Latest Credorax News
Aug 13, 2021
Credorax Delivers Cross-Border Processing Capabilities For E-Commerce, And Omnichannel Payment Transactions 29 Q: Can you tell us something more about the company? A: Credorax is a smart payments provider and global merchant acquiring bank offering best-in-class cross-border processing capabilities for online commerce, m-commerce and omnichannel payment transactions. Our mission is enabling seamless, secure payments on a global scale, primarily for merchant and payment service providers focusing on cross-border business. That’s at the core of what we do. Q: Any highlights on your recent announcement? A: Credorax has just launched Chargeback PREVENTION, which is a game-changing innovation in fraud protection and chargeback mitigation. Chargeback Prevention enables merchants to stop disputes from escalating to chargebacks by creating rules that automate refunds or issue a manual refund after receiving an alert that the chargeback is coming. What makes this new solution so unique and valuable to merchants is that Chargeback PREVENTION is built on Mastercard’s Ethoca solution as well as Visa’s VERIFI. By drawing upon the strengths of these two services and combining them with Credorax’s powerful payment acceptance and authorisation capabilities, merchants have never been in a better position to prevent chargebacks before they are initiated. Chargeback PREVENTION gives merchants access to the widest possible range of bank issuer coverage globally, and empowers merchants with the data and ability to provide a better customer experience, and protects the merchant from the financial and reputational damage caused by chargebacks. Q: Can you give us more insights into your offering? A: Chargebacks occur when a consumer genuinely does not recognise a purchase or wants to dispute it, and initiates a chargeback claim with their bank. Sometimes a chargeback is the result of the consumer disputing the item ordered or whether it was delivered. There is also a fraudulent chargeback, AKA friendly fraud, which is a deliberate attempt to steal from the merchant by keeping the goods purchased, and the money used to pay for them. Whatever their source, merchants are hit with chargeback fees, and if chargeback rates hit a certain threshold, the merchant’s account with the schemes can be suspended or closed permanently. Because of this, identifying the source of chargebacks and the threat to revenue that they pose is key to reducing that threat and protecting a merchant’s business. Ecommerce is skyrocketing, but with it comes accelerating fraud and chargebacks rates. Just in 2020, merchant losses to friendly fraud were estimated to amount to over $50 billion. With merchants now able to accept payments from around the world through so many different payment methods, it’s a no-brainer that e-commerce merchants need the strongest anti-fraud protection to streamline their payments flow, reduce fraud and increase approval rates. And similarly, they need the latest advancements in chargeback management, to make sure they are fully protected. We can offer merchants 360° monitoring to combat financial crime and chargeback prevention tools to manage their payments. By combining our merchant acquiring technology and services with advanced machine learning capabilities, Credorax protects merchants in real-time, all while offering a frictionless experience for the customer. Merchants should not have to worry about transactions slipping through cracks in the payment process, whether that’s through chargebacks, fraud, downtime, low approval rates, or a customer’s preferred payment method not being available. Our vision at Credorax is to give merchants the technology and solutions they need to take their businesses global and be safe in the knowledge that their payments are protected no matter what. Q: What can we expect from your company in the next 6 months? What are your plans? A: We’ve got exciting developments lined up for the rest of 2021 and beyond. We’re enhancing our offering and building new products to provide every possible payment service a merchant could need. The number one goal for Credorax is to complete the payment cycle, by improving the customer’s payment experience, the merchant’s checkout conversion rate, and increasing approval and authorisation rates. We’ve achieved incredible success and given merchants the tools they need to expand their business, but we’re not content with standing still. Credorax’s philosophy is ‘uptime, all the time’, so that we are always connected to each other, our customers, and our systems and solutions. This drives us to design a robust system that doesn’t have a single point of failure with built-in redundancies, to ensure technological continuity no matter what.