ARLINGTON, Va., April 29, 2016 /PRNewswire/ -- Today, Technology makes it easier for any business to accept and manage credit card transactions. Gone are the days of complicated machinery and its dedicated dial-up lines. However, the scenario in startups is quite different. Though credit and debit cards are nearly as common as cash, Indian startups or even large businesses often face a high card decline rate while accepting payments. Reason? Most of them use a single country solution with global acceptance thus reducing the approval rate of the transactions. As a result of this cross-border transactions, many startups see high decline rates. With over 20 years of cumulative experience in the payment industry, Sudhir Abba and Pawan Jain decided to change the scenario—leading to the inception of Accept Express, a one-stop platform for various payment acceptance solutions including Card Payment Acceptance, Online Bank Payments, E-Commerce, POS and Mobile POS Solutions.
With India shinning digital, the debit or credit card penetration has also become huge. Accept Express makes the transactions on Indian payment gateways easy for global customers and banks. "For example, if a foreign customer is willing to make a payment on Indian gateways, it is marked as cross border transaction. In most of the banks, the decline ration is 70 to 80 percent," states Pawan Jain. This leads to heavy loses affecting almost 40 to 50 percent of the business ratio. Accept Express trounces the hurdle through their single-stop platform that connects various payment gateways and banks under one roof.
Elaborating on the thought, Sudhir says, "At Accept Express, we have developed a first-of-its-kind solution where the approval rate on card transactions is 99.9% and that make us a perfect partner to any global transactions." The trick is to relate the transaction with its country of origin. "If an American client is trying to make a payment on an Indian site, it will not be routed to an Indian payment gateway or bank, rather it will be done with a bank based in America and they would make settlement to the Indian client through Accept Express," Pawan chirps in. In other words, the team offers a payment gateways with no capping—be it $10000 or 10 Mn, thus reducing the overheads for many small and medium sized enterprises.
Sudhir feels that the rapid evolution of cashless payments in the Indian market as a sign of a great future. With the card penetration and eCommerce traffic on growing pace, the buying power in the eCommerce sector has grown to a developed market. The number of buyers making online payments have gone up. Therefore, there are plenty of opportunities in the payment card industry globally transacting trillions of dollars online. "We would be the first company which would give every tuck shop a Mobile POS Terminal to encourage cashless transactions globally. We would allow smallest to smallest businesses and individuals to start taking card payments to convert their cash payments to card payments," assures Sudhir. Secured and quick payment transactions are the other key points that the company addresses. "In India, we are the only service provider to accept live transactions," adds Pawan.
With a diverse collection of shopping carts integrated to their platform, Accept Express envisions in making no-failure payments to cover the risk with part reserves. The founders expertise in this space is definitely an added advantage to the team, thus providing the capability to identify merchants, distinctive needs and to quickly provide custom-made payment solutions with the right strategy to assure success and long term profits. "We have learned from the mistakes of multinational giants, who are often not technology oriented. We have the right blend of technology and process," explains Sudhir. The company also has a wide range of global professionals from various verticals to encounter threats in the growing internet market space. "We partner in their growth not just as a payment processing company, but our in-house team of global professionals extends their assistance to our merchants in creating a success story," adds Sudhir.
Interestingly, the team believes in no competition. Apart from being a payment solution partner, they believe in handling the stress of running businesses. "We have a 24x7x365 team of Global Risk Professionals with Global Cyber Security & Forensics Professionals to take care of the day-to-day cyber threats. All of our Transactions are passed under an encrypted format and we don't save any data as per the Data Protection Act 1997 of the UK. In addition, we are fully compliant with PCIDSS Standards," reveals Pawan.
Accept express received its first step funding of $12 Million from White & Brooks Private Equity Fund based out of Virginia (USA). Interestingly, the company is not looking to raise any more capital. Born to be a major financial institution globally, Accept Express is looking forward to being a local payment gateway for clients. The company is likely to be listed at the Luxembourg and Bombay Stock Exchange from May. When asked about their future plans, the team revealed that they would be acquiring banks to expand their presence globally. Elaborates Sudhir, "We are in process of getting In-Principle bank licenses in Americas, European Union, Middle East, Asia Pacific & Far East. We are a company that believes in realizing the toughest and the most challenging Dreams! We have what it takes to be the next biggest thing in the next 10 Years." And, they are on the right track.
We would maneuver the greatest growth in the payment card industry by distributing mobile POS Terminals like a Sim Card.
We have developed a first-of-its-kind solution where the approval rate on card transactions is 99.9% and that make us a perfect partner to any global transactions.
"We partner in our client's growth not just as a payment processing company, but our in-house team of global professionals extends their assistance to our merchants in creating a success story,"
"We have seen many success stories in the industry, with many failures, being payment card industry professionals for over 20 years, we have learned from the mistakes the largest players have made. We believe every business taking payments is dependent on their receivables and we can proudly say that we always make payments to our merchants and that's the biggest edge in our company."
About Accept Express
Accept Express was formed by leading professionals in the banking, underwriting and credit card processing industry who realized the need to power the new age businesses and ever evolving eCommerce world. Our 20 years of cumulative experience in the eCommerce have empowered us with the capability to identify merchants distinctive needs and to quickly provide custom-made solutions with the correct strategy in order to assure success and long term profits.
Since inception our goals remain the same: Drive and facilitate the Internet express to reach a global audience and increase their business. We as a group understand the Internet is maturing into a competitive market. As more competition enters the marketplace we realize the need to support those intelligent merchants who strive to carve a niche and maintain their edge against competition while maintaining security. Accept Express supports the leading payer authentication systems in the industry, allowing you to easily integrate these tools into your eCommerce process.
Accept Express is a payment gateway company having global presence We enable easy, secure and instant transfer of money from online buyers to sellers.
We allow sellers –individuals, businesses and charities– to accept secure payments from online buyers in a variety of ways. We process credit cards from anywhere in the world, a one-stop platform for various payment acceptance solutions including Card Payment Acceptance, Online Bank Payments, E-Commerce, POS and Mobile POS Solutions.
Media Contact: Sudhir Abba
Accept Express INC
4250 North Fairfax
Drive Suite 600
Arlington, VA 22203
Ph.: +1 (703) 665-4122