PayTabs and Payoneer join hands to fortify payments

Tag: online payment platform

PayTabs and Payoneer join hands to fortify payments

PayTabs and Payoneer join hands to fortify payments

A strategic partnership between PayTabs, the award winning, B2B payment service provider and Payoneer, the leading omni-platform for digital growth, aims to let extend to thousands of global merchants and small businesses in India with additional benefits in international payment transactions.

International Payments:
Cross-border payments have become mainstream with the advancement of digital payment technologies and the growth in e-commerce. It has emerged as one of the most prominent metrics to gauge the success of an online business. It is imperative for a business to ensure that their cross-border payments are handled securely and efficiently. PayTabs aims to provide such services to merchants in the MENA region and will enable Payoneer merchants to process payments globally with their e-commerce solutions.

According to World Pay’s Global Payment Report, e-commerce is expected to surpass $4.6 trillion globally by 2022. ‘Whatever we buy, whenever we buy, however we buy, the global consumer economy has become a Now Economy’, quotes the report. Proper management of cross border transactions ensure that the lag time between the payment of money by customers and the receipt of funds by the business is substantially reduced. Such management of funds ensures that the business remains liquid and chances of a cash crunch are minimized.

Payoneer: Pioneer in Cross-Border Payment Segment
Payoneer is a leading digital payment platform empowering business around the world to grow globally. Payoneer’s digital platform streamlines global commerce for millions of small businesses, marketplaces and enterprises from 200 countries and territories. Payoneer delivers a suite of services that includes cross-border payments, working capital, tax solutions and risk management to millions of customers including leading brands.
Leveraging on its global operations and banking infrastructure, Payoneer offers customer an easy and secure cross border payments solution. Payoneer supports over 150 currencies and delivers seamless commerce to customers at competitive rates.

PayTabs & Payoneer Collaboration
The tie-up is designed to create synergies by combining the expertise of two market leaders. These include merchants being able to enjoy direct deposit of funds into their business accounts, thus ensuring faster settlement turnaround for merchants. Owing to the elimination of intermediary banks, merchants will also be able to benefit from lower forex markup and charges so they can take advantage of more cost-effective settlements. PayTabs will also enable Payoneer merchants to process payments globally with its B2B e-commerce solutions. Small and medium businesses and service providers selling goods or services through their own websites to customers abroad will now have a seamless way to collect and move payments. For example, an e-tailer or service provider selling through his their own website to a customer cross border, will get an integrated product — a payment gateway — and settlement framework that would seamlessly settle funds into their local bank account. This is expected to especially benefit merchants, such as those providing education services through e-learning platforms or those which offer ayurvedic products or clothing and fashion accessories on their websites, to collect payments from individual customers overseas without having to worry about setting up a payments gateway, which is a costly and cumbersome process.

Whether you are looking to expand your business to new countries or are planning on tying up with new platforms, Payoneer and PayTabs are here to assist in your endeavors.

Online marketplace vs e-commerce webpage – which one you should turn to?

Online marketplace vs e-commerce webpage – which one you should turn to?

With an increasing pressure to maintain a good digital presence, sellers are often faced with a dilemma. Whether to invest in one’s own e-commerce website or list products and services on an online marketplace for a fee? Though both are entirely based online, one must be well aware of the differences, pros and cons of both the options. This way, one can make a well-informed decision, best suited to one’s business model. The following are the features, advantages and disadvantages of each of the two options:

  1. Operating model: An online selling model wins hands down over the traditional brick and mortar shop by way of customer reach and access.
    • E-commerce webpage: An e-commerce website is an independent extension of one’s business i.e. an online store. The portal would host the entire product catalogue with brand details and pricing.
    • Online marketplace: On the other hand, an online marketplace is where one lists one’s products, along with many sellers, for potential customers to browse and buy. The website owner allows third party sellers to sell to customers in return for a fee.
  2. Cost dynamics: An e-commerce site needs to be running 24×7 and requires considerable monetary investment and set up time by way of development, design, selection of domain name, hosting services, integrating a shopping cart, content and can then take payments online. It requires hiring of skilled talent to maintain the site and resolve technical issues. There is minimal cost involved in a marketplace, as one can register, upload and sell the products via the digital platform.
  3. Winning customers: E-commerce requires marketing efforts to build a loyal customer base and ensure sales conversion. However, since it exclusively hosts in-house products, there is potential to earn better margins in case of higher traffic. Further, one can establish direct rapport with customers and send emails on product promotions, discounts or offers. This might result in higher repeat sales. Marketplaces are on the other hand, purely transaction based, and seek to match seller’s products with potential customers. However, since one is competing with several other sellers in the marketplace, one needs to have a good product differentiation or offer discounts to attract customers. In this case, the profit margins might take a hit.
  4. Brand building: E-commerce offers ample opportunities to develop one’s brand and offer customized products to customers. Marketplaces would uniformly promote all listed products and try to enhance website visitors. One might lose sales to competitor sellers. Thus, there are limited opportunities to engage with customers and develop leads. This is because the payment processing and transaction is handled by the online marketplace.
  5. Ease of navigation: An e-commerce website offers products based on separate categories. Hence a customer can easily filter the products or search based on a refined criterion to access the listings. Plus, the product universe would be relatively lesser compared to a marketplace, owing to being restricted to a single seller. In case of a marketplace, the products are organized as sets with multiple sellers. Owing to larger data set, the product selection might be a time-consuming process.
  6. Control aspect: In an e-commerce site, one can control all the aspects of design, content, templates, security aspects, payment mode and integration of payment gateways. There are no limitations on the character limits or guidelines to follow. One can create a unique customer experience and engage better with the customer. There is no flexibility of customization in a marketplace that functions as a one stop shop. Thus, the design, content and templates are as per the choice of the online platform owner. Further, to attract more customers, there may be multiple online payment platforms.

In conclusion, you need to remember that a one size fits all concept never works in business. An online marketplace might help increase sales conversion in case of a relatively new business. On the other hand, in case of a business with an established client base, it would make sense to operate an in-house e-commerce portal. One must take a suitable decision based on the vendors’ business model, nature of products, specific needs, client base and pricing model.

How to retrieve your money from a not-so friendly fraud

How to retrieve your money from a not-so friendly fraud

A friendly fraud is probably a misnomer. In reality, it can be a harrowing experience for the merchant, who completed the transaction. Friendly fraud occurs when a cardholder files a chargeback instead of requesting a refund from the merchant for a legitimate purchase. It can be filed by mistake by the customer or even intentionally in some cases. While such incidents of disputed transactions are on the rise with the predominance of digital transactions, the following are the ways in which the merchant can mitigate the risks:

  1. Switch to a fool proof secure payment solution: It would be prudent to adopt a secure payment processor, which offers a comprehensive, multi-level risk protection to detect any fraud incidents or outliers and red flags the issue in a timely manner. Incorporation of verification tools like fingerprint, facial or retina recognition to work on mobile applications would also go a long way to prevent fraud risks.
  2. Adopt a 3D Secure authentication: Under this online payment platform, the customer’s card is promptly validated by the issuing bank, prior to the transaction. Thus, it’s extremely difficult for the customer to later claim any unauthorized charges. Some merchants are reluctant to adopt this approach owing to the fear of reduced sales conversion or cancellation of the transaction due to the customer being kept waiting for the bank confirmation.
  3. Keep the communication channels open: It is advisable to offer 24*7 support to customers for post sales services. A good business rapport would help clear any potential differences or misunderstanding with the customer. The merchant could also negotiate a lower chargeback charge or its cancellation by the customer and reduce potential monetary losses. One should also regularly apprise the customer before charging for recurring payments.
  4. Establish a solid return policy and delivery tracking mechanism: It is a good practice to make the customer aware in prior of the return, cancellation and refund policies. This would reduce the chances of chargeback filed by mistake. The merchant could also have a software to track the delivery status of the product, with a signed customer confirmation upon receipt of the product by customer at the shipping address.
  5. Maintain adequate data trail: Documentary evidence is key when it comes to validation of online transactions. This should ideally capture details of product description, agreed pricing and the date of transaction. This is vital as in many cases the chargeback is claimed on frivolous or false grounds like non-delivery of the products, delivery of counterfeit or wrong items, non-cancellation of recurring charges by the merchant inspite of customer requests and the original transaction was unauthorized in the first place. Hence the need for retention of sufficient papers to support the online transaction.
  6. Distinguish between accidental and intentional fraud: This identification is crucial. While the former can be settled by talks with the customer, the latter, being malicious in intent is a different ball game. The merchant is not in a very advantageous position as far as the law goes with limited power to get the chargeback reversed. Similar to a ‘guilty until proven innocent’ situation. This is because in most cases, it is likely that the bank would side with the customer than the merchant.

To conclude, in case one does land in the soup and has to face monetary losses from chargeback charges, loss of shipping costs and transaction processing fees, it is best to hold one’s ground. In case, the quantum of money is huge, it is best to get professional, legal advice. Further, repeat transactions with such errant customers should be absolutely avoided as the adage goes “once bitten, twice shy.”

How to setup your e-commerce store using Payshop

How to setup your e-commerce store using Payshop

We are all aware that e-stores are more than just an add-on in today’s world. They are now a necessity. E-stores are fast becoming the preferred choice for buyers to make purchases. With their online presence, e-stores are easily searchable through most search engines, thus enabling the retailer to reach a wider customer base.

Here we present to you Payshop, a single-stop resource for all your e-retailing needs. Payshop gives you access to a multitude of templates, effective SEO tools, and everything else you need to run your e-commerce store.

While brick and mortar stores have limitations when it comes to timing, e-stores are available all the time. So buyers can make purchases at their leisure. Additionally, the detailed descriptions provided on e-stores make it easier for buyers to make purchase decisions quickly, while online payment platforms make the transactions much simpler.

Payshop, through Expandcart software, provides you with a volley of highly responsive and beautifully designed templates to start up an online store. Another one, Xcart software, is a type of PCI-DSS compliant software that gives you the freedom to operate flawlessly on your personal server. Xcart helps your e-store integrate seamlessly with the most popular payment gateways.

So, if you are a retailer without an e-store, Payshop can help you create one with ease.

Find templates

A good e-store requires a good template. The very first thing that a prospective buyer notices is how your e-store makes them feel. A template can tell a lot about a business and can help build trust and confidence in buyers. At Payshop, you are able to find pre-designed templates for your web-store. You can find the template that is the best possible fit for your business without the hassle of having someone create a template for you. The choices are all laid out, all you need to do is pick one and it’s yours.

SEO tools

It is common knowledge now that search engine optimization is vital for the growth of a business with an online presence. Where your store appears on a search engine, has a huge role to play in its growth and expansion. Payshop provides you with a myriad of SEO solutions to fit your business needs. Using these simple tools and effective strategies, you can help your business grow by leaps and bounds.

One-time licensing fee

Most e-commerce providers, which are supposedly ‘free’, charge you heavy hidden fees when it comes to transactions or a monthly subscription. With Payshop, you needn’t worry about being duped. Payshop charges you a one-time licensing fee with no hidden costs which will sneak up on you in the future. It’s a one-time investment for a lifetime of worry-free e-retailing.

Social media and marketing campaigns

In order to enable any e-store to be heard over the cacophony of loud online retailers trying to sell their wares, it is vital to create unique and strategic marketing and social media campaigns. Marketing for an e-retailing site must be aggressive if you are aiming to outrun the competition.

A business must aim to not only make its campaigns unique but also to be able to touch an emotional chord with its buyers. Payshop gives you the ability to design and run social media and marketing campaigns that will make the presence of your e-store known by the world.

Set up your e-shop with Payshop

People want to be able to do things quickly and with ease. E-retailing is now the major choice of buyers for making any kind of purchase. For the growth and survival of your business, creating and maintaining an e-store is a necessity. E-retailing enables you not only to maintain your older client base but also to grow and expand, and reach out to a whole new section of people. It allows your business to reach places way beyond what you could have ever imagined.

An online business needs to have an online payment gateway to operate. Payshop supports seamless integration of a payment gateway into your e-store. By creating an e-store using Payshop, you will be able to reach out to a worldwide audience.

Cross-border e-commerce trends that you just cannot ignore

Cross-border e-commerce trends that you just cannot ignore

E-commerce is a rapidly evolving area and it can be a daunting task trying to keep up with the trends. With the advent of technology, some of the ways in which we meet our basic needs have undergone a tremendous change. Online retailing is one such major gift.

As more and more people have begun to prefer e-commerce, it is becoming essential to adapt accordingly for the businesses to keep growing. Brick and mortar stores are no longer the preferred choice, as many brands and companies have begun to adopt e-commerce instead.

And the e-commerce market is not confined to a specific location, like a particular country, but has a worldwide presence. In keeping with the times, it has become vital for businesses to keep up with cross-border e-commerce trends, not only to sustain but to grow.

Access to the web

Everyone you meet, every person that you know and even people on the street, everyone owns a smartphone. As internet literacy grows, people find themselves with easier access to businesses around the world. This is a great time for businesses to expand into the e-commerce world and cash in on the general global trend of growth in internet usage.

Global becomes local

With the mammoth growth in internet marketing, more and more businesses are joining in the e-commerce world. People now have access to global stores right from their screens. Products are available from anywhere in the world and can be sent to anywhere. The need to travel distances to make specific purchases is long gone. The businesses that have made themselves available globally have seen massive growth and have managed to take over the cross-border e-commerce industry.

Ease of access

For the growth of any e-commerce undertaking, it is essential for the business to make itself as easily accessible as can be. With monetary transactions being a major concern for prospective buyers, providing secure and simple payment options is vital. There is a myriad of online payment platforms available that provide complete security and good services. Making the process of purchase simple is a great way to grow in the e-commerce industry.

Competitive prices

One of the most significant ways to make the consumers happy is to give them the best rates for your products or services. With e-commerce, it is all the more essential to keep on top of the competition at all times. With consumers having so much access to so many businesses, without having to physically go and find the best bargain, showing them that you offer the best product at the least price is vital. It is very important to change online prices according to the changes in currency as well.

Understanding the local consumer

When setting up a cross-border e-commerce business, it is essential to understand the customs and traditions of the local people. A smart study of the local market and its trends can help a business brings forth products and offers that the local majority cannot refuse. Catering to the needs of the local consumer in the best way possible is the only real means of survival when it comes to cross-border e-commerce.

Customer support and services

When competing in an e-commerce setting, it is wise to create an easily accessible customer support system. For international customers to feel safe and satisfied, around-the-clock consumer support system is a good idea. Auxiliary services not only keep the current consumer happy but also help bring in new business through word of mouth and internet reviews.

The Bottom Line

E-commerce is exploding and with it comes a great opportunity for local businesses to go global. By providing a great product, and a reliable payment gateway and customer support system, any business can establish a global presence in a short duration. However, as easy as that might sound, it is exceptionally important for businesses to stay on top of their game by adopting best business practices.