Online Payment platform

Worldwide retail e commerce sales in 2016 were expected to reach a staggering $1.915 trillion and continue to grow exponentially every year. In the US alone, mobile and ecommerce payments were projected to surpass $27 billion in 2016. Nobody could have predicted this rapid pace of change in the payments industry. But throughout history, the advancement of major technologies has changed the way we live and interact with one another. The evolution of commerce is no exception. Starting with the bartering system to the first bank note in 600 B.C., we have been consistently searching for the most convenient transactional methods for the payment of goods and services . To understand this journey, we will take a look at some of the key innovations and breakthroughs that have had a major impact on the world and revolutionized the payments industry. The Internet Medieval merchants created the tally stick—an early version of credit cards. In 1946, the first bank card,...

21ST CENTURY FRAUDSTERS Bank cards and electronic wallets have for a long time been part and parcel of our everyday life. Paying “by card” in supermarkets, booking flights and hotels by credit card and linking your plastic card to your mobile phone number to automatically top up your account balance… The widespread adaptation of non-cash transactions has freed us from the need to carry in our pockets a load of coins and wad of money on a daily basis. But it would be naive to believe that the introduction of virtual payments has made our savings any more secure. Specialists in phishing and fraud have replaced pickpockets who make a living on public transport and small-time crooks who try to palm off on us highly-profitable shares in “Mickey Mouse” companies with 1000% liquidity. Read in our blog to find out how not to become a victim of high-tech swindlers and to ensure the safety of your own plastic card. SCAM NO.1: A CALL FROM THE BANK ABOUT AN UNAUTH...

If you are an online payments newbie, no doubt you’re getting lost in all new expressions, phrases, definitions. That’s why we come to your rescue with this 3-part introduction to  payments safety . Today, we set off with CVV2. There’s no doubt that paying with cards is one of the safest online payment methods. One of its maid advantage is  chargeback  – a return of funds. Thanks to this, a customer can get their money back if they don’t recognize a given transaction or think the merchant scammed them. This kind of an ‘insurance’ allows customers to get a refund, regardless of the entity that collected the payment, without taking them to court. Chargeback is the last resort for a customer. Banks wouldn’t take the liberty of accepting many of them (they are not fully automated), and reporting each chargeback would be of a nuisance for customers. That is why the safety of card payments is ensured in several ways. Using a specific method can depend on numerous fact...

Online shopping and its development is a hot topic- whether it’s about safety, business types or pros and cons in comparison to a ‘regular shop’. In the meantime, online payments, a matter equally important, is put on a back burner. Payment processors are not in charge only of efficient mediacy and safety of our transfers- the choice of such providers should depend also on the type, size and outlook of your business. It might be worth then to get to know each provider to make sure your decision is a good one. E-wallet E-wallet   is one of the easiest and most popular solutions. The idea behind it is that the provider creates virtual accounts, which you can then top up with as much as you want (just like a Pay As You Go mobile phone). Afterwards, you can pay with that virtual money in every online shop that accepts e-wallets. You could ask yourself though-  why would a client bother with topping up their account , if they can usually pay directly anyway? Here, the...

In some countries (such as in CEE) the most popular payment method is still the wire transfer. That’s why when we are talking to customers from this region, most of them are asking about the functionalities regarding payments through this payment method. That’s why we’ve decided to compare these two payment methods… Wire transfer – what the payment process looks like? Buyer is visting merchant’s website. He puts products to the shopping cart. Once he clicks on the ‘Checkout’ button, he is redirected to the payment provider’s website (sometimes this step is invisible for the buyer). He’s choosing the bank, where he has an account and clicks on some kind of ‘Buy’ button. Once he does that he’s redirected to the chosen bank’s website. He needs to log in to his bank account, approve wire transfer (often using some kind of random password from the SMS), log out from the bank account and back to merchant’s website. Depending on the bank… sometimes after logging in to the bank acc...

One of the most popular payment methods in some countries (such as German-speaking regions) is direct debit. Let’s compare this payment method to credit card payments… Few words at the beginning… It’s really hard to define how exactly direct debits work. This payment method exists everywhere, practically in every country around the world. However… it works differently in almost each one of them. In some, it works in a manual way (such as in Poland, where you need to fill out a paper form and send it to your bank), in other it works automatically – similar to credit card payments (e.g. in Germany, Austria or the Netherlands). In case of online payments , direct debits are hugely popular in some countries (where it works automatically), while they’re almost never used at all in some other regions (where it works manually). Here we would like to focus on the more popular ones. Direct debit – how the payment process looks like? Buyer vists merchant’s website. He puts pr...