Superfast Integration of a Payment Platform for Financial Institutions

WL Payments is a spin-off of Newgen Payments. We talked to the CEO of WL Payments regarding the opportunities in the market, development in online payments, and the benefits WL Payments offers to its partners.

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. The most important feedback we receive is that the integrations have been super quick and professional, according to Sunil Jhamb.

How does WL Payments look at the market developments, and how do you respond?

Sunil Jhamb: More and more companies deal with online transactions one way or another. Web stores, but also factoring, collection, and government-related organizations have their payment problems. They have to offer consumers and companies the payment options that fit with the current digital developments. This requires more and more on the regulation side of these organizations, such as AVG, 3DS 2.3, and PSD2. But also the technological challenges become greater. Uptime, different payment methods, and issues such as fraud, and cybersecurity have high demands on the IT and commercial side of payments.

In which way does WL Payments step in on these changes?

Sunil Jhamb: We position ourselves as a caring partner regarding the requirements of the law and the demands of the customer. We can take care of a lot of issues thanks to combining our completely cloud-based and modular-built payments platform with our experienced integration team. Because of our white-label payment solution, customers can offer a state-of-the-art solution within their own platform, and in their own look and feel to their users. We make sure that their payment environment now, and in the future complies to the highest requirements regarding regulations and user experience.

What do your partners and customers notice?

Sunil Jhamb: Our partners notice first of all the lower costs, but more importantly a higher conversion of the transactions. Furthermore, they have less pressure on IT and compliance because we take care of it. The clients of our partners notice that they stay in the same environment with the same look-and-feel. That reassures. Additionally, they get more and better payment options. This is one of the elements that ensure that the transaction is completed faster and easier, resulting in a higher conversion ratio.

What else do you offer regarding enhanced conversion?

Sunil Jhamb: Because of our experience in e-commerce, our platform is more than ‘just’ a payment platform. Besides our big variation of payment solutions such as Going Dutch (doing an online payment together), QR payments, Social Media payments, and payment links, we also offer a lot of insights within our dashboard. Not just data, but also analyses where you can take directly action on. Only 3% of the customers end up on the payment page, we offer insights into the other 97% and show solutions on how you can improve your conversion. AI- and BI-analyses are currently magic words, but we also offer insights and learnings that parties can take directly action with. We make it possible for webshop owners to analyze customer segments or specific customers, with the goal of recognizing the behaviour on multiple contact points. Furthermore, the platform offers the possibility to undertake targeted promotional actions to top-clients or laggards.

For whom is WL Payments an interesting partner?

Sunil Jhamb: Every company or organization which offers payment options to third-parties should investigate whether they should continue with doing it on their own, or continuing with their current supplier. We are innovative and efficient enough that I expect that for a lot of companies we can contribute to what is left over every year. At the same time, we lower the risk of business operations. PSP’s, acquirers, banks, but also previously mentioned categories such as collection and factoring companies can accommodate their customers on the highest level. All of this in their own house style.

Do these migrations and integrations probably require a lot of time and money?

Sunil Jhamb: The platform is developed in-house and has a modern and modular (flexible) structure to serve the desired and requirements from our partners. Practice shows. We think in terms of hours and days instead of weeks and months for the connection of partners, acquirers, and merchants. With a classic model, the integration of an acquirer takes about six weeks, with WL Payments this is a matter of several days. Connecting a merchant is just a matter of minutes. We have all the necessary API’s and plug-ins. Our current partners love to serve as a reference and were truly astounded and how faster could launch with us, or actually our platform.

Do you want to know more about what WL Payments can do for your company or do you want to book a demo? Please send an email to [email protected]