alternative payment methods worldwide. Our expert team will support you in creating the best package for your business and your customers including a bespoke payment gateway with integrated digital payments to help you achieve global success.
NomuPay, a Finch Capital-funded company, today completed two transactions to acquire Wirecard Payment Solutions Malaysia and Wirecard Payment Solutions Hong Kong and announced the appointment of Peter Burridge as Group Chief Executive Officer, to be based in Singapore.
The acquisitions and appointments are part of NomuPay’s high-level strategy to create a market-leading unified payments company focused on high-growth customer segments in Asia-Pacific, the Middle East and Europe.
NomuPay is in the process of closing several other transactions related to different Wirecard entities in the Philippines, Thailand and Turkey. Following these deals, NomuPay will be active in five countries, with access to markets of 300 million people and a GDP equal to that of India.
Peter Burridge joins NomuPay group as Chief Executive Officer with more than 30 years of management and leadership experience at rapid-growth technology companies. He specialises in strategic management and the global growth of financial technology companies. Before joining NomuPay, Mr Burridge was President of Hyperwallet, the leading payout platform for on-demand and collaborative economy companies, where he guided the organisation through a successful recapitalization, followed by global expansion and the ultimate sale of the business to PayPal. Peter has also previously served in leadership roles at Oracle, Siebel, and Travelex Global Business Payments.
Mr Burridge will lead NomuPay’s team across the region in the areas of corporate and business development, market-entry, establishment of operations, licensing and compliance.
Other new hires to complete the senior management team are being made. Owen Burke was appointed to the role of Finance Director, based in Dublin, Ireland.
Mr Burridge says: “NomuPay is an innovator with the vision of transforming the payments landscape across Asia-Pacific and EMEA. The payments ecosystem has transformed because of the Covid-19 pandemic, and merchants and financial players are committed to innovation. This provides us with a unique opportunity and we are committed to achieving growth alongside our clients by bringing the latest payments technology to market.”
Radboud Vlaar, Managing Partner of Finch Capital, comments: “We are very pleased with the first closings and very excited that Peter joins us as CEO. We are committed to supporting Peter and his team to provide the funding and help needed to accelerate the growth and establishment of the company in key markets.”
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