MasterCard vet joins exec team to propel company growth and innovation
PAAY, a leading SaaS company whose mission is to empower merchants to grow their online business simply and securely, today announced 155% YoY growth. The company also announced that it has appointed Adam Gluck as PAAY’s first CTO/CPO, and has made available its Partner Platform, a real-time monitoring system for merchants and payment providers to implement and monitor EMV 3DS across multiple merchant accounts.
Merchants selling online are seeing record sales numbers, however, fraud rates are growing in parallel. Global e-commerce is expected to hit $4.9 trillion by 2021 and projected fraud is expected to reach $140 billion by 2025. Because of this, fraud prevention and cybersecurity have quickly become top of mind for online retailers.
“It is essential right now that businesses take measures to protect themselves against fraud. As COVID-19 continues to drive unprecedented acceleration of online retail purchasing, merchants can’t afford losses due to cart abandonment or false declines,” said Yitz Mendlowitz, CEO of PAAY. “Our EMV 3DS solution enables small businesses to securely pivot and capitalize on the immense growth of remote commerce, while not sacrificing the end-user experience.”
PAAY’s EMV 3DS solution arms merchants with a way to future-proof their payments infrastructure by allowing them to increase authorisation rates, reduce chargeback expenses and stay compliant while offering a seamless and frictionless user experience. Contrary to this, the original 3-D Secure (3DS) system delivers consumers a user experience defined by long processing and verification times. As a result, merchants using 3DS are left to deal with cart abandonment. With EMV 3DS, PAAY is seeing authentication rates as high as 94% and transactions approved in under 2.5 seconds on average. Card networks such as Visa and MasterCard have also reported up to a 10% increase in authorisation rates on EMV 3DS transactions.
To complement its EMV 3DS solution, PAAY launched its Partner Platform, an industry-first offering making it seamless for ISO’s, gateways, processors, CRM’s and other payment service providers to offer their merchants a simple and secure EMV 3DS solution. PAAY customers can now log in and view protected transactions, authentication rates, and additional new features.
“Our Konnektive clients have experienced a 50%-60% reduction in chargebacks and associated fees by using PAAY’s EMV 3DS authentication service,” said Matthew Martorano, CEO, Konnektive CRM.
“It is imperative to have the right technologies working in concert to protect your transactions, your revenue and your business, and Konnektive and PAAY are the perfect pairing to help you to grow and scale.”
Product innovation at PAAY was an immediate priority for Adam Gluck, PAAY’s first appointed Chief Technology Officer and Chief Product Officer. Prior to PAAY, he led the teams at MasterCard that developed and commercialised the EMV solution; M/Chip, the MasterPass wallet, and the open payments transit product. As a 25-year veteran in the emerging payments industry, Gluck holds multiple patents and brings to PAAY a track record of innovating, developing and commercialising global solutions.
“The acceleration of remote commerce combined with new technologies provides opportunities to improve a system that will benefit from modernisation,” said Adam Gluck, CTO and CPO at PAAY. “At PAAY we will continue to innovate and create simple, agile solutions to support merchants and facilitate easier end-user interactions.“