The annual ETA conference in New Orleans, Louisiana, is a great event for US based payment and risk processors, independent sales organizations, payment service providers and MSPs to present their latest developments and technical innovations. Furthermore, the conference provides great networking opportunities and knowledge transfer.
PAY.ON joined the event for the second time in a row to learn more about industry developments in the US. Furthermore, we wanted to meet some of our US based clients, prospects, and partners we support in taking their payment businesses global; may it be Europe, the BRIC countries or anywhere else in the world. Being positioned as neutral payment processor with more than 250 global connections to acquirers and payment methods of any kind, we are the perfect partner for US based independent sales organizations and acquirers to take their business outside the US- especially to Europe and Asia. In addition, and this is very unique, we let them choose with which local partner to work with to get the best possible service for their merchants abroad. Besides its neutral position, as stated above, PAY.ONacts agnostic to let its clients work with local experts in a global network.
I was invited to join two panel discussions, one on “International Opportunities”, a panel focusing on investment opportunities in the global payment space, and the other one on “Expanding Globally”, a panel where we discussed the challenges for US based payment companies to take their business into Europe, LATAM or Asia.
The panel on “International Opportunities” was moderated by Michael Burtscher of Payvision. The panelists were Harry Smorenberg, an independent consultant, Radi el Haj, CEO of RS2, Daniel Klein, CEO and founder of SumUP, and I. We discussed the great importance of solid technologies in the global payment area. The payment landscape is so complex and heterogonous that it has become inevitable to outsource payment processing technologies to experts. The panel agreed that a continuously high quality of technology and services is necessary to succeed in the coming years, and will have a decisive influence on the expected consolidation in the market. It was our mutual understanding that innovative and highly reliable players who are able to scale their business, like e.g. PAY.ON, are ideally positioned facing future coming challenges. „Is payment processing already a commodity?”, was a question raised by the audience: Probably not yet, nevertheless it should be. Why? Innovative new payment companies are already today focusing on adding value along the value chain to solve real consumer needs, like, for instance, getting the best deals out there or easing and speeding up shopping experiences. The common and final agreement of the panelist in the discussion was that “high quality payment processing is something new players rely on and outsource to experts”. This is a development that matches our experience at PAY.ON.
Carrie Hometh from RocketPaymoderated the panel on „Expanding Globally“. The panelists were Danny Chazonoff from Optimal Payments, Abdul K. Naushad, CEO of Paycommerce , Doug Lambert, General Manager Northern America of Global Collect and me. The discussion was mainly revolved around the European payment market, and challenges US companies face when entering this market. In addition, we talked about LATAM and Asia.
At PAY.ON, we have solutions for all continents in place- connecting providers with the right local partners through one single API and one platform. A fact that raised quite some interest among the panelists as well as the audience was the fact that we are directly connected into UnionPay, and are therefore able to turn everybody a UnionPay eCommerce acquirer without any technical effort. This was also discussed by the audience, especially by somebody of Planet Payments (sitting in the audience), who mentioned the complexity of integrating UPOP into their gateway.
We also discussed opportunities in the mobile market, such as the differences between the US and the rest of the world. With our white label fully EMV compliant mPOS setup we offer a solution that makes it very easy for players from the US to enter markets like Europe and even offer card present solutions across the continent.
Both panel discussions showed a high interest of US players in taking their payment business global. However, we see a high demand and interest in Asia and LATAM as well. Many US players know quite well the challenges in Europe. They have already set up entities and are working on the eMoney license application necessary for Europe. But, they still all need to team up with the right partners to succeed on a global level. “Expand globally, act local”, this is what PAY.ON offers. Technology is a vital part of a successful business setup, but working with the right partner in a network like PAY.ONprovides, is equally important.