During the first year, the ING-Payvision partnership brought forward an exclusive blend of payments and banking products to the industry. Besides serving merchants across the globe with a data-driven, omnichannel payments platform, the combined proposition also integrates Internet of Things capabilities from both companies, such as FINN, into a wider fintech ecosystem. This empowers Payvision to accommodate any payment method: from traditional cards to Apple Pay, soon to be introduced by ING in the Netherlands, as well as invisible payment capabilities in the future. In 2018, the strategic focus was placed on serving mid-sized merchants in Belgium and the Netherlands, and large corporations with a global reach. During 2019, this is planned to be extended to all SME customers of ING.

“This first year of partnership involved a deep understanding and adjustment to each other’s business styles, and we all benefited from the creative, straightforward entrepreneurial spirit of Payvision coupled with the resourcefulness and the broader financial knowledge of ING,” said Mark Buitenhek, Global Head Transaction Services at ING Group.

Payvision’s speedy growth paired with the addition of its affiliate company, Acapture, and strategic partnership with ING brought forward the need to redefine its brand position in the payments industry. As part of the rebranding process, the Acapture platform was integrated under the new Payvision brand, uniting the payment solutions offered via Acapture with Payvision’s acquiring network.

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The partnership creates a single platform capable of managing every type of e-commerce fraud facilitated by Sift Science. Acapture’s in-house global acquiring solutions offer access to payment data and insights into the payments journey of the end consumer. This data paired up with Sift Science’s cutting-edge machine learning models make the ultimate fraud management solution to protect merchants in the fast-paced fraud landscape.

“We’re delighted to have Sift Science as our trusted partner for our long-term mission to help merchants to fight fraud and deliver a better consumer experience,” said Rudolf Booker, Acapture CEO. “By working together, we are confident that the practical expertise in fraud management and machine learning of Sift Science combined with the complete insight into the entire transaction flow enabled by Acapture positions us as merchants’ first choice for fraud management”.

“Acapture’s data and our machine learning models will drive business growth by reducing fraud, false positives, and operational costs,” said Jason Tan, Sift Science CEO. “Combining our proven technology platforms, merchants automatically know who’s trustworthy and risky. They no longer need to make a tradeoff between protecting and growing their business.”

E-commerce fraud has always been merchants’ top of mind challenge that keeps on disrupting them from their core business, preventing them from making the most out of their incoming traffic. Due to the limitations on rule-based applications, many genuine transactions are rejected, resulting in legitimate customers being disappointed by their shopping experience. This rigid fraud prevention approach not only has a negative impact on conversion rates but also on the brand’s reputation especially nowadays, with social media platforms giving consumers a powerful voice.  Acapture’s partnership with Sift Science aims to reduce the number of genuine customers being blocked and optimize conversions using customized, data-enriched machine learning models. Merchants can ultimately focus on scaling-up their business and not be distracted by fraud.

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Author: Cheng Liem Li, CCO – Payvision & Acapture

Since 2014, Payvision has been running the biggest annual global survey on cross-border e-commerce in the industry. This in-depth research seeks the opinions of key players from all aspects of online retail, including merchants, service providers and analysts, to take the pulse of the sector and offer key, actionable statistics for ambitious retailers strategizing for the coming years. Here are the main takeaways from this year’s edition.

Cross-border e-commerce confidence high
Every year, the survey begins by asking respondents how much they agree with a key statement: Cross-border e-commerce has proven to be profitable. Last year, for the first time, the results showed a dip in confidence levels, with a 5% lower rate of agreement than in 2015.
This year, confidence is back with a bang. A record 50% agreed that cross-border e-commerce is profitable, while a very respectable 31% strongly agreed with the statement.
Why the surge in optimism? Well, firstly, there is the China question. After Q1 2016’s surprise slowdown in growth rates, the Chinese economy stabilized and went on to record stronger year-on-year growth in the first two quarters of 2017. Also, the results suggest that merchants have experienced success in their omnichannel, m-commerce and in-store operations over the last 12 months.
In fact, the compound annual growth rate predicted for cross-border e-commerce over the next three years is now 17%, whereas it stands at just 12% for e-commerce overall. So, cross-border e-commerce is growing faster than its domestic equivalent.
The generally confident mood extends further in the survey, the majority of respondents disagreeing with the idea that cross-border e-commerce and omnichannel shopping are too complex.

The factors driving change
For the first time since the survey began, m-commerce has failed to top the list when respondents were asked to name their key game changer for the sector. Though it was still cited by 9% of the respondents, it came in fourth, overtaken by alternative payment methods, the internet of things (IoT) and, way out in front in number one position, the increasing influence of online marketplaces.
What else can you expect in a year when Alibaba and Amazon continued to dominate the global market and 40% of all e-commerce is now done through online marketplace platforms?

The political climate
Wherever you stand politically, it’s unquestionable that the geopolitical landscape appears to be shifting. The election of Donald Trump in the US and success of the ‘Leave’ campaign in the Brexit referendum took many by surprise in 2016, and respondents reported mixed feelings about both of these democratic results.
When asked whether or not they thought Brexit would have a positive impact upon cross-border e-commerce between the UK and Europe, the majority of respondents chose the ‘neutral’ option, though a larger percentage disagreed with the idea than agreed. This indicates that, as with so much related to the Brexit negotiations currently taking place, it is simply not yet known how they will affect cross-border e-commerce.
As for Trump, our respondents were a little more decisive, with a majority believing the sitting Commander-in-chief would not have a positive impact on cross-border e-commerce.

Legislation concerns
Next year, the European Union will introduce two key pieces of legislation that could massively impact cross-border merchants: the new Payment Services Directive (PSD2), designed to improve competition and make payments safer for consumers, and the General Data Protection Regulation (GDPR), designed to put consumers in control of their personal information.
The majority of respondents expressed concern about how new legislation could affect their business and with good cause. In the case of PSD2, companies that are not in compliance with its regulations by January 1st next year, could face strict penalties. To help prevent this, Payvision’s subsidiary, Acapture, recently launched SlicePay, a solution that ensures clients operate in complete compliance with PSD2. SlicePay is a PSD2 and BaFin compliant payment product that supports merchants to handle complex split settlements. It is an easy-to-integrate product designed to reduce the burden of payouts to multiple parties in various countries and currencies. It supports marketplaces, sharing economy operators, franchises, online travel agencies and other companies handling third-party funds to become fully compliant with PSD2. To find out more about how SlicePay helps deal with new regulation, see www.acapture.com/slicepay/

Retail is experience
With 95% of consumers saying they would make a repeat purchase from a retailer based on a positive return or exchange experience and 46% saying they would make a repeat purchase if they felt the merchant had given them a truly personalized shopping experience, it’s not surprising to see customer experience at the front of our respondents’ minds.
63% now offer free domestic delivery and 51% offer click-and-collect, though just 21% offer free international delivery. Interestingly, however, of those merchants, more agree than disagree that offering free international delivery has boosted sales. Improving the ordering and delivery process is clearly crucial for international expansion. In fact, 43% of the respondents cited Logistics and Delivery as a key pain point in cross-border e-commerce.
This plays out when you look at consumer preferences in major markets. In many wealthy, mature e-commerce regions such as the UK, Germany and the USA, there is a reluctance amongst consumers to shop from foreign websites and one of the most commonly mentioned reasons for this is long delivery times. For example, Swedish digital buyers are, on average, prepared to wait no more than 3 and a half days for a product, which is a delivery time beyond the abilities of many international online retail companies.

These numbers are just the tip of the iceberg. Payvision’s latest white paper Key Business Drivers and Opportunities in Cross-border Ecommerce 2017 brings together all of the results, illustrated beautifully in slick, easy-to-follow graphics. It also lists the most up-to-date e-commerce statistics in every major region worldwide, with rare data on market value and import/export opportunities. Plus it offers a detailed analysis of some of the most influential happenings in both business and geopolitics over the last year, how they have affected cross-border e-commerce and what merchants may need to do to prepare for next year.

Put simply, it’s a must-read for any cross-border retailer with ambitions to expand internationally in 2018 and it’s available free to download at http://www.payvision.com/cross-border-ecommerce-report-survey-2017.

The post Marketplaces on top, cross-border surging and merchants feeling confident appeared first on Cross-Border Magazine.

Data is available from markets such as Australia, Brazil, Belgium, China, Canada, France, the Netherlands, Norway, Germany, India, New Zealand, the UK, the USA, Poland and more.

To get familiar with the statistics of 31 of the world’s exciting e-commerce markets, download the infographics here.

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Through PSD2, the European Union (EU) opens up the market to new parties, lowers the influence of banks and adds new measures to protect citizens and their funds. Organizations that operate a marketplace business model, handling transactions between two or more parties, when either or both of the parties are located in the EU, are severely disrupted by PSD2. They need to either obtain a payment institution license or find an accredited partner to fulfill the transactions on their behalf. This also applies to Asia and US based merchants if they want to expand their business into the European region. Obtaining such a license is costly both in terms of time and resources.

Acapture is accredited to handle these types of transactions on behalf of its merchants, as it is a licensed payment institution in the EU. Through a simple and automated set of APIs calls, the merchant can instruct the system to split transactions and payout funds to its sellers. The seller can receive funds directly into their bank accounts, with no need for e-wallets. The solution does not interfere with the merchant’s business model, offering a compliant solution, keeping the consumers’ funds safe and secure.

Alongside the challenge of PSD2, these organizations also need to manage complex payouts to various partners. With one RESTful API, SlicePay makes this process simple through an automated payment system. The marketplace receives a single payment from the buyer, which SlicePay splits between the sellers, in the right currency, at the right time and in compliance with all regulations. If needed, a secured account can be used to hold the funds until the product has been delivered.

Companies that fail to become PSD2 compliant could face major financial penalties if found operating without a license from January 2018 onwards. More information regarding the implications and consequences of PSD2 can be found here. Marketplaces can check if PSD2 affects them here.

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Moreover, the web shop solution unifies the consumer touch points, gathering the shopping journey data from all online, offline, mobile and virtual channels, and creating a complete overview of the consumer shopping patterns meant to optimize the e-commerce solutions available for merchants. “The VR channel was the missing piece from our offering. We provide not just products, but real world experiences and VR allows our buyers to test that experience in a way no other channel can. With this application, we can see how long which consumers browse which products and segments of our catalog, providing a new level of insight into their shopping journey and allowing us to adjust our process, ultimately leading to higher conversions.” Says Nick Gelevert, Boatsters, CEO.

Acapture is a subsidiary company of Payvision, a global card acquiring network. Acapture combines with Payvision to maximize the revenues of merchants and help them grow their business globally through a data-driven omnichannel payment solution, capable of managing a payment at every stage.

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With Acapture joining the MRC community, merchant members will have access to its data-driven payments solutions designed to increase revenues through improved authorization rates, fraud reduction, checkout experience and customer journey insights with the help of data science. Next to these payment solutions, MRC merchants will benefit from the research that Acapture releases on a regular basis, examining commerce topics and trends.

“We’re delighted to become an MRC member.”, said Cheng Liem Li, CCO Acapture, “Joining this great community and working together with peers and merchants to push this exciting industry supports us in our pursuit of innovation and delivering custom machine learning products that can cater multiple e-commerce business models.”

Acapture’s latest research reports exploring either different e-commerce verticals, future trends in consumer behavior, regulatory changes or technology trends shaping the commerce industry are available on acapture.com.

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