Episode 121 – Acquiring the E-commerce Cross-Border Merchant – Moshe Selfin, Credorax
In Glenbrook’s Payments Boot Camp® and in our payments consulting work, we use our Domains of Payments framework to subdivide the major use cases and payment contexts into a half dozen categories or domains. The Remote Domain contains cross-border e-commerce, a particularly challenging use case where the buyer and seller are separated by distance and, in the case of cards, credentials are presented without the cardholder present. This is card on file (COF), card not present (CNP) transactions live. Just add cross-border complexity.
If you sell via e-commerce in the EU, Middle East and to the global market, you’re crossing borders. That means regulatory compliance. It also means you want your customers to pay you in the manner to which they’ve become accustomed. Germans and Belgians like SOFORT and PayPal. The Dutch prefer the domestic iDEAL system. The UK is card-centric.
To reach customers in those countries and beyond, you need a payment services provider with reliable connectivity into those domestic systems, access to global card systems, and the ability to maximize authorization rates.
Credorax is a PSP founded in Israel with a strong technology focus that has also become a Malta-based bank in order to expand its EU presence as an acquiring bank.
In this Payments on Fire® episode, George and Credorax COO Moshe Selfin discuss the initial impact of the novel coronavirus on the travel segment and then move on to authorization optimization.
The podcast includes the Credorax creation story. While technical capabilities were the core of its start-up phase, it was the EU’s PSD2 regulation that created its market strategy and steered its business evolution. While many in the payments industry complain about regulation, it’s true that mandates move markets and, as Credorax saw, create opportunity.
Take a listen to how a this not-yet-quite-global company positions itself in an increasingly crowded market and its approach to delivering value.