payabl. Around the World and Back

payabl. is a paytech expert that empowers online businesses to take, make and manage online payments from all over the world. They offer payment solutions for card acquiring, alternative payment methods, payment accounts, and prepaid cards.

payabl. launched in 2011 as a fully regulated payment institution and boutique merchant acquirer, founded by several shareholders with vast experience in the payments industry. They serve merchants across Europe and the UK and are principal members of both Visa and Mastercard.

“The goal was for the company to become as independent as possible in terms of technology, licences and payments infrastructure. We have achieved this goal and are proud to offer merchants our innovative technology that is fully developed and managed in-house. We currently employ almost 100 people, based in our regional offices in Germany, Cyprus, and the UK, and only expect this number to grow” says Group CEO Ugne Buraciene.

What (digital) solutions/products does your organisation provide to companies in terms of e-commerce?

We provide merchants with a wide range of payment solutions to help them process online payments for their business. These include card acquiring – that is, the acceptance, processing and settlement of credit and debit card transactions – as well as alternative payment method products such as digital wallets and banking solutions like payment accounts and prepaid cards. Our vision is to take care of online payments with a platform that supports growth for each of our clients.

Our hosted payment interface allows online end customers to checkout through an e-shop with their preferred method of payment quickly and securely, all within our payment gateway. This means we take care of the security and technical bits, and the business can focus on what matters most to them – their customers.

Our payment gateway uses cutting-edge technology, developed in-house, to increase conversion rates and reduce cart abandonment. Our detailed dashboard gives our clients visibility of transaction data at a granular level as well as the ability to analyse information on sales volumes, chargebacks and instances of fraud at the simple click of a button, to help protect their business from payment fraud and the associated loss of profitability and consumer trust.

Customer service is one of our core values here at payabl. Our commitment to support all our merchants with a personal approach and to be available to them whenever they need us – thanks to our team of dedicated customer success managers – drives our high client retention and growth.

 In which industries are you active today?

Over the years we’ve built strong, long-lasting client relationships and we’re certain that this is because of our dedication to excellent customer service, as well as our ability to develop specialised solutions tailored to the industry needs of our merchants. For that reason, our clients come from a wide range of industries. They include e-commerce, marketplaces, insurance, digital services, food and beverage, luxury products, education, gaming, gambling, investments, and more.

What points are important to be answered by a customer before starting his own e-shop?

Before building their e-shops, entrepreneurs should research the shopping and payment trends in their target markets and regions. Consumer preferences and behaviours change quickly these days – particularly as the pandemic has affected how people shop online and what they expect throughout this experience.

These preferences and desired experiences extend to the checkout process, where customers pay for their purchases. Credit and debit card payments, traditionally the most widely used, are starting to lose ground to alternative payments like digital wallets, such as Apple Pay, Google Pay, and PayPal because they are easier and faster. Other alternative payment methods are also rapidly gaining popularity as the general population gradually accepts open banking, ‘buy now pay later’, prepaid cards and more.

It’s important that merchants diversify the payment methods they offer so as to appeal to a greater demographic of consumers. To attract more cross-border shoppers, e-commerce businesses should make sure they offer the local payment solutions that consumers prefer and are comfortable using. Another benefit of offering local payment solutions is a reduction in shopping cart abandonment and a higher chance of repeat purchases. In addition to offering diverse payment methods, businesses should consider wider market issues around price sensitivity, product availability, delivery preferences and sustainability. These insights can help shape how they promote their competitive differentiators and contend with local competitors.

How can e-commerce strengthen a company’s market position? What are the benefits for the economy and society?

The global market has changed dramatically since the pandemic and e-commerce has become the key life support for many businesses during this time. 

If a business does not have an e-commerce solution as part of a business continuity plan, then the longevity of the business may be at risk. Selling online also means that merchants can exploit untapped market potential and boost their growth in revenue. More than ever, today’s e-commerce businesses are up against increasing competition and complex consumer needs. To stay in the game and get ahead, merchants need to focus on delivering a seamless consumer payment experience, minimizing any friction that buyers may encounter at checkout. We facilitate global payments for merchants that are looking to expand their e-commerce footprint internationally. We offer the tools needed by merchants to successfully execute their local business strategies, by offering customers the choice to pay in their preferred local payment method at checkout, and not just with a credit or a debit card. We also give merchants access to the most popular alternative payment methods that appeal to cross-border shoppers, to convert more international browsers to buyers.

What further solutions/products do you intend to include in the context of strengthening your support to businesses and consumers?

As we continue our expansion, we plan to open additional regional sales offices to thoroughly cover the European region and serve EU and UK merchants. While many companies are looking to expand to other markets like Asia and Latin America, we think that Europe has huge potential, and some of the merchants here are overlooked. Our team has considered all the options available to merchants and how to offer them in the most efficient way possible, and we believe we’ve found a way to do that.

CONTACT INFORMATION:

Address:  5th Floor, Libra Tower, Olympion 23, Limassol, Cyprus, 3035

Tel: 24828381

e-mail: hello@payabl.com

Website: payabl.com