WayForPay: A little about accepting online payments
The service of accepting online payments WayForPay in the Ukrainian market since 2014. During the year of work on the product, we decided to tell what the system can do, what are the advantages, and how it can be useful for online business.
Everything is simple - they formed a product based on business problems when accepting online payments.
The current Internet buyer is quite demanding, especially picky about the simplicity of the purchase. Therefore, we decided to pay special attention to the tokens and realize the possibility of online purchases in 1 click. In addition, to realize the possibility of such purchases on mobile devices. Considering that about 12% of users consider the buying process on mobile to be quite long, and another 9% do not like to fill in a lot of data on their mobile device, including billing (according to Barclays research from the “Future of M-Commerce” report) - we decided that the ability to make payment on a mobile in 1 click will be quite convenient for the user and profitable for the business.
Also important is a set of payment solutions based on the specifics of the Internet business. For example, now there are a lot of sites that are a kind of intermediary between the seller and the buyer and take% or conditional fees for their services. These include food delivery services that can work with several restaurants and cafes, clothing and goods selling sites that work with several suppliers, etc.
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What is the problem for businesses from accepting payments?
In that:
But, when implementing the correct approach to business problems, these issues are easily solved 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 of the purchase. 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 (unless the customer picks up the purchase). Therefore, we decided to develop and adapt a market for the holding (blocking) of funds on the buyer's card for the market.
The product was created at a time unstable for the country.
A crisis is a period when some market players may develop, others, on the contrary, leave the market. Going with a mediocre and weak product on the market was equal to a fiasco.
Therefore, the formation of service options was based on the usefulness and necessity of a specific direction of the Internet business, and not just “for show”.
We place special emphasis on the security of online payments for both buyers and online businesses. We developed our own anti-fraud system - we set up the system for each business individually, then we check each transaction, assigning a certain reputation to the payer. The system has more than 100 filters through which the payment passes. Analysis of all parameters of the system allows you to minimize the level of fraudulent transactions.
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 change to the online payment market is “loud”. We just try to realize what was stated before us, but never saw the light. Since the ability to implement a service and implement it according to the needs for a business is completely different things, which can be useful for Internet entrepreneurship to varying degrees.
Team WayForPay.
What is the trick?
Everything is simple - they formed a product based on business problems when accepting online payments.
The current Internet buyer is quite demanding, especially picky about the simplicity of the purchase. Therefore, we decided to pay special attention to the tokens and realize the possibility of online purchases in 1 click. In addition, to realize the possibility of such purchases on mobile devices. Considering that about 12% of users consider the buying process on mobile to be quite long, and another 9% do not like to fill in a lot of data on their mobile device, including billing (according to Barclays research from the “Future of M-Commerce” report) - we decided that the ability to make payment on a mobile in 1 click will be quite convenient for the user and profitable for the business.
Also important is a set of payment solutions based on the specifics of the Internet business. For example, now there are a lot of sites that are a kind of intermediary between the seller and the buyer and take% or conditional fees for their services. These include food delivery services that can work with several restaurants and cafes, clothing and goods selling sites that work with several suppliers, etc.
')
What is the problem for businesses from accepting payments?
In that:
- The site assumes the entire flow of payments, and then transfers the money to the partners, which will be able to form tax questions about the ratio of turnover to the final profit of the service.
- Time spent on settlements with partners.
- Commission for receiving payment is charged only to the service, when the main part of the payment relates to the partner, and not to the site.
But, when implementing the correct approach to business problems, these issues are easily solved 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 of the purchase. 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 (unless the customer picks up the purchase). Therefore, we decided to develop and adapt a market for the holding (blocking) of funds on the buyer's card for the market.
Why created?
The product was created at a time unstable for the country.
A crisis is a period when some market players may develop, others, on the contrary, leave the market. Going with a mediocre and weak product on the market was equal to a fiasco.
Therefore, the formation of service options was based on the usefulness and necessity of a specific direction of the Internet business, and not just “for show”.
What else useful have done
We place special emphasis on the security of online payments for both buyers and online businesses. We developed our own anti-fraud system - we set up the system for each business individually, then we check each transaction, assigning a certain reputation to the payer. The system has more than 100 filters through which the payment passes. Analysis of all parameters of the system allows you to minimize the level of fraudulent transactions.
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 change to the online payment market is “loud”. We just try to realize what was stated before us, but never saw the light. Since the ability to implement a service and implement it according to the needs for a business is completely different things, which can be useful for Internet entrepreneurship to varying degrees.
Team WayForPay.
Source: https://habr.com/ru/post/290288/
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