Geert van Maarsseveen is the Senior Sales Director – Commercial Channels at Credorax. With over a decade of experience in the online payments industry, he joined Credorax to help offer customers agility that is not available with traditional or “legacy” acquirers.
How did you come to Credorax?
After working for a decade for one of the largest card processors in the world and a major global PSP, I was ready for a change, away from the problems that come with a big legacy provider. Although it was advantageous to work at a company that has top name recognition, it was neither agile nor flexible, and my work got tied up in too many processes. Credorax came along with this new smart acquiring platform, which really appealed to me and found it very interesting.
Have you come across a situation in your career where your Ph.D. in economics has come in handy in this field of online payments?
I recently had a conversation with a friend of mine about how much of your education you actually use. Literally all those formulas, all those theories that you learned, how many can you still reproduce? I think rather what you learn is a way of thinking, or a way of approaching things – that’s how you use those ideas on a daily basis. I started with business school, which is very practical; then I went to university, which is more theoretical; and then my Ph.D. combined the two, so it’s a lot of theory that I had to put into practice. This kind of approach I later used in my job.
When we take on a new merchant, I want to see their numbers and understand their positions. When I submit it to the underwriting team, I already have an idea of where the company is, what kind of collateral is required, and what else is needed to create the right solution.
What do you feel is most overlooked or lacking in the online payment industry?
Customer service. There is constant tension between the volume that comes with name recognition and having sustainable margins. The customer service department doesn’t directly bring in money, like sales, so it is difficult to assess its value.
Whether merchants are small, mid-sized or large, customer service is vital. If mid-sized merchants are complaining about the service, because they feel less important than bigger customers, that is a huge problem. Online payment providers need to be able to provide an integrated experience to merchants of any size, and poor customer care is bad for the entire industry (which is a small one!).
Where does Credorax fit in to all this?
At Credorax, I see that we are very accessible. There is a 24/7 Support Department and a dedicated team that includes a sales operations manager and an account manager who respond swiftly and adequately to our partners’ questions. Our partners frequently express their appreciation for our responsiveness, which they don’t find with their legacy partners.
Credorax is a flat organization, so it’s possible to speak to anyone, from the CEO down, to address concerns. Our in-house platform is built to be more flexible. If there is a request for a change, we can accommodate the requests of our merchants better than other providers can, because we own the platform.
How else does Credorax differ from other acquirers?
Credorax is set apart from other acquirers in three notable ways:
- Transparency: Merchants have access to everyone on our team, rather than being restricted by hierarchies. Our customers can get a phone call with the CEO, and our solutions architecture teams are committed to shepherding the merchants through every step of building and executing a perfect acquiring solution.
- Approval rates: We work closely with our merchants to help them improve their credit card approval rates.
- Reporting: Our reporting is available across multiple channels. It is flexible, highly detailed and adheres to high technological standards. In fact, this also links back to transparency.
Credorax focuses only on acquiring, and this specialization actually enhances our agility. Our team is relatively small, which means we are very accessible to one another – and to each other’s expertise.
Tell us how Credorax handles data for customers. What’s the difference between raw data and insights?
Yes. Insights and data are two different products. Both are very important for the industry in general. If you look at the larger merchants and partners, they are really interested in the raw data so they can create their own in-house reports, but not all acquirers are able to provide it.
Insights is actually an online portal through which Credorax enables merchants to easily view processing activity and analyze business performance. We can customize what we offer in the reports, and this flexibility is built into the Insights portal.
What is the most exciting trend you see in the industry now?
For now, cards are still the dominant payment method and will stay so for a while. Wallets are gaining more ground. What’s most interesting to me are the changes on mobile. First, you had the payments going to an app (an eCommerce payment). But now you’re seeing more and more that the mobile itself become a payment method. Even when people are traveling, they have full access to their money via a smartphone or tablet.
As payments and other transactions become more popular on mobile, they must be secure, and the current tools are often problematic for customers to navigate. Resolving the lack of tools is a key issue for card schemes to figure out.
What are your thoughts on omnichannel payments?
The main channels are still the Web and mobile. Mobile is becoming more and more attractive actually to anybody, and there are even merchants with physical shops who offer devices to use in-store to order or to pay. I was recently able to order an out-of-stock product in a physical store by using a device and app in the store! The blending of brick-and-mortar with the mobile experience is a small trend, but worth keeping an eye on.
We appreciate Geert taking the time to answer our questions!
If you would like to be in touch with Geert, click here to reach his LinkedIn page.