Another Record Year Despite Challenging Times
Despite the challenges that have loomed over 2020, we’ve seen a number of opportunities that the covid times have brought to the online payments industry. The question we faced was: How will this influence us going forward?
The COVID-19 pandemic completely changed consumers’ shopping behavior and has been a catalyst for change in the fast-moving payments industry. Payment platforms had to respond to the demand of the new reality and adjust rapidly. Years of change had to be condensed into a couple of months, especially for market players that were stuck with outdated technology.
Another huge challenge was reorganizing work, as we couldn’t just jump on a plane for a business trip, or attend a conference to discuss payments with our partners and potential clients.
Challenges we had to face
Even though this is clearly a very challenging time, we have seen a growing interest in digital payments, and in businesses that understand how the latest technology helps them flourish.
We took advantage of this craze to expand our banking network and raise our fraud system to a higher level. The market turbulence didn’t stop us from entering into a partnership with three more acquiring banks and expanding our services to new verticals (e.g., crypto market), giving merchants more flexibility and faster approval.
It’s been a busy time; we’ve been creating a complex and advanced system that processes merchants’ data in milliseconds, and working on the infrastructure that will allow us to turn the current SecurionPay dashboard into a central data hub for merchants with all the payment metrics their businesses need to thrive. We also did all the heavy lifting on the merchants’ behalf to make their businesses PSD2-compliant, so our clients don’t have to bother. The entire process went smoothly; now merchants are well-prepared for upgraded security requirements.
It’s definitely been a year like no other, but we came out even stronger, closing 2020 with approximately 250% growth compared to the prior year. Analyzing the numbers, we can see that we will continue to grow revenue rapidly in 2021.
Catching fraud faster
Any crisis creates opportunities for criminals, so merchants need to adapt to the new reality and improve their fraud prevention and detection. There’s a bigger need than ever for systems with dynamic rules that adjust quickly to certain industries and the current situation. Plus, merchants need to focus on real-time transaction monitoring to track anomalies and recognize trends.
Some companies have reported up to a 700% increase in phishing attacks globally since March 2020. Transaction fraud is also on the rise. That’s why SecurionPay released features that our merchants needed, putting a greater focus on our Sentinel Program, which enables merchants to track and manage their payments and fraud metrics on demand. Merchants receive up-to-date alerts on new threats and attacks against which we have protected them, and the program is available without having to make major code changes on the merchant side.
Business as usual
Unprecedented growth in online transaction volumes and digital innovation driven by changes in customer behavior wouldn’t be possible without the potential of technology. We live in a world of pure automation, so businesses must pivot towards a digital-first approach.
Despite this challenging period, we’ve been able to thrive and grow, and so did SecurionPay partners. We came up with many ideas for providing Always Better Payments that are more fraud-resistant, which led us to make strategic decisions with our clients and partners in mind. We’re keeping clients in the loop and moving forward, remaining just as successful remotely. Consequently, it’s business as usual.