What should clients contemplate when selecting an acquiring solution for themselves or their merchants? As recent winners of the FSTech Online Technology Provider of the Year for our ePower 2.0 platform, we believe we are in a unique position to offer our thoughts! In this month’s Inside Credorax interview, we asked Owen Busuttil, Head of Solutions at Credorax, to shine a spotlight on his team and its critical role in our technological successes.
How do we get to the point at which customers say:
‘Credorax is different from its competitors by being a non-bank acquirer, which makes them more agile, more open for solutions. So looking together with us as a client towards an end solution. Less fixed form and fewer fixed structures, so more flexibility.’
Roland Maessen, Vice President Risk and Compliance, Digital River World Payments
What Solutions Architects Can Do for You
What are solutions architects, and what is their main function? To explain better, I like to use the following analogy: to build a customized house that satisfies the client, the builder needs a blueprint that details what is to be built, plus where, why and how based on the homeowner’s requirements. The builder would have detailed meetings with the proprietor in order to understand and document needs, wishes and also current pain points. The Credorax solutions team follows the same concept when engaging with a client. Each solutions architect accompanies our sales team to client meetings in order to design the technical and operational solution that Credorax will provide to the same customer. Our main objective is to match client requirements with Credorax capabilities, with the final goal of building the fundamentals for an excellent and fruitful business relationship. Furthermore, from a technological and operational level, our sales people also use the solutions architect as the SME to help them answer client queries related to Credorax products and the industry in general.
I strongly believe that our higher degree of flexibility, proximity and accessibility to the client set us apart from bigger players in the industry such as banks, which also have similar sales support structures. We don’t go to our clients with a fact sheet of fixed onboarding, processing and reporting solutions; Credorax is open to listening to the customer’s pain points and remains very close to the clients. Credorax does not focus solely on short-term solutions, but also takes pride in helping clients build a future-proof package. The solutions architect acts as a main contact point throughout the implementation process. We do this to ensure that even when implementations are difficult and complex, the final solution is what the client wants and needs.
A Day in the Life
Solutions architects touch upon three main pillars of acquiring that influence client experience as a whole:
- Onboarding, which must be fast, efficient, safe and offer multiple solutions.
- Processing, which must comply with card scheme rules, and be sophisticated, fast and safe. It must run over a perfectly redundant technology framework and must carry an excellent approval rate.
- Reporting, which must be multi-channel, flexible, detailed, and in line with high technological standards.
To illustrate, I would like to share the experience of one of our partners, who has a great new concept for small – and medium-sized merchants. This model hinges on a quick and seamless merchant onboarding experience as the client’s main selling proposition. They want to do away with the traditional documentation transfer channels and replace these with a fast automation that functions end-to-end on a 24/7 basis. To satisfy this requirement, Credorax built an API that caters to this client’s current and future needs. Building this API required a great deal of analysis, design, testing, and implementation efforts, and Credorax wanted to provide a solution that went above and beyond the industry standard. I believe we achieved this, to the satisfaction of our client, while also bolstering our overall product offering.
Credorax was able to deliver such a solution, as well as many others, with the backing of a flexible back-office processing platform that can be configured to specific customer needs.
From a reporting perspective, Credorax boasts a very robust and efficient BI platform, which allows us to keep our reporting above industry standards. We incorporate reporting flexibility to present our clients with the information they need using a multi-channel delivery approach that includes:
- Insights, the Credorax online portal enables partners and merchants to easily view processing activity and analyze business performance
- Push reporting, such as email or automated SFTP hand-off
The Credorax reporting suite contains various reporting types and formats such as fixed-format statements, entity-oriented portals and raw data machine-readable reports. The last category of reports are especially appreciated by clients who are sophisticated enough to automate processes, reconciliations, statistics and also load in their own portals. The customizations we can offer in the reporting space can be executed quickly, because of the robust and flexible framework that we build around it.
Although we do develop new reports if they are absolutely needed, behind the scenes there is a strong infrastructure without which report customization would not be possible. We have invested significant effort in combining data from different systems and harvesting it to create our suite of reports and all the flexibility around our offerings.
The Credorax systems and platforms have been built by people who understand the industry from a business perspective, who know the technology and above all strive to keep the client service aspect always as top priority. Our solutions architects know how to design packages to cover all the angles!
The Credorax Solutions Team
Our solutions team consists of six people. To be good client advocates, all of the solutions architects are on the ground to accompany salespeople whenever needed. Solutions architects are present in every jurisdiction where the Credorax sales team has a physical presence: in Atlanta to serve U.S. customers, in the United Kingdom, the Netherlands, and Shanghai to serve Chinese customers. Even though managing a team across continents and time zones has its challenges, we manage to be efficient by keeping a constant communication flow, and we take pride in our internal knowledge sharing methodologies, which keep everyone up to date in real time, all the time.
Many thanks to Owen for taking the time to share his insights with us!
If you would like to be in touch with Owen, click here to reach his LinkedIn page.