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’ payment platform offers to its partners.

WL Payments has been officially launched at the Webwinkel Vakdagen. “Over the last 3 months, we have already welcomed 4 new partners to our payment platform”. We knowingly speak of them as partners instead of customers, since we think of solutions and implement them in complete co-operation with them. According to Sunil Jhamb, the most important feedback we have received is that the integrations have been super quick and professional.

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

Sunil JhambMore and more companies deal with online transactions one way or another. Not only Web stores, but also factoring, collection, and government-related organizations have payment problems. They have to offer consumers and companies payment options that fit with the current digital developments. This not only requires more and more on the regulation side of these organizations, such as AVG, 3DS 2.3, and PSD2 but the technological challenges also become greater. Moreover, 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 keeping in mind the requirements of the law and the demands of the customer. We can take care of a lot of issues thanks to a combination of our completely cloud-based and modular-built payments platform and our experienced integration team. With our white-label payment solution, our partners can offer state-of-the-art solutions within their own platform, and maintain their own personal look and feel for their users. We make sure that their payment environment now, and in the future complies with the highest requirements for regulations and user experience.

What do your partners and customers notice?

Sunil JhambOur partners first notice the lower costs, but then more importantly notice the higher conversions for their transactions. Furthermore, they have less of the pressure for IT and compliance because we take care of that. The clients of our partners notice that they stay in the same environment with the same look-and-feel and find this reassuring. Additionally, they get a variety of better payment options. This is what ensures that the transaction is easier and faster to complete, 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. Aside from 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. This is not just data, but also analysis that you can take action on directly. Only 3% of the customers end up on the payment page, but we still offer insights into the other 97% and provide solutions for how one can improve conversions.

AI- and BI-analyses are currently magic words, but we also offer insights and learning that parties can take action with directly. Furthermore, we make it possible for web-shop owners to analyze specific customer segments or customers, with the goal of recognizing their behavior from multiple contact points. Lastly, the payment platform offers the possibility to undertake targeted promotional actions on top-clients or laggards.

Who would find WL Payments to be 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. PSPs, acquirers, banks, but also previously mentioned categories such as collection and factoring companies can provide their customers the highest level of accommodation. Most importantly, all of this can be done in the business’ own house style.

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

Sunil Jhamb: The payment platform is developed in-house and has a modern and modular (flexible) structure to serve the desired requirements of 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 would generally take around six weeks, whereas with WL Payments this is done in only a matter of days. Even connecting a merchant is done in a few minutes. We have all the necessary API’s and plug-ins. Our current partners love to serve as a reference and were truly astounded by how much faster they could launch with our payment 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 us an email to [email protected]