We were thrilled to have been named Best Merchant Acquirer of 2014 at the recent, prestigious FSTech/Retail Systems Payments Awards ceremony. The gala event in London also awarded other global retail and payment companies in additional categories, including Starbucks, Skrill, PayPoint and Barclaycard among others.
Success For Partners and Merchants
In a recent comment, our Chief Commercial Officer Koen Vanpraet said it best: “From sales to risk to technology, every individual at Credorax created an incredible, holistic team in 2014 to ensure the utmost financial and business success for all of our partners and merchants and this award is proof of their hard work that clearly paid off for all parties involved. On behalf of Credorax, I would like to thank the judges for recognizing our accomplishments and we feel honored to receive this prestigious award.”
One of the key reasons Credorax received this award was because of a project we inaugurated last year which focused on small to medium enterprise (SME) merchants in over 40 countries. Our main goal for this project was to ensure that SMEs could turn their passions into profitable online businesses.
According to a recent annual report from the European Commission, SMEs accounted for 99.8% of all enterprises in the nonfinancial sector in 2013 yet they are the least served by the banking system. Since the economic downturn, from business loans to merchant accounts, it has been extremely difficult for these businesses to get the capital they need from bankers in order to be profitable.
Supporting Underserved SMEs
Recognizing this problem, Credorax – as an EU-licensed bank– has made it our goal to support these underserved businesses and help to facilitate their growth and success.
Our project focused on creating a painless and comprehensive online payment solution for SMEs. We understood that in order for these merchants to succeed, the following issues needed to be solved:
- Affordable fees: Merchant fees need to be affordable, simple and transparent.
- Quick Merchant Account Set Up: A day without processing can shut down a small merchant’s business and therefore quick MID set ups are key.
- Expanding customer reach beyond local borders: Online payments is key for building cross-border e-commerce for SMEs.
- Fraud & Risk, Like the Big Boys: Providing the same high-quality fraud and risk tools as those used by larger businesses – which are typically not available to SMEs.
Two key Credorax innovations led to our project’s great success:
- Cross-border smart acquiring which enables merchants to process online payments in 28 EU countries and settle payments in local currencies.
- Our digital ‘paperless’ onboarding API that enables PSP partners to quickly onboard merchants.
The results speak for themselves: Since Q1 2014, processing volume month over month for the SMEs participating in our project increased by 600%. Additionally, from risk checks to MID set up, Credorax has been able to onboard merchants in a matter of hours. Thanks to these innovations, European SMEs have a brighter future both domestically and internationally.
Credorax is proud to be recognized for our payments innovation by our esteemed peers. We look forward to even greater success and innovation in 2015.