Interview with Paul Marcantonio, Executive Director of ECOMMPAY

We caught up with Paul Marcantonio, Executive Director of UK & Western Europe at ECOMMPAY, to talk all things from the importance of finding the right payment partner to new product launches over the next few months…
 

Tell us about ECOMMPAY

 
ECOMMPAY is an FCA-licensed international payment services provider and direct bank card acquirer, engineering bespoke payment solutions for clients worldwide. Our payment gateway facilitates an omnichannel payment process combining acquiring, pay-out capabilities and technological innovation within a single, seamless integration. We are headquartered in London and have seven offices globally, employing over 600 payment experts.

How and why was ECOMMPAY founded?

 
ECOMMPAY was founded in Riga, Latvia, in 2012 in response to a clear demand among businesses for bespoke payment solutions that would allow them to launch into emerging markets, achieve higher transaction approval rates, lower chargeback ratios and maximise revenues.

It was a series of personal stories that inspired the founder to come up with the idea for ECOMMPAY; a number of his friends were running their own businesses and finding it difficult to launch into new markets, identify suitable payment partners and comply with local regulatory bodies. So the founder pitched the idea for ECOMMPAY to them; a payment service provider that was able to offer direct acquiring and alternative payment methods as well as consulting services. This is how the idea for ECOMMPAY was born.

How has the need for ECOMMPAY evolved during the pandemic?

 
The payments industry has undergone some drastic transformations over the last decade. PSPs have emerged as one of the main challengers to the traditional banking monopoly, and thanks to recent regulatory shifts, a variety of different types of PSPs have materialised. However, nothing compares to the seismic shift brought about by the COVID-19 pandemic, which is transforming the payments industry. It’s therefore vital that businesses are flexible enough to be able to adapt their own processes when it comes to receiving payments online, in response to changing consumer behaviours.

There are a number of key areas where businesses are seeing big changes, presenting opportunities for us to capitalise thanks to our tailored payment solutions.

We have just launched a payment solution designed for the mobility industry, a burgeoning sector with more people than ever before looking for a safer and more private way of getting around. We are also helping e-learning businesses and institutions offering online education deal with the increase in online students as a result of the pandemic (and subsequent increase in payments to process) through automated payments online.

We are seeing a significant rise in demand for localised payment methods and with one in seven online business transactions now made across borders, we’ve had to respond to this. One of the international opportunities we have identified is being able to provide a solution for businesses looking to expand into Asia. We now offer a product called Gate2Asia which is specifically built to support this.

Another key area is fraud and cyber security, with data breaches on the rise. We see a lot of offline businesses going digital without paying due attention to security, meanwhile many online businesses end up loosening their anti-fraud filters in trying to achieve a higher level of customer conversion. We are on a mission to educate merchants about security and choosing the right payment partner to help combat fraud is a key component in keeping customers’ details secure.
 

What can we hope to see from ECOMMPAY in the future?

 
The next 12 months will be an exciting period, with many new product launches and partnerships lined up.

We want to become the go-to payment solution for companies in the mobility sector; notably car and scooter sharing, taxis and ride-hailing. We will rapidly scale our Gate2Asia product and global Bank-to-Bank payment solution covering all major e-commerce markets.

We’re also excited about the upcoming launch of the ECOMMTALKS Academy; a series of exclusive interviews with C-level experts devoted to the future of fintech and business growth.

We are embarking on an exciting marketing campaign in the UK to reach new potential customers in key growth sectors, so watch this space!