SafeCharge launches Reconciliation Manager for businesses to optimise revenue control

SafeCharge (LON: SCH), a leading payments technology company, has today at ICE 2018, launched SafeCharge Reconciliation Manager, a new solution for businesses to automate the matching of transactions across all their payment service providers, merchant platforms and banks. By consolidating and automating the reconciliation process with SafeCharge Reconciliation Manager, businesses in any industry can benefit from increased control, reporting accuracy and retrieval of revenues from incorrect reconciliation.

Reconciliation of incoming payments against bank accounts is a complex process, made even more challenging when a business relies upon multiple payment providers, payment matching and fee-verifications.  Transaction data which is not monitored properly can lead to lost revenues, customer disputes and audits picking up bookkeeping errors. To address this complexity, SafeCharge Reconciliation Manager automates and simplifies the monitoring process.

Guido Murguia, CFO at Caliente Interactive, a SafeCharge Reconciliation Manager user, explains;
“By implementing SafeCharge’s Reconciliation Manager Solution, we have been able to recover significant revenues that would have otherwise been lost. Through careful monitoring of transactions across multiple payments providers, platforms and bank accounts, SafeCharge identified inconsistencies and addressed these outstanding transactions until all funds were reconciled. Through SafeCharge’s transparent and accurate reporting, we have a snapshot of our financial position at all times allowing us to have more control over fees, deposits, withdrawals, account balances and chargebacks.”

SafeCharge Reconciliation Manager has been developed to automatically reconcile settlements across multiple providers with businesses bank accounts, ensuring that the correct amounts are received without delay. When a mismatched transaction is flagged, the SafeCharge Reconciliation team contacts the relevant provider and bank to immediately rectify the situation. For businesses, using SafeCharge Reconciliation Manager eliminates the need for extensive in-house finance resources, minimises financial loss exposure, and provides a single focal point that covers all financial aspects.

David Avgi, CEO, SafeCharge, comments;
“For businesses with multiple payment partners, SafeCharge Reconciliation Manager is the ideal solution to streamline all reporting into a single unified overview, to ensure that all payments have been received correctly and that processing fees are in line with related service contracts. We are saving our customers thousands of dollars in revenue and putting them back in control of their payments.”

SafeCharge Announces New Integration Plugin with Salesforce Commerce Cloud

SafeCharge, a leader in advanced payment technologies, today announced the launch of SafeCharge’s Plugin for Salesforce Commerce Cloud, the fastest path to unified commerce. Commerce Cloud enables brands to provide personalized experiences for shoppers that span web, mobile, social and in-store. And now, as part of the world’s #1 CRM platform – Salesforce – brands can deliver unified experiences for customers that extend beyond commerce to include marketing, customer service and more.

SafeCharge’s integration empowers Commerce Cloud customers to accept payments safely and securely through SafeCharge’s Hosted Check-out and Merchant Direct solutions.

SafeCharge’s Hosted Check-out solution allows merchants to accept all relevant payment options via ready-to-use check-out pages which can be easily configured by merchants to fit their brand.

SafeCharge’s Merchant Direct solution connects directly to the SafeCharge Payments Engine and offers full flexibility for merchants to accept credit card payments on their websites.

This integration offers the following benefits:

  • Ready-to-use hosted check-out pages or direct integration with website pages
  • Advanced risk and fraud management tools
  • The availability of more than 150 payment methods and 100 currencies
  • One-click payments for returning visitors (for both cards and alternative payments)
  • Dynamic 3D Secure (only routing higher risk transactions for 3D authentication)
  • Responsive design to support mobile and tablet as well
  • Descoping of PCI compliance

Comments on the News
“We are very excited to release our Plugin for businesses using Salesforce Commerce Cloud” said David Avgi, CEO, SafeCharge. “This partnership gives businesses working with Salesforce Commerce Cloud access to some of the latest payment and risk technology endorsed by the world’s most demanding businesses. Merchants utilizing SafeCharge’s solutions benefit from maximum uptime, the highest conversion rates and advanced fraud protection.”

“Creating personalized, omnichannel experiences is now more important than ever for brands,” said Kori O’Brien, SVP, ISV Sales, Salesforce. “By leveraging the power of Commerce Cloud and the new integration from SafeCharge, businesses will benefit from access to some of the most advanced payments and fraud prevention platform enabling them to boost growth.”

For more information: https://www.demandware.com/link-marketplace/safecharge-international-group-ltd

Camden Market first to offer WeChat Pay at the Point of Sale in the UK with SafeCharge

SafeCharge, a leading payments technology company, in partnership with Camden Market, a part of the Market Tech portfolio, has announced the ground-breaking integration of WeChat Pay, a widely adopted e-wallet payment solution in China. The iconic Camden Market, London’s fourth biggest tourist destination, is the first in the UK to make WeChat Pay available at the point of sale. Chinese tourists and the UK’s Chinese community will now be able to shop using their preferred payment method as the introduction of the payment system begins and WeChat is implemented in stages across Camden Market.

WeChat Pay has revolutionised payments in China and is now rapidly extending its reach into Europe.  In 2017 alone, €1.5 trillion in payments has been processed by WeChat Pay globally and the service accounts for 40 percent of the Chinese mobile payment market, (according to iResearch). This is significant for merchants in Europe, as the total amount spent by Chinese tourists exceeds the amount spent by European and US tourists combined, with 50 percent of luxury purchases in Europe made by tourists from Asia. Unlike some ewallets and contactless payments, which are capped at £30 per transaction, WeChat Pay offers more flexibility to merchants and consumers. Therefore, it is a competitive differentiator for merchants to be able to offer the payment service.

“We are proud to be the first in the UK to integrate WeChat Pay at the point of sale in Camden Market. This innovative payment method is seen as the next big payment phenomenon in Europe,” stated David Avgi, CEO SafeCharge. “This integration demonstrates that we are at the forefront of payments technology, where we are constantly exploring new opportunities to enhance our payments solutions.”

“We are extremely pleased to be working with WeChat and SafeCharge to integrate WeChat Pay into our point of sales system at Camden Market,” said Ceri Davies, Operations Director of Camden Market. “With hundreds of thousands of Chinese visitors coming to London each year, we feel that this is another way in which we can continue to promote the heritage of Camden Market abroad, and attract new visitors to our shops, stalls, and restaurants. With over 30,000 visitors a day, Camden Market remains one of London’s most enduring attractions, and we believe that this is a great way to adapt to the growing number of Chinese locals and tourists who visit the market. We are constantly on the lookout for new and innovative ways to support our tenants, and hope that this integration will allow our merchants to continue to meet the needs of a diverse London.”

One of the first tenants to accept WeChat Pay, Killa Dilla’s co-founder Joshua Whiting said; “We love to bring new technology into our operations and we are very excited to be one of the first UK businesses to be using WeChat Pay.  WeChat Pay is massive in China and we believe the way this “app for everything” integrates social media, messaging and payment systems will be hugely beneficial for our business.”

Han Chin, Creative Director at Studio Collection said; “Chinese/Asian students and tourists have flooded into London over the last few years. Recently, more and more of these shoppers have started acknowledging the existence of Camden Town. As a retailer, it is our job to create a flexible, convenient shopping experience for our customers and WeChat Pay allows us to do this for our new demographic of visitor. WeChat Pay is a revolutionary reform for the retail payment system and we are excited to be a part of this latest development in trading technologies. Not only is it an efficient trading platform, with the WeChat messaging service we can communicate with customers in real time, introducing the latest products in more detail as well as helping us to improve our customer service overseas.”

 

Goldmoney Inc. selects SafeCharge to further expand its Online and Mobile Deposit Options

SafeCharge (AIM: SCH), a leader in advanced payment technologies, today announces it has been selected by Goldmoney Inc. (TSX:XAU) (“Goldmoney”), a precious metal financial service and technology company traded on the Toronto Stock Exchange, to further expand its online and mobile deposit options. By integrating Goldmoney’s new platform to SafeCharge’s Payments Engine, Goldmoney will provide its customers with access to both cards and alternative payment methods, such as WeChat Pay, Alipay, SEPA, UnionPay, and additional payment integrations, enabling them to expand their global client access to vaulted gold, silver, platinum, and palladium.

 

“We continue to build upon our unrivalled savings and payments platform, and add payment methods and functionality to accommodate clients in every corner of the globe. We’re pleased to continue to work with SafeCharge, a leading agile and innovative payments service partner, to further expand our global reach and cross-border payment solutions,” said Goldmoney COO Paul Mennega. “By integrating Alipay and WeChat Pay, we’ve made it easier for hundreds of millions of mobile-first consumers and businesses to deposit into a Goldmoney Holding. We will soon launch our Apple Pay integration, further reducing friction between the platform and global money and payments systems.”

 

“Offering an optimal payment method mix is crucial when it comes to achieving success in e-commerce,” said SafeCharge COO Yuval Ziv. “By integrating key payment methods such as WeChat Pay and Alipay, global companies such as Goldmoney expand their payments portfolio to better serve tech-savvy online and mobile customers.”

SafeCharge launches Marketplace Manager, a one-stop shop solution for marketplaces to outsource payments

SafeCharge (LON: SCH), the payments services partner for the world’s most demanding businesses, today launches Marketplace Manager. The single API based solution relieves all payment pain points for marketplaces while enabling them to remain in full control of operations and user experience, for both buyers and sellers. It is the first solution to cover all the payment functions a marketplace needs, from a white label onboarding seller process, to ready to use checkout pages, and pay-out to sellers, all in a fully compliant way.

Marketplaces are seeing unprecedented growth. According to a study by the Ecommerce Foundation, almost 40% of the world’s online retail market will be controlled by marketplaces by 2020. However, marketplaces are facing complex challenges and do not have a payment solution that meets all their specific needs at once. Pain points for marketplaces range from cumbersome seller on-boarding to paying out in a fast and cost-efficient way, as well as accommodating local payment preferences of buyers, and meeting new regulations like the European PSD2 (Revised Directive on Payment Services). Under PSD2, certain marketplaces handling funds from both a seller and a buyer will need a payment institution license.

Marketplace Manager covers all marketplaces payment needs at once, leveraging SafeCharge’s payment engine, a proven technology trusted by the world’s most demanding businesses. The solution specifically designed for marketplaces enables:

  • Regulatory Compliance – Marketplace Manager’s fully outsourced API takes full responsibility for all the payment regulation. Meaning marketplaces are relieved from KYC requirements at onboarding, the complication of becoming a ‘payments institute’ as well as descoping their PCI compliance liability.
  • Seamless Onboarding – The Marketplace Manager provides a seamless onboarding process via an API. To get started, sellers only need to provide a minimum amount of information while the rest of the KYC information and selection of a pay-out option can be completed at a later stage.
  • Maximised Conversion – Fully customisable checkout pages provide a localised payment experience, with a choice of the most popular local payment methods in the language and currency of buyers based on their location. For returning buyers, Marketplace Manager also allows for “one click” checkout.
  • Smart Payment Management – Upon buyer’s payment completion, Marketplace Manager holds the funds in a segregated “escrow account” until the service is fulfilled. With service completion or product delivery the marketplace instructs through an API call to transfer payment from the escrow account to the seller and the commission is automatically paid to the marketplace.
  • Cost Efficient PayOuts – Marketplace Manager enables pay-out through a large range of local and international payment options. In addition to bank transfers, sellers can be paid instantaneously via prepaid debit cards, credit transfer on a credit card or via all the popular e-wallets.

“Marketplaces use a different model to traditional retailers that creates complexity and a plethora of challenges which the payment industry has been slow to recognise and address,” said David Avgi, CEO of SafeCharge. “Working closely with existing marketplace customers, we have painstakingly created a solution that addresses their major challenges head on, from operational control to regulatory compliance and bi-directional payments.  A solution that allows marketplaces to meet complexity with simplicity, opacity with transparency and uncertainty with foresight.”

SafeCharge reveals research urging fintech innovation for marketplace payments

New research from Edgar, Dunn & Company, commissioned by SafeCharge (LON: SCH) the payments services partner for the world’s most demanding businesses, has revealed the challenges inhibiting the growth of marketplaces and is calling for fintech innovation to address them. The report ‘Marketplaces Best Practices for a Successful Payments Strategy’ also identifies solutions to address the specific needs of the marketplace business model.

Marketplaces are seeing unprecedented growth. According to a study from the Ecommerce Foundation, almost 40% of the world’s online retail market will be controlled by marketplaces by 2020. Despite this accelerated growth, the report highlights that marketplaces face complex challenges that fintech systems do not currently address.

“As the marketplace sector matures and scale, it has become clear that the payments technology required to keep these businesses running has not kept up,” said Pascal Burg, Director Edgar Dunn & Company. “From seller onboarding to regulation and fraud, marketplaces across Europe and beyond are constrained by existing systems. The fintech sector needs to rise to the challenge and deliver the technology these businesses desperately need.”

The core difference between traditional ecommerce merchants and marketplaces is in the relationship between buyers and sellers. Traditionally, there is one seller and many buyers. In the marketplace model, there are multiple sellers and multiple buyers, with each transaction involving three parties: the seller, the buyer and the marketplace. This difference creates complex challenges:

  • Regulation – The impending Payment Services Directive 2 regulation requires certain marketplaces which retain funds between a seller and a buyer to hold a payment institution license.
  • Seller Onboarding – Manual processes and Know Your Customer regulatory requirements create friction, which discourages sellers from registering with marketplaces.
  • Payment Checkout – A critical component for any business. Localisation, buyer experience, payment method offering, all must be optimised for conversion.
  • Split Payments – Marketplaces need to split transactions between multiple parties, both for marketplace commission and where a single checkout experience involves multiple sellers.
  • Seller Settlement – Marketplaces are in competition for sellers. Sellers demand frequent settlement of funds, often daily, in their local currency, and using a local payment method.
  • Unique Fraud – Marketplaces face new forms of fraud unique to the sector such as ‘collusion fraud’ where fake buyers and sellers facilitate the sale of non-existent goods with stolen payment cards.

“New business models, such as marketplaces, demand a new approach to payments. Money flow is shifting from one-to-many to many-to-many, as consumers flock to marketplace platforms where they can buy goods from a universe of different sellers,” said Yuval Ziv, COO at SafeCharge. “This research demonstrates that fintech isn’t meeting the needs of marketplaces today. In the coming days we’ll be revealing an innovative solution which addresses these challenges for marketplaces while enabling them to remain in full control of operations.”

The report ‘Marketplaces Best Practices for a Successful Payments Strategy’ is based on a series of interviews with industry experts and marketplaces. The white paper is available for download here.

SafeCharge enables businesses to tap into growing WeChat Pay user base.

SafeCharge, the leading payments technology company, today announced that it is partnering with Tencent Holdings, the leading provider of internet value added services in China, to add WeChat Pay, the booming payment service of the Chinese messaging giant and China’s most popular social media on its global payments platform.

With more than 600 million monthly active user accounts in China at the end of December 2016, WeChat Pay is one of the most popular payment methods used by Chinese nationals today in and outside of China. A recent Counter Intelligence survey found that Chinese air travel to Europe increased by almost 20% in 2016, with travellers to Europe predicted to hit 90m by 2025. In 2016 Chinese tourists spent $87bn via OTA platforms, up 34% year on year.

By adding WeChat Pay to SafeCharge’s global payments platform, both online and brick and mortar retailers’ in Europe are now able to accept this incredibly popular Chinese payment method in their own or local currency.

“This agreement with SafeCharge enables online merchants to offer Chinese visitors to Europe the opportunity to pay quickly and easily with their preferred payment method. Smoothing the payment experience and reducing the trouble of forex exchange means that European brands become far more accessible to Chinese tourists,” stated the Vice President of Tencent Holdings.

“SafeCharge continues the rapid development of its innovative payment platform. By making WeChat pay available for retailers both online and in store, we demonstrate again our commitment to serve the world’s most demanding merchants looking for a strong global omnichannel payment solution,” stated David Avgi, CEO, SafeCharge.”

SafeCharge customers to accept card payments in the U.S. through partnership with Chase

SafeCharge (LON:SCH), a leading payments technology company, today announced a partnership to process payments in the United States through Chase, a global leader in card processing.

Through the partnership, SafeCharge customers will benefit from card processing under domestic conditions. For the consumer, this means a smoother payment experience and a greater likelihood of a transaction being accepted.

Chase serves more than 250,000 merchants and 560,000 locations across the United States. The company processed 16.88bn transactions in 2016 and this, according to Nilson, makes them the third largest acquirer in the US, representing around 20% of the market.

SafeCharge’s proprietary payments platform includes a gateway, a card issuer and acquirer itself meaning it connects directly to all the major card brands including Visa, MasterCard, American Express and China Union Pay. SafeCharge’s global payments platform is available in 4 continents providing cross border businesses diversified acquiring options to choose from in order to optimise their payment acceptance rate.

“The US is one of the biggest markets in the world. The Federal Reserve estimates that US credit and debit card payments were worth almost $6 trillion in 2016.There’s a growing requirement from both consumers and merchants to accommodate cross-border payment acceptance, boosting conversion and enhancing the customer experience,” said David Avgi, CEO, SafeCharge.

SafeCharge partners with Sphonic to provide leading-edge digital KYC and fraud prevention services

SafeCharge (LON:SCH), a leader in advanced payment technologies, has partnered with Sphonic, a data network of leading 3rd party vendors that provides real time authentication and fraud management decisions to a burgeoning digital world, to address industry-wide KYC and fraud prevention challenges. This partnership enables SafeCharge to add complimentary compliance services such as KYC, document verification, PEPS/Sanctions and enhance the company’s propriety, award-winning fraud prevention solution with additional capabilities.

To meet the growing needs of regulated gaming businesses and CFD brokers and to be prepared for a changing regulatory landscape, including PSD2 and the 4th AML Directive, SafeCharge has selected Sphonic’s Workflow Manager (WFM) to provide Know Your Customer (KYC) and document verification capabilities, while reducing customer friction and operational overheads.

Using Sphonic’s connection to multiple leading vendors, SafeCharge will create a vendor agnostic solution that will allow merchants to select and work with their KYC and document verification vendor of choice as well as increase onboarding customer conversion. The service includes:

  • Multi-bureau KYC verification, with intelligent in-flight routing based on pre-defined criteria such as geography, match rate level, commercial viability and more
  • Regulatory AML checks for PEPS/Sanctions
  • Enhanced digital insight including Device ID and Reputation capability, email/phone verification and validation, geo-location and distancing — and a host of others coupled with Sphonic’s unique approach in fusing multiple services to derive greater context

 

A Thomson Reuters 2016 Know Your Customer Survey revealed that ongoing regulatory change is the leading challenge around KYC: 87 percent of banks and 75 percent of investment managers believe regulatory and legislative change is the most influential factor for their KYC processes.

“To meet the needs of ongoing regulatory changes and our growing, diverse client-base, a multi-faceted approach to manage risk was required — and as such flexibility and access to multiple technologies was key to selecting Sphonic,” said David Avgi, CEO, SafeCharge. “SafeCharge continues to stay a step ahead in the digital KYC and fraud prevention space by embedding Sphonic’s technology into our Payments Platform, enabling us to provide comprehensive payments, anti-fraud and compliance services via a single integration.”

“We are excited to be part of SafeCharge’s enhancement of their KYC and fraud prevention services through our innovative WFM platform,” stated Riten Gohil, CEO, Sphonic. “The collaboration gives SafeCharge the ability to create a workflow that will cascade checks between different providers to get optimal results for merchants that are providing KYC for their customers. These customers now have access to our extensive capabilities, global reach and market-leading insights from our team of experts in this space.”

Meet SafeCharge at iFX EXPO International, Spyros Kyprianou Centre, Polemidia, Limassol, May 23-26, 2017 at Booth 9.

STUDY: 76% of merchants experienced at least one complete payments outage within the last year, reveals SafeCharge

A new study commissioned by SafeCharge (LON:SCH), a leader in advanced payment technologies, has revealed that payment outages and downtime are causing frequent disruption to merchants’ bottom line and growth abilities. The research ‘Payments, Interrupted’, conducted by WBR Digital, surveyed 200+ CFO, VP Finance, Payment Managers and Payments Controllers at large multinational retailers across Europe.

The research assesses the current performance and importance of payment services in terms of availability and transparency. It shows that reliability of service, along with the clarity of financial reporting, are major factors for merchants seeking business growth. It argues that payment providers must now demonstrate reliability, as well as their integrity in delivering these services.

Research highlights

  • 76% of merchants in Europe experienced at least one payments outage in the last year
  • 42% of retailers in Europe have experienced six or more partial outages in the last year
  • 39% of outages hit at peak time such as Black Friday, damaging reputation and customer loyalty
  • 73% of respondents reported that payment outages lasted between 15 minutes and one hour
  • 72% of retailers admitted to financial losses ranging from €10,000 – €100,000 per outage, with 11% citing losses of €1m or more
  • 86% of respondents lack access to online reporting functions
  • 64% of respondents would like a more transparent payment reporting
  • More than 60% of respondents do not have access to 24/7 support from a human

Shemer Katz, Chief Marketing Officer at SafeCharge states:

“Every second a merchant’s payments system is down means abandoned baskets, lost revenue and reputational damage. The research clearly shows that a reliable and transparent payments system is crucial to not only a merchant’s bottom line but also customer experience. It’s no surprise that customer confidence within a merchant erodes after experiencing payment friction due to downtime. There is a compelling need to provide new payment processing capabilities which enable optimal uptime and availability. SafeCharge has developed a fully featured proprietary payment platform connected directly to payment card schemes, therefore not depending on third parties, ensuring maximum reliability of its services.

“Another finding that can’t be ignored is the increasing need for financial transparency. 50% of the merchants we spoke to have no real-time access to fees, and 14% are not receiving a clear picture of what they’re being charged by their payment providers. It’s clear from the research that a lot of work needs to be undertaken by payments providers, and that payments processes need to be vastly improved for merchants. Payments has been likened to a black box for far too long and we believe that by giving merchants comprehensive insight into payments costs they will be able to ensure business continuity, improve operations and make better business decisions.”

SafeCharge Limited is an Electronic Money Institution authorised and regulated by the Central Bank of Cyprus and is a principal member of MasterCard, Visa and Unionpay International (CUP). SafeCharge Financial Services Limited is authorised and regulated by the Financial Conduct Authority as a Payment Institution. Both SafeCharge companies are wholly owned by SafeCharge International Group Limited.