What is an online Payment system ?
It is a service delivered by a company approved by card associations, supplying authorization and settlement services that allows transactions to be done on the internet.
When a customer sends his card details to pay for a good or a service, those confidential details are not passed to your business, but to a payment gateway that will check that it is not fraudulent and fully compliant to Europeans regulations. The approved payment request is then pushed to the Banking system. The online business has been paid and the client’s card has been debited.
Why is an online payment system required?
To protect your liability. Many online payment systems are not adequate enough , working without proper authorization. No monitoring from public authorities, low fraud detection rate. Most likely the money spent by your clients will disappear. The association of card owners like Visa will start legal proceedings against your business for having processed stolen cards, not mentioning other issues like money laundering. On top of being sentenced to pay millions of euros to those card companies, your future businesses as you personally will be banned from receiving payments with cards (prepaid card, payments card, credit card), not only online, but even physically in your shop.
You will save your business millions of euros of investment, technical and human resources using SysPay: a professional payment system so you can focus on your core business.
How to benchmark an online payment system?
First, you need to check if the said company is compliant, meaning it has been agreed by card associations and by the relevant Banking authorities. SysPay is a payment institution holding an EMI license which allows to process payments. SysPay is authorized to issue electronic money.
Tech friendly and seniority:
Processing online payments through your classical corporate bank is not really the best thing to do. Classical banks can be suspicious when opening a corporate account even for a bakery. They are simply not familiar with start ups. Why would they take risks processing your business when they can’t understand it? Save yourself months visiting banks, trying to explain your disruptive business plan. We are open to innovators. On the contrary we will assist you during your application process. Drawing on 10 years of expertise, we provide our clients with the latest technologies, insights and analysis.
Line of business:
Processing payments should be the only line of business of your service provider. A classical bank acting as your payment processor would be likely to link your merchant account to your normal corporate account. If there is a problem in one of the two, the second will be affected. You may end up with both accounts frozen without any possibility to continue normal business.
Choose an internet payment system like SysPay. Our sole activity is to process internet payments. We are not owned by a bank. We are a Payment Institution. Our independence is your guarantee against systemic financial risks (e.g. sub primes crisis) We know your business, not your personal dealings.
Processing for free, really?
Holding a valid license to operate as a payment system in Europe requires experienced and reputed experts in all areas: certified public accountants, compliance officers, coders, fraud specialists, etc. If the service is granted for free, it means the said payment processor is fishing and you will most probably end up paying costs that were not obvious from the outset.
We respect your privacy and are compliant with European GDPR regulations.
With SysPay, one real person will manage your account, available in your native language to answer your queries. You are not a product with SysPay, but a client we value, solving your issues, and constantly applying inventive solutions to your business. We look after it. You won’t be left alone with robots or just a complex PDF guide to reach your funds like many online payment systems do.