PayFuture gateway to offer merchants one-stop access to local payments

By Sunniva Kolostyak

PayFuture, a provider connecting alternative local payment methods, has launched its gateway connector that delivers online access to alternative markets, hoping to help merchants offer solutions familiar to consumers.

Speaking to IBS Intelligence, Manpreet Haer, Co-Founder of PayFuture, explained that merchants and e-commerce players are struggling with identifying and offering payment solutions that their customers actually want and use.

“Most payment solutions are generic and don’t offer bespoke per country-specific payment methods. PayFuture’s solution allows e-commerce merchants the ability to access multiple emerging regions via one software integration giving access to local payment solutions across the globe,” Haer explained.

By offering country-specific solutions, the Co-Founder said PayFuture will help increase consumer trust and conversion, while at the same time, improving payment approval rates.

“Our technology is a next-generation deep learning Artificial Intelligence payment gateway, offering multiple alternative payment types per country,” Haer added. This ensures a high-quality customer experience and journey and ensures optimum approvals and full conversion recovery to decrease merchant’s revenue loss.

The tool has also incorporated a risk and fraud monitoring system so that merchants can benefit from comprehensive fraud protection and auto alerts, which warns of potential risks as they occur.

Merchants also get access to real-time data to understanding customer trends and country-specific payment habits to fine-tune marketing plans, budgets and business growth plans for each region.

The countries initially accessible through the gateway include Argentina, Bahrain, Bangladesh Brazil, Columbia India, Japan, Malaysia, Mexico, Nepal, Pakistan, Saudi Arabia, Bahrain, Qatar, UAE, Thailand, Vietnam and more.

Transaction monitoring experts is also on hand 24/7/365 to watch traffic, preventing transaction disruption even at peak periods.

With a conversion recovery solution, PayFuture is able to identify when a customer might abandon a sale in real time and alert both the chat-bots and the merchant’s call centre to re-engage with the customer and save the deal. For transactions that are ultimately declined, the system offers users the option of trying a different payment option.

“This is an enormous leap forwards,” Haer concluded. “Our system allows customers to move into growth countries for the first time, with the risk of fraud under close control. This ensures significant peace of mind and that our merchants receive the highest customer conversions no matter which country their clients are paying from.”