PayU GPO selected as payment processor for 4fund.com
By Gloria Methri
Online payment service provider PayU GPO has announced a strategic partnership with 4fund.com as its official payment operator. The partnership makes the 4fund.com platform available to users throughout the European Union who can either donate or create their own fundraisers. It allows both individuals and organisations to raise funds for charity, business projects, and major or challenging life events.
4fund.com, the newest player on the crowdfunding map in Europe, is a part of Polish crowdfunding Zrzutka.pl. As a licensed payment processor, Zrzutka.pl allows 4fund.com to oversee all financial operations independently, including Anti-Money Laundering (AML) and Know Your Customers (KYC) protocols, eliminating the need to involve third parties.
The use of the platform is 100% free for both the online collection’s organisers and donors. Payment and withdrawal security is guaranteed by PayU GPO, which offers 3DS authentication and PCI DSS Level 1 compliance.
Under the payment institution license, withdrawals can be seamlessly processed immediately upon the conclusion of a fundraiser. In addition, with the integration of the PayU GPO payment platform, 4fund.com has made donations and withdrawals as easy and secure as possible for all users. With the lead time decreasing to minutes, users no longer need to wait for days for withdrawn funds to be settled.
The integration also means that transfers of funds to a Mastercard or Visa card can be requested at any time and the funds will be available within minutes, including on weekends.
Joanna Pieńkowska-Olczak, CEO of PayU GPO CEE, said, “In five years of fruitful collaboration with Zrzutka.pl in Poland, we have seen the platform’s remarkable evolution and the trust that it has gained among millions of users. We are thrilled to be a part of their next chapter. This, combined with the growing popularity of crowdfunding platforms in Europe, makes us confident that 4fund.com will have a significant impact in this market. The cross-border payments capabilities of PayU GPO will undoubtedly play a pivotal role in this exciting development.”
4fund.com offers a variety of payment methods including Apple Pay, Google Pay, and card payments. Donations can be made also from abroad, regardless of the currency, and will be automatically converted by the bank and will go to the fundraiser in Euros.
Krzysztof Ilnicki, CTO and Vice President of 4fund.com said, “We follow the crowdfunding business all over the world and have always been astonished by one simple fact – the ‘players’ in this sector, including the most recognizable ones, charge high commissions (from 5% to 15%), and in addition, the Organiser of the fundraiser can wait up to 14 days to withdraw the funds raised. Astonishing as it is, it has a simple explanation – all these portals, as far as we know, are not payment processors and this is why we are going out to all collectors in the European Union with our model, which has worked so well in Poland. The support of payment service providers or financial institutions to manage all financial issues and KYC/AML. This makes the process of delivering payments to collection Organisers on these platforms long, costly, and inefficient in terms of time.”