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.
Intelligent Transaction Routing (ITR), also known as cascading transaction routing, can be defined as a flexible process engine that dynamically manages the transaction flow. Via a payment network, ITR ensures that each transaction routes or cascades to the acquiring bank that is most likely to approve quickly and successfully.
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 WL Payments 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 WL Payments, 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.
WL Payments 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 WL Payments 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, WL Payments 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.