From October 15th the major card networks will sunset the usage of 3DS 1.0 and will only support EMV 3DS 2.1 or higher protocols. To make sure merchants stay competitive they need to upgrade to 3DS 2.2. This will lead to improved security and a better payment experience for their customers. Also, it will bring merchants the benefit of better protection against fraud and chargebacks, and decreased cart abandonment.
Managing their chargeback ratio is one of the biggest concerns for online merchants. The card schemes monitor merchants’ chargeback ratios, and a warning goes out when the merchants and acquirers exceed a certain threshold. First, the merchants get a fine or get submitted to a chargeback mitigation program. Ultimately, the merchants risk losing the MIDs and stopping their credit card processing. But before that happens, chances are that the acquirer has stepped in and frozen the MIDs, effectively halting the merchants from doing any transactions.
In this blog, we will discuss the various solutions that Forex brokers need to look for when considering which payment gateway to partner with. Huge transaction volumes for the Forex industry attract fraudsters trying to take advantage of non-secure payment processes. Additionally, the Forex market experiences a substantial level of chargebacks. This is one of the reasons why card schemes consider the Forex industry as high-risk. Hence, it is of utmost importance that Forex brokers establish a partnership with a payment gateway provider that understands the market and the concerns of the participants within the industry.
Ease of use and better security are two of the most essential characteristics for an online payment transaction. Keeping this in mind, SCA i.e, the Strong Customer Authentication, which came into force from January 2021 in the EU and was enforced in the UK by March 2022, provides a principle mechanism that works on ‘establishment of trust’. It incentivises the merchants to improve the transaction rate and volume related to their customers, which would decrease the number of requisite authentication steps in the said process.
To put it simply, tokens are randomised values that stand in for important pieces of information like a person’s social security number. All the while, the original sensitive data is stored safely outside the business’ internal systems.
An interesting way to understand this is by viewing tokens similarly to poker chips. Instead of having a ton of cash piled up on a table, players use poker chips. If stolen, these chips can’t be used as money in the real world; they can only be used when exchanged for their representative value. Tokenisation removes the valuable data from your current environment (like removing cash from the poker table), stores it in a secure cloud environment separate from your business systems (the chip dealer), and replaces it with tokens (gives players poker chips instead).
Payment orchestration platforms (POPs) aim to merge the many fragmented layers of payments, such as payment service providers (PSPs), acquirers, banks, risk management, analytics, and regulatory compliances into a single ecosystem. To put this in simpler words, payment orchestration platforms are essentially in charge of executing every part of the payment processing cycle from validation to routing to settlement with the use of the latest technology and innovations in the field. They take care of all the complexities of payment processing, allowing merchants more time to focus on their core business.
As we enter this new year still in the midst of a pandemic, it is vital for payment companies to foresee digital payment trends and plan ahead of time. The best way to predict customer patterns and preferences is to follow the current economy, the pandemic and of course innovations in digital payments. However, with the abundance of new payment tools, regulations and financing options it can be overwhelming to plan one’s next move for both merchants as well as payment companies. So we’ve broken down the most relevant changes and digital payment trends we expect to see in the payment industry this year.
It is a known prerogative that companies in the iGaming industry operate in an extremely competitive market, where no base can be left uncovered. Swift, hassle-free, and secure payment solutions form the fundamental structure of iGaming platforms and therefore, they have been at the forefront of innovation in the same. In the following article, we look at some of the most interesting developments in the iGaming industry’s payment processing that pave the path for the future along with certain challenges that might come in the way.
With the advent of technology, there have been path-breaking innovations in nearly every existing sector and the financial realm is no exception. One of the most prevalent results of this innovation is the rise of modern fintech firms that are catering to a wide range of customers with the provision of streamlined financial services, backed by the latest technology. The following article analyses the possible competition between the said traditional banks and modern fintechs – Are they “really” competing or can they join forces to build a more robust financial services sector?
Before we delve into the specifics, it is essential to understand how an online payment is completed to better understand the role of each component involved. There are essentially five parties involved in such transactions. These are –
- The merchant – Offers a service or a product that the potential customer would be willing to pay for. The relationship between the merchant and a customer willing to pay for a product can be understood as the starting point for an online payment transaction.
- The customer – The next party is the customer themselves. They would initiate a transaction of an over-the-web purchase by specifying or choosing the products/services they are willing to pay for. This shall be followed by them entering the requisite payment information.
As a startup, we expect things to be accomplished in a matter of hours and days instead of weeks and months; to be faster and more efficient at everything we do. Interns are in the learning phase of their career, transitioning from academics to the professional world. They are hungry to learn and grow. Hence, we found that hiring interns was the best way to grow our team and cultivate a culture that promotes quick learning and creativity. Millennials, when guided in the right direction, can quickly acquire new skills, apply them in short timeframes, and adapt to fast-changing situations.
In our previous blog, we explored the importance of fraud mitigation for payments in the iGaming industry. However, it is important to stress that implementing fraud prevention tools alone are not enough. Fraud management must work alongside efficiency-boosting solutions to make sure that a seamless payment experience goes hand in hand with strong compliance. Hence this blog will discuss the various payment solutions and features that are important complements to anti-fraud solutions in the iGaming industry.
The most important component of any iGaming business is to have fast and safe payment transactions. Because the main crux of these games is to make money, examples of which are poker, casino games, bingo, lottery, sports betting, etc. If one were to observe the largest iGaming markets, such as the UK, Italy and Sweden, one would see how highly competitive the industry is. With a structural change taking place in the United States, analysts at Goldman Sachs predict domestic iGaming market size growth from $1.5B today to $14B in 2033 (27% CAGR vs 18% E-Commerce benchmark). The Financial Times reported that the US States started to legalize sports betting, with New York being the largest state that has recently done so, and Michigan, New Jersey and Pennsylvania becoming one of the largest markets in the world on their own. However, these substantial market growth rates have also attracted the attention of cybercriminals.
Back in the day, people only got to interact with new people through friends, family, their university, job, or some other such intermediary. However now, more and more people are beginning to find their significant other through the internet! To be more specific, on dating apps. These apps have completely transformed the way we find love, as made evident by their rapidly growing popularity. The projected revenue for the dating app market is US$ 3.241 billion in 2021. Like any other industry in this era, innovation is a necessity- dating apps must constantly look to update their services and technology if they want to remain competitive. While some dating apps are free with paid add-on features, others run on a subscription-based model. There are several advantages and disadvantages to both models, but neither is exempted from the need to keep up with payment trends.
Given the ever-evolving nature of the crypto ecosystem, crypto merchants may struggle to grow and expand while managing to remain competitive. They are faced with various challenges while expanding, such as preventing fraud, integrating new payment methods, removing frictions from the customer experience etc. This is why partnering with the right payment platform that offers the latest innovative payment solutions is crucial for the long-term success of a crypto company. This blog aims to explore the various payment innovations crypto companies should look out for and how these solutions can benefit them.
This month marked the one-year anniversary of coronavirus lockdowns in most European countries. Since then, we had to change the way we interact, work and even pay. As a payments company, the latter is an especially interesting topic for us to address. Therefore, in this blog, we will take a look at how the coronavirus impacted peoples’ payment habits and whether these changes are long-lasting. Namely, with the pandemic’s end in sight, one needs to consider which consumer preferences and payment trends are here to stay and will become part of the new normal.
The ultimate goal of payments is to provide customers with a secure and frictionless checkout experience, while also increasing the merchant’s conversion rates. Pay-by-Link accomplishes this by providing shoppers with an alternative, quick payment option. Thus, it is essential to understand how Pay-by-Link works as it can provide immense benefits to merchants in any industry.
In the first part of our blogs about 3DS2 implementation (which you can find here), we discussed the key challenges and the importance of a good 3DS2 implementation. In this blog, we will turn to the solutions and take a closer look at what can be done to ensure smooth implementation.
The recent deadline for PSD2’s SCA implementation has been making headlines for quite some time now. Surely, this is a significant regulatory development in the market. However, the noteworthy amount of attention it has received can also be attributed to the arising issues of 3DS2 implementation. Although, transitioning to 3DS2 brings many new benefits when compared to 3DS1, its implementation can be cumbersome and present many challenges in itself. So let us now take a look at these key challenges and discuss the importance of a frictionless 3DS 2 implementation.
Now more than ever, organisations have access to large amounts of data that can be leveraged to their advantage. This age of big data and analytics has allowed merchants to make more strategic and informed operational decisions. However, the domain of payments has often been sidelined in the optimisation of data. While investing in analytics for areas such as marketing is more common, one should not underestimate the potential impact of payment data and insights. Given the growth in online transactions, now is the perfect time to learn how to use in-depth reporting features for online payments. This will enable merchants to not only significantly reduce their costs but also generate higher revenues. Let us take a look into how this is achieved.
Although Latin America does not have the largest e-commerce market, valued at only 200 billion, it is certainly an interesting market to explore. In fact, according to the EBANX study, LATAM is the second fastest-growing e-commerce market in the world, surpassed only by the Asia-Pacific region. Therefore, it presents a huge growth opportunity for forward-looking businesses and makes for an interesting territory to explore in our “Most Popular Payment Methods” series.
An acquirer specific approach is more of a traditional approach. It entails working with a single acquirer and often the merchant’s relationship with the gateway makes this mandatory. Specifically, the gateway will route all the transactions to this single acquirer with which it has partnered. Though many times well equipped in providing merchants with an efficient Payment Orchestration layer, acquirer specific gateways are highly incentivised not to do so.
Since many participants are involved in online transactions, quality integrations are vital in setting up a successful payments strategy.
Chetan Chadha is leading the Integration Team at WLPayments. His team is responsible for integrating with different merchants, acquirers, alternative payment methods, and other third-party solution providers. The team is well revered and respected in the industry for carrying out integrations of the highest quality and speed. We interviewed Chetan to give us more insight on this topic, and here is what he had to say:
As the economy becomes more digital and interconnected across borders, the trend towards global eCommerce steadily grows. Merchants are looking for new ways to build trust among their global audiences, who demand fast, reliable, and accessible payments. While on the surface this process may seem simple, a lot of effort actually goes into optimizing cross-border transactions. Namely, this entails adding local payment methods, a robust fraud solution, integrating with multiple acquirers, and setting aside time for cumbersome reconciliation.
The Nordic countries in Europe are widely recognized as being extremely modern and digitally savvy nations. In fact, a popular opinion in the payments space is that the Nordic countries will become the first “cashless” societies, clearly conveying the importance of digital payments in the region. This is also illustrated by the fact that 84.65% of Swedes shop online, making it the number one e-commerce embracing population in the world. According to the same report, Norway ranks as the second largest e-commerce market in terms of revenue per shopper. Therefore, it is no surprise that the Nordics are an attractive region for cross-border merchants and knowing about the local payment methods is imperative for expanding into these digital nations.
Considering the recently increasing shift from physical to online stores, customers are looking for ways that allow them to pay for their individual share when making a group purchase. In particular, when contributing towards gifts or group travel, the cost may be too hefty for any one individual to carry alone. Hence it’s essential for merchants to implement a way that allows dividing payments for a single transaction among multiple people. This is where our innovative solution comes into play- Split Payments; Going Dutch.
In this day and age, everyone is constantly looking for the quickest, most convenient way to execute a task. We see this trend applying to payments as well, from online shopping purchases to gaming top-ups. The younger generation of consumers demands a frictionless experience in their online shopping, and the e-commerce players are expected to deliver thereby. This is why merchants should consider optimizing their check-out experience with One-click Payment.
WLPayments, a trusted white-label global payment platform, allows merchants to run and manage a platform without the complexity of building the infrastructure themselves. Besides providing many conversion-boosting solutions, one critical feature of our payment gateway is its security. Due to the high interest in providing a secure payment process, we recently interviewed Lovepreet Singh, the Infrastructure Lead, to discuss the challenges of maintaining and securing a payment platform’s infrastructure.
E-commerce activities have been on the rise since the pandemic hit the world. According to Adobe, e-commerce growth has been massively accelerated by 4 or 6 years and expects to continue during the so-called ‘’second COVID-19 wave’’. Salesforce’s Shopping Index data have also indicated that global online sales revenue has grown up to 71% year-over-year in the second quarter of 2020. On the one hand, this change in buying behavior has impacted most traditional retail stores, still struggling to survive.
Payments are an integral part of your business and having the right partner to help you with this is a major advantage. As the world is shifting towards online payments, secure and fast transactions are a must-have.
As a solution, a White-Label payment gateway allows Payment Service Providers (PSPs), Acquirers, Independent Sales Organizations (ISOs) and online merchants to process payments with their own identity via third party services.
A White-Label payment gateway allows a payment company to process payments using a third party gateway provider by integrating the company’s logo and colours with payment processors to create a personalised solution.
In 2021, e-commerce is predicted to account for 18.1% of the global retail sales, one of the highest percentages in a single year, according to Statista. As international e-commerce offers many opportunities for global business expansion, it also presents a highly competitive market. Optimizing payment success rates, decreasing the cost of transactions, and maintaining redundancy during the payment process are just a few challenges that any online merchant might face. One solution is the use of Intelligent Transaction Routing (ITR), a technology of growing interest in the last few years.
According to the Worldplay annual payments report, digital wallets are set to be the most popular online payment method by 2023, with a 52% market share. This change is mainly driven by growing digitalization and smartphone penetration.
A digital wallet is a payment system for making e-commerce transactions. Usually, individuals’ bank accounts are linked with digital wallets, which securely stores user credentials and banking information. One can utilize digital wallets to both make payments online or also in-stores that accept mobile payments. Examples of the most popular digital wallets are ApplePay, Google Pay, Paypal, Venmo, and AliPay.
The e-commerce sector is growing at a rapid pace in Europe, with 13% growth in 2019 compared to 2018 and 23% of e-commerce being cross-border. Moreover, the coronavirus crisis further illuminated the importance of digital payments, forcing companies to evaluate their online presence.
This digital growth and external pressures present many opportunities to expand. Yet it is crucial to be aware of the most popular payment methods in other markets, as customers ultimately need to be able to complete the transaction and pay with their preferred method.
As the E-commerce sector is evolving, fraud is also becoming more prevalent and sophisticated.
Evidently, fraud management is of growing importance to businesses that attempt to break the cycle of this constant cat and mouse game. In this article, we will discuss the main challenges associated with fraud prevention and the relevant tools your business can adapt to mitigate the risks.
A lot of effort goes into getting visitors to the payment page.
In the e-commerce space, companies are (and should be) continually working on improving conversion rates. Testing the most beneficial Google Advertisements, designing the most frictionless and appealing landing pages, writing compelling and converting content are key tasks of content writers, online marketeers, SEA specialists, among others.
The Chief Technology Officer (CTO) of WLPayments discussing the role of the CTO in maintaining a high-quality payment platform
The payments landscape is evolving quickly and thus the CTOs are under more pressure than ever to keep up with the changes while performing their regular tasks simultaneously. We got a chance to talk to the CTO of WLPayments, Chinmay Jain, about these new challenges presented to CTOs and discuss what the payment platforms can offer to make their jobs easier.
No matter the size of your business, reconciliation is one of the principal accounting issues for finance teams that takes a life of its own.
Let’s find out why reconciliation is important for your company and what are the fundamental challenges associated with this internal control mechanism.
WLPayments is officially launched at the Webwinkel Vakdagen. “Over the last 3 months, we have already welcomed 4 new partners”
We knowingly speak of partners instead of customers, because we think of solutions and implement them in complete co-operation.
Corona is closing shops. Millions of companies feel the fall out caused by the handling of the Coronavirus pandemic.
Although most countries have their own policy in containing and battling the spread of the virus, most of them result in the closure of shops and factories unless they have been labelled as essential. Ensuring the companies’ survival during this pandemic, their owners are looking at alternative ways to keep servicing their customers while minimizing the risk of getting and spreading the coronavirus.
In the last edition of Who’s Who in Payments we had the honour to be named as one of the ‘Start Up’s to watch in 2020. They interviewed our CEO, Sunil Jhamb and learned how WLPayments is changing the market for managed payment platforms for PSP’s, ISOs, acquirers and banks.
With a focus on seamless integrations and customization to the client’s needs, WLPayments is a perfect partner for the IT department that is usually swamped with long term projects. With all the necessary API’s, plug-ins and wrappers, IT departments can play a fundamental role in creating the solutions that product managers need in growing the company.
In WLPayments has achieved a significant milestone in providing merchants with a complete acquirer agnostic payment gateway platform. The company has integrated the following global processors to their payment gateway solution:
GDPR stands for General Data Protection Regulation, Europe’s new framework for data protection laws. GDPR emphasizes on responsible handling of personal data by companies and authorities in order to protect citizens’ privacy and personal data from misuse or exploitation. It replaces the previous 1995 Data Protection Directive. The Data Protection Directive wasn’t written with the contemporary uses of data enabled by the internet and services – such as Facebook and Google – in mind, therefore it is now replaced by GDPR. GDPR emphasizes on the handling of personal data, and focuses on designs that center around data subjects.
It will cover all EU and non-EU companies, organisation that process European citizens’ data.