WayForPay: A bit about accepting online payments
WayForPay online payment service in the Ukrainian market since 2014. For a year of work on the product, we decided to tell you what the system can do, what are the advantages, and what can be useful for an Internet business.
It's simple - they formed a product based on business problems when accepting online payments.
The current online buyer is quite demanding, especially demanding on the ease of purchase. Therefore, we decided to pay special attention to tokens and realize the possibility of online purchases in 1 click. In addition, realize the possibility of such purchases on mobile devices. Considering that about 12% of users consider the process of buying on a mobile long enough, and another 9% do not like to fill in a lot of data on a mobile device, including payment (according to Barclays research from the “Future of M-Commerce” report) - we decided that the ability to make a payment on the mobile in 1 click will be quite convenient for the user and beneficial for the business.
A set of payment decisions based on the specifics of the Internet business is also important. For example, now there are a lot of sites that are a kind of intermediary between the seller and the buyer and take a% or conditional fee for their services. These include food delivery services that can work with several restaurants and cafes, clothing and goods selling platforms, working with several suppliers, etc.
What is the problem for the business of accepting payments?
In that:
But, when implementing the right approach to business problems, these issues are easily resolved with the right payment solution for this type of business.
For the market as a whole, there is another problem - the trust between the seller and the buyer at the time the purchase is made. Now the issue of trust is most often solved by “cash on delivery”, but trust costs money for the buyer and is not always successful for the seller (if the client does not pick up the purchase). Therefore, we decided to develop and adapt to the market the service of holding (blocking) funds on the buyer's card.
The product was created at a time unstable for the country.
A crisis is a period when some market players can develop, while others, on the contrary, leave the market. Entering a market with a mediocre and weak product was tantamount to a fiasco.
Therefore, the formation of service options was based on the usefulness and need for a specific area of Internet business, and not just “for show”.
We place particular emphasis on the security of online payments for both buyers and the Internet business. We developed our own antifraud system - we customize the system for each business individually, then we check each transaction, assigning a certain reputation to the payer. There are more than 100 filters in the system through which the payment passes. Analysis of all system parameters allows you to minimize the level of fraudulent transactions.
We created a solution for credit organizations, which makes the online lending process no more than 15 minutes. We look in the direction of social commerce.
In fact, talking about special innovations that can make a significant difference in the online payment market is “loud”. We are just trying to realize what was stated before us, but never saw the light of day. Since the ability to implement the service and implement it taking into account the needs for the business is completely different things that can be useful to Internet entrepreneurship to varying degrees.
WayForPay Team.
What is the trick?
It's simple - they formed a product based on business problems when accepting online payments.
The current online buyer is quite demanding, especially demanding on the ease of purchase. Therefore, we decided to pay special attention to tokens and realize the possibility of online purchases in 1 click. In addition, realize the possibility of such purchases on mobile devices. Considering that about 12% of users consider the process of buying on a mobile long enough, and another 9% do not like to fill in a lot of data on a mobile device, including payment (according to Barclays research from the “Future of M-Commerce” report) - we decided that the ability to make a payment on the mobile in 1 click will be quite convenient for the user and beneficial for the business.
A set of payment decisions based on the specifics of the Internet business is also important. For example, now there are a lot of sites that are a kind of intermediary between the seller and the buyer and take a% or conditional fee for their services. These include food delivery services that can work with several restaurants and cafes, clothing and goods selling platforms, working with several suppliers, etc.
What is the problem for the business of accepting payments?
In that:
- The platform takes over the entire flow of payments, and then transfers money to partners, which will be able to form questions from the tax regarding the ratio of turnover and total profit of the service.
- Time spent on settlements with partners.
- The commission for accepting payment is assigned only to the service, when the bulk of the payment relates to the partner, and not to the site.
But, when implementing the right approach to business problems, these issues are easily resolved with the right payment solution for this type of business.
For the market as a whole, there is another problem - the trust between the seller and the buyer at the time the purchase is made. Now the issue of trust is most often solved by “cash on delivery”, but trust costs money for the buyer and is not always successful for the seller (if the client does not pick up the purchase). Therefore, we decided to develop and adapt to the market the service of holding (blocking) funds on the buyer's card.
Why created?
The product was created at a time unstable for the country.
A crisis is a period when some market players can develop, while others, on the contrary, leave the market. Entering a market with a mediocre and weak product was tantamount to a fiasco.
Therefore, the formation of service options was based on the usefulness and need for a specific area of Internet business, and not just “for show”.
What else did you manage to do?
We place particular emphasis on the security of online payments for both buyers and the Internet business. We developed our own antifraud system - we customize the system for each business individually, then we check each transaction, assigning a certain reputation to the payer. There are more than 100 filters in the system through which the payment passes. Analysis of all system parameters allows you to minimize the level of fraudulent transactions.
We created a solution for credit organizations, which makes the online lending process no more than 15 minutes. We look in the direction of social commerce.
In fact, talking about special innovations that can make a significant difference in the online payment market is “loud”. We are just trying to realize what was stated before us, but never saw the light of day. Since the ability to implement the service and implement it taking into account the needs for the business is completely different things that can be useful to Internet entrepreneurship to varying degrees.
WayForPay Team.