Regulations continue to be an overarching issue in the payments space, especially with regard to card processing. To help allay these concerns, GPN DATA has rolled out a new wallet solution for merchants that effectively reconciles any payment challenges incurred by users.
Finance Magnates spoke to Vladimir Antonio Reyes Castillo, VP Risk, GPN DATA Group International, to discuss the group’s new solution as well as its approach to payments and its future trajectory in the industry.
Can you describe GPN DATA’s current approach towards forex, binary options and financial contents?
According to Mr. Castillo, merchants dealing with forex, binary options and other financial contents, have been encountering more stringent operational rules, especially for card processing. Visa and Mastercard have implemented measures to guarantee full compliance with their processing standards and to contribute to better protection of consumers of financial products.
Obviously, such a scenario pushes players to look up for alternative solutions. GPN DATA recognizes the problem caused by those changing regulations and responds to it by adapting to brokers’ needs.
PayfairDirect, our new digital wallet, is a fresh project that originated from thinking not on the constraints, but on the needs of our clients and on the opportunity to offer a service that would help them continue a successful path under current market circumstance.
Under one single roof, the users of the wallet is offered more than 20 convenient payment options. The construction of the wallet was conceived to help users in different regions of the world, to make deposit in different currencies and using not just debit or credit cards, but a wide range of payment methods, which are widely accepted in the industry.
By listing PayfairDirect as one of the payment methods on their websites, merchants will be able to accept deposits with vouchers, cryptocurrencies, wire transfers and other well-known methods.
What makes GPN DATA unique to other providers in the industry?
The strategy of the company is to create an all-in-one solution. In our experience, instead of having multiple integrations, agreements and long hours of negotiations, merchants prefer to close a partnership deal all at once, then rely on a long lasting and stable commercial relationship.
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That is the reason why over the last few years, the company has put a lot of financial and human resources into the creation of a solid technical platform that features many of the solutions that merchants look for nowadays.
To simplify and facilitate merchants’ feasible operations, GPN DATA makes available an online payment gateway of its own (PCI DSS Level 1), operational offices in multiple locations, acquiring solutions, and company creation services in several regions and the newly launched digital wallet solution payfairDirect.
As mentioned before, the latter comes to be the perfect complement for a tailored-fit solution, to cover all possible angles of merchants’ needs and to quickly react to any further changes in the regulations.
On top of the all the elements previously mentioned, GPN DATA provides to its partners a soundly effective dispute handling service, which helps them recover from financial losses and prevents negative impacts on their reputation resulting from chargeback and other claims from customer.
Like not many in the industry, the company today guarantees winning ratios over 90% of the represented transactions.
Given shifting regulations (influence of Visa merchant outlet location requirement on businesses requiring financial licenses), how has the playing field changed for venues?
GPN DATA counts on with a Financial License not just in the European region, but also in Mauritius and Georgia. In each one of those locations, the company offers services such as company creation, legal and compliance advisory, transaction processing, etc.
Those services are of course accompanied by the necessary acquiring capabilities in the country and will be fully compliant with Visa Merchant Outlet Location requirements. It is also valid to mention, that all the above is backed up by dedicated teams in each region we operate.
Our merchant partners can rest assure that all along the way, every step will be backed and confirmed, by at least one of our local experts with vast experience and connections in their country of operations.
Are there grounds for alternative payment mechanisms and has GPN Data explored any of these?
For several months now, the industry has been signaling a more restrictive playground for card processing. As a response to those changes, GPN DATA Business Development team made a thorough evaluation of the available APMs (Alternative Payment Methods) and how they could be integrated in our solution in the shortest possible time.
At the moment of launching payfairDirect, the company had completed integration with more than ten alternative payment methods. Nonetheless, our Technical Team keeps adding solutions to our portfolio. The idea is to have as many APMs as possible, prioritizing those, which are more suitable for Forex, binary options and other financial contents.