Manpreet Haer & Zaki Farooq, Co-Founder, PayFuture
According to the latest report from the World Trade Organization (WTO), there’s impressive growth in international trade after a deep, COVID-induced layoff. However, despite a surge in the number of international payments made, the financial transaction process across geographic boundaries remains complex and inefficient. Starting from the regulatory complexities to routing and payment processing between stakeholders, the transaction process becomes more complicated along the pipeline, resulting in increased costs and prolonged timelines. Committed to changing this industry narrative, PayFuture, a leading global FinTech payment solution provider offers an AI technology-based innovative payment gateway connector that enables connection to localised payment solutions across multiple global emerging market regions. This allows offshore merchants the ability to access net new revenue streams across emerging markets with ease. Using one simple API, users can simply use PayFuture’s switch/connector gateway function to access all emerging market country’s local payment options.
A Remarkable Journey
Payfuture was founded in 2019 by two industry veterans, Manpreet Haer and Zaki Farooq who had a vision to allow online merchants ease of access to different countries by easing the barrier of entry, offering the most used local payment methods, and ensuring timely settlement. Drawing insights from their deep-seated expertise in global payments and technology, they decided to offer the best of breed alternative local payment methods connector focusing on providing market-leading global payment technology. By utilizing AI machine learning, they created a next-generation Payment technology platform with the ability to “learn” payment behaviours. Within a short span of time, PayFuture experienced exponential growth with its innovative approach in the payments market. “This has been achieved by giving merchants the ability to swiftly move into these countries and access its consumers with ease, all of which has contributed to further propelling our expansion. In 2022 more new countries will be added to continue expansion in multiple regions,” asserts Manpreet.
Delivering Multi-Faceted Solutions and Offerings
As a leading global payment technology provider, PayFuture offers three key solutions/services: Connector Technology Services, Merchant Management Systems, and Conversion Recovery Tools. Its Omnichannel connector connects merchants and processors to various local payment types without causing friction with the user experience and customer flow. This allows merchants to grow a global business without having to worry about integrating to each local payment method per country. With multiple alternative payment methods specific to each emerging market country, while offering multicurrencies and one API integration, PayFuture enables merchants to simply concentrate on growing traffic and increasing customer acquisition in different regions. PayFuture’s Merchant Management System enables merchants to monitor real-time transactions passing through the Gateway. Fully featured yet simple to understand, the system displays business-critical information about approvals and declines and traffic flow per minute/second thereby enabling business relevant information to optimize the business. Payfuture also provides merchants with multi-function reports covering key areas such as settlement, invoicing, query management, helpdesk, chargeback, refund, fraud control, and detailed transaction history.
The company has also launched a unique AI-driven ‘Customer Conversion Recovery Tool that significantly reduces the number of online customers, who would previously would have abandoned and so are unlikely to return. When transactions are declined, Payfuture’s customer conversion recovery tool offers the customer an alternative local payment method. This significantly boosts approval rates whilst improving customer retention statistics. “Payfuture’s value proposition is based on helping merchants become successful in each market they wish to enter. Creating ease of access is very important. Offering the most used payment types is vital but understanding each market and how customers behave in each individual country is the key to success,” opines Manpreet.
A Reliable Partner for Emerging Markets
Entering developing markets can sometimes be daunting and not understanding the market can also lead to failure. However, Payfuture first started with India, which was deemed as the ‘hardest country to do business back in 2014. By facilitating entry and success for merchants in India, Payfuture established credibility with many online merchants and a reputation as the most trusted partner for emerging markets. Since then, the company has expanded in the Indian subcontinent, Africa, South East Asia, LATAM, and East Asia.
Becoming a Global Payment Connector Brand
Today, the Payfuture gateway gives merchants access to desirable regions with the most used local payment types all with a single simple integration. PayFuture’s machine learning function uses data respective to each country to understand user behaviour on the payment page to enable dynamic changes in order to achieve the highest approval rates.
For the future, Payfuture will remain focused on leveraging advancements in its technology to help clients grow and navigate the contemporary financial industry. They also plans to expand their global footprint while strengthening their focus on eliminating the barrier of entry for merchants in new and difficult to enter emerging market regions. “PayFuture’s mission is ensuring our merchants along with their customers receive the best seamless customer experience that maximizes sales, profits, client retention. Our vision is to become a global payment connector brand known for its diversity of localized payment options within emerging markets countries,” concludes Manpreet.