The Payza payment gateway has managed to become a gap between the main forms of payment in the digital world, which was a challenge in every rule. The giant PayPal, followed by Stripe, Paysafe, WorldPay, Adyen, Skrill, and WePay, dominate this niche market. However, Payza’s features have meant a breath of fresh air for merchants and their customers.
Payment processing is a critical point in e-commerce. So much so that the lack of payment options is one of the factors causing high abandonment rates in this market: 75.60% according to a study by SaleCycle in 2018 and 68.80% according to data from Barilliance in 2017. This means that more than half of online purchases initiated do not end in conversion. To make matters worse, these statistics show that there is an upward trend in shopping cart abandonment.
Payza and its ecommerce payment solutions have responded to many of the problems that threaten online retailers. For example, some online retailers prefer to include a few payment options because of the difficulty of managing them together. The greater the number of options, the greater the administrative costs. However, statistics show that a limited number of payment methods increase the shopping cart abandonment rate. With the use of Payza, it is possible to centralize all this information in a single platform.
Headquartered in Montreal, Canada, the company has been operating since 2004 to the satisfaction of ecommerces around the world. Although not as used as PayPal, the Payza payment gateway can boast of being one of the most popular alternatives. Among the reasons that explain its success, features stand out. Would you like to discover them in depth?
What will you find in this article ?
What is Payza and why should you implement it in your ecommerce?
Nowadays ecommerces need to process payments from anywhere in the world. Of all the digital solutions that have emerged to remedy this problem, Payza provides added value. Its payment gateway is valid for 190 countries of the five continents. It also sends and accepts payments in 25 international currencies.
For obvious reasons, Payza has prioritized the world’s major economies. This platform also works with a dual approach: personal and professional use, working in a similar way to other existing payment processing platforms.
Thanks to the quality and usability of its payment gateway, Payza provides its customers with great flexibility, security, and speed. It currently has 9 million users worldwide, a customer base that is not yet able to compete with PayPal but is a serious competitor.
Payza’s origins are linked to its founder, Canadian Firoz Patel. However, the current owners of this platform, MH Pillars Ltd., have fought to disassociate themselves from Patel, who was arrested and remains charged by the United States federal authorities with money laundering.
How does Payza work?
Companies and private consumers can open dedicated accounts in Payza, which unlike other similar platforms, is not limited to intermediating a bank and a digital e-payment: Payza allows to store and withdraw funds in a similar way to PayPal.
To fund their respective accounts, Payza customers transfer external funds through any of the accepted methods:
● Credit and Debit Cards
● Automated Clearing House (ACH) Transfers
● Bank Transfers
● Money orders from Bitcoin e-portfolios
Through the Payment Buttons implemented in their online stores, ecommerces can process their sales using Payza’s accounts: that of the user or customer and the company. Of course, this will be possible as long as both parties are registered on this platform.
Having clarified what Payza is and how it works, we will now delve into the most interesting features and benefits of this payment gateway. Contrary to what may seem, Payza does not pretend to be a clone of PayPal, Payoneer, and other popular payment transfer gateways, as it has multiple exclusive and innovative functions. Do you want to discover them?
10 Payza features perfect for ecommerce
Due to the competitiveness of this sector, emerging companies are obliged to bring a plus in the senses. This is what happens with Payza, which offers interesting new features compared to PayPal and other rivals. If you want to find out everything about Payza, you have an appointment with the following lines:
Implementation of Payment Buttons
To make donations subscribe and checkout. Payza has a selection of Payment Buttons that are very easy to implement, simplifying the day-to-day running of ecommerces. It is possible to choose between different designs of buttons, with different shapes and colors, that adapt perfectly to the branding of each company.
Development teams can quickly integrate Payment Buttons into their online stores. Simply copy and paste a unique code generated by Payza. You don’t even need programming skills.
Easy shopping cart integration
Payza’s shopping cart integration is one of its greatest strengths. It is compatible with countless ecommerce platforms, modules, and tools: Magento, osCommerce, XCart, Zen Cart, PrestaShop, Open Cart, NATs, Offerit, 3D Cart, Instant Store, etc.
In addition, Payza has taken web developers into account when launching dedicated sections in its Reference Center. Guides and manuals related to the API, integration codes and other resources are available on the Payza support page.
Quick incorporation and withdrawal of funds to electronic wallet
Another of Payza’s highlights is its electronic wallet. Adding and withdrawing funds is an easy and fast process on this platform, with unexpected advantages, such as the possibility of transferring cryptocurrencies (Bitcoin, Ripple, etc.). This feature will be discussed further below.
At present, consumers need to make international and local shipments continuously. Moving from one platform to another is a hassle, and Payza allows you to send and receive money from the same platform, accepting multiple forms of payment and about twenty currencies in the world.
Fast currency exchanges in up to 25 international currencies
One of the most interesting benefits of the Payza payment gateway is the wide range of currencies available: up to 25 currencies from all over the world. In addition to the dollar, euro or pound sterling, this platform allows conversions of minority currencies from Europe, North America, South America, Africa, and the Asian continent. However, currency conversions have a cost, just like in any payment gateway. With Payza, this cost is 2.5% per transaction.
Access to local payment methods
But Payza also surprises with its multiple local payment options. To review them individually, go to the dedicated ‘Local Payment Options’ page (payza.eu/local-payment-options), select the relevant country and see two columns updated: Deposit and Withdraw. In general, the main payment methods used should appear in these columns.
Receive payments in Bitcoin
Payza has interesting similarities with PayPal, Payoneer and other similar platforms. But it also offers features and novelties that are not available in its competitors. For example, the possibility of exchanging Bitcoin, Ethereum and other cryptocurrencies. As if that weren’t enough, with Payza it is possible to accept Bitcoins as a form of payment in ecommerce environments.
Payza also allows you to manage Bitcoin addresses, which means that your users are free to create personalized addresses for this cryptocurrency. This Payza feature was instrumental in this platform being awarded the Super Achievers Awards in Mumbai, India, in 2017.
Ability to centralize the efforts in a single platform
The Payza payment gateway has an interesting software that allows you to centralize all the steps in one place, a powerful ally for ecommerces. With its centralized management tool, customers can keep abreast of all their business transactions, without having to review bank accounts, Paypal profile, credit card or other forms of payment offered to their consumers.
For companies, this Payza functionality allows them to save many efforts and inconveniences, which are usually wasted in administrative work. Since these tasks are usually redundant, simplifying them is the right decision. That’s why Payza is perfect for ecommerce!
Although not related to e-commerce, some of Payza’s private users use this platform thanks to its compatibility with SimplySendBDTM. This feature has been designed to speed up the sending of money to the natural country while residing in a foreign country. These types of transactions often have abusive commissions, which is why SimplySendBDTM has been so successful in Europe, North America, and other continents.
Business Account and Personal Account
Payza has two types of accounts: Personal Account and Business Account. The creation of both is free of charge, but their characteristics and features are very different. In the case of the personal account, it is possible to add and withdraw funds, make Bitcoins exchanges, get the Payza Card and enjoy the Buyer Protection of Payza, among other advantages.
However, ecommerces will be interested in the creation of a Business Account, whose features include: access to Payment Buttons, sending personalized invoices, processing payments in online store, transaction history or access to dedicated tools, among others.
Very low commissions and fees
It is surprising that Payza’s rates for the Business Account and the Personal Account are essentially the same. In both cases, the receipt of funds has a general cost of 2.90% commission per transaction and an added cost of 0.30 euros. If the reception takes place in Bitcoins, the cost is reduced to 1.2%, with no hidden costs. The sending of funds, on the other hand, is completely free.
Payza and its technical support, an added value
Payza’s technical support also shines with special intensity, having little to envy of Stripe, PayPal or other competitors. To make a query or solve a problem related to the service, Payza offers its customers the following ways of information and contact:
● Payza Reference Center: in this section, you will find a list of guides, manuals and FAQs related to the usability of the platform, its shopping modules or the integration of the API. Payza also has a Reference Center Forum, useful to send a personalized consultation.
● Contact Our Support Team: to contact Payza’s staff directly, this platform has the telephone number +44-203-519-0003, the e-mail [email protected] and the web form (accessible at the address: payza.eu/support). The answer should be immediate if we contact your assistants Monday to Friday between 12 AM and 11.59 PM.
● Messaging systems in social networks: the team behind Payza does not escape the fact that Facebook and Twitter are increasingly used for queries. Therefore, their customer service is present in the messaging systems of these networks: @payzaglobal for Facebook and @PayzaSupport for Twitter.
● Physical offices in Montreal, London, and other cities: for individual consumers, the above channels of contact are more than sufficient. However, ecommerces will get it right when visiting Payza’s physical offices, in order to clarify specific doubts in a more direct and clear way.
Payza has branches in London: Corporate Headquarters, Finchley House, 707 High Road, N12 0BT. Its center of operations, however, is in Montreal, Canada, where the company was founded: Secure Mail Box #620, 2400 Chemin Lucerne, H3R-2J8. In addition, this payment gateway has regional offices in Mumbai (India), Solna (Sweden), Dhaka (Bangladesh) and New York.
Of course, the quality of their support and customer service is beyond question. This is a clear indicator of the Payza team’s commitment to quality, a platform that also surprises with its security measures and protocols, as will be explained in the next point.
Payza and its security, a key to its success
Did you know that cybercrime will cost businesses more than $150 million in 2020, according to a study by Juniper Research? The estimates of this consulting firm from Hampshire are not far from reality, as ecommerce is already investing millions of systems and online security protocols.
For this reason, Payza’s security and its fraud prevention systems need special mention. In addition to the 128-bit Secure Sockets Layer (SSL) (which indicates that all data sent in each transaction is encrypted for your security), this payment gateway surprises with other security measures.
For example, the FrazaMatrix system, responsible for identifying suspicious patterns and activities in user behavior. In this way, Payza is able to identify and neutralize possible scams in its payments. This does not harm your customers’ experience.
Another interesting measure to maintain the quality and safety of your service is the authorship of the ecommerces that implement your payment gateway. Payza shows a great commitment to its customers, and therefore performs an in-depth review of its corporate customers, to ensure that they meet the standards required in its platform.
As it could not be otherwise, one of Payza’s most important security policies is account verification. Although this procedure is present in PayPal and other competitors, this gateway is not left behind. So much so that they carefully verify the identity and banking information of each and every one of their customers.
How to create a Payza account
The process of creating an account at Payza is quick and simple, as will be revealed in the following lines:
Step 1: Account creation and company registration
After visiting the Payza registration page (secure.payza.eu/signup), we will select the corresponding country and indicate that we wish to create a Business Account. (The differences between the Business Account and the Personal Account have already been detailed above). The company name, e-mail address and password, among other data of interest, will be detailed below.
Step 2: Payza Account Confirmation
In this second step, we will limit ourselves to confirm the creation of the Business Account. We will do so by clicking on the link that Payza has sent us to the email indicated in the form in the first step. This is a security procedure, very common in Internet user registration processes.
Step 3: Business Profile Configuration
The data filled in in the first step are very superficial and must be enlarged by clicking on the tab ‘Complete profile configuration’, accessible after logging in (secure.payza.eu/login.aspx) with the platform mail and the specified password.
Next, we will fill in a series of fields, with questions related to our company, its activity and the industry to which it belongs. Finally, click on ‘save’. A message similar to this will indicate that the account creation process has been successfully completed: « You have correctly configured your profile ».
Conclusions about Payza
In view of the above, Payza is a payment gateway that cannot be missing in ecommerces with a presence in various international markets. This platform is not intended to replace PayPal, Stripe, Payoneer and other similar solutions, but to complement them.
Among the main strengths of the Payza payment gateway stand out:
● A wide selection of Payment Buttons (donations, subscription, checkout, etc.) that can be implemented in a few steps in any ecommerce, without the need to apply programming knowledge.
● Cost savings and efforts with the centralized administration tool developed by Payza, which allows you to manage all transactions from one place.
● Commissions and minimum fees, ranging from 2.90% (with an added cost of 0.30 euros) to 1.2% per transaction to receive money. However, sending funds is free.
● The possibility of sending and receiving payments in Bitcoin and other cryptocurrencies, a very avant-garde option. Although it is a very minority form of payment, by implementing it Payza proves to be one step ahead of PayPal and other competitors.
● Support for 25 international currencies and multiple local payment methods in Europe, North America, South America, Africa, and the Asian continent, with 2.5% economic commissions per transaction.
● Creation of a free account with two plans: Business Account and Personal Account, with features and services adapted to the needs of each public.
In this way, by offering a greater number of payment options, we will be able to improve the user experience and effectively reduce cart abandonment rates. Adding a new payment gateway will certainly not help us succeed, but it will add value.
In short, Payza is proud to be a different payment gateway, with multiple functions designed for ecommerce. And as explained in the section on cybersecurity, this platform has very advanced encryption measures and protocols.
Speed, efficiency, and protection, what more could you ask for from an online payment gateway? Of course, Payza has earned a privileged place in its sector.