Latin America offers extraordinary opportunities to international merchants. But to be successful it’s essential to know the payment characteristics and preferences of each individual region.
PayRetailers is a technological payment solution provider connecting Latin American (LATAM) consumers to global companies. Headquartered in Spain and with regional offices in Malta, Mexico, Argentina, Brazil, Chile and Colombia, the company offers hybrid combinations of operational models that help businesses reach billion of consumers in emerging markets by accepting local payments and settling funds globally.
The Fintech Times recently chatted to Ronald Rodríguez, global head of product at PayRetailers, to learn more about how the company is facilitating payment transactions for merchants and their customers.
Ronald, tell us more about PayRetailers payment solutions?
PayRetailers is a payment processing company committed to providing our clients with the most complete and diverse payment methods offer in Latin America. Under the perspective of proximity and convenience, we are always seeking to guarantee the best user experience to our clients’ end consumers, as our main goal is to contribute to the growth of our merchants by supporting the success of their sales strategy with high conversion and approval rates in their payment processes.
Bearing in mind that offering the highest performing payment methods is more important than their quantity, how is PayRetailers able to advise international merchants to offer the correct solutions in each country?
We are constantly reviewing our payment methods offer in each country where we operate, verifying their level of relevance, approval rate, trust and security, always trying to provide different options that can be immediately adapted to the different requirements of our clients. At the same time, we carry out an analysis of the business model of our clients and their expected behaviour, to advise them on which payment methods could best fit their type of clients in every country where they want to sell.
What’s popular in terms of payment methods in Latin America? And, does PayRetailers offer it?
Regarding the payment methods in Latin America, at PayRetailers we offer more than 250 options throughout the region. This has become the result of a hard work based on a strategy of in-depth knowledge of the payment dynamics in each country in which we have presence, which allows us to prioritise enriching our value offer with the most relevant payment methods and experiences for end consumers. That’s why, nowadays we can ensure that PayRetailers offers not only the most popular payment solutions in the region, but also those with the best performance, such as PIX, SPEI, Boleto Bancario, PSE, OXXO, Rapipago, Servipag, PagoEfectivo and debit or credit cards payments, among others.
You recently attended Money20/20 in Amsterdam, what did you think of the show and what news did you share?
This year’s Money 20/20 event was impressive. It was a pleasant surprise to find an evolved and diverse fintech ecosystem with solutions to support each other in growing our businesses. Just two or three years ago, starting a business in any of the fintech categories such as Payments, Loans, Wallets, etc. forced you to invest considerable efforts in the development of tools to operate your business, but today you find countless alternatives that help you solve the needs of your support processes and focus on the key processes and specific strategy of your business.
On the other hand, the great development of initiatives and business models around the crypto world is another revelation of this event. Many opportunities are opening up to generate new transactional dynamics that benefit users and merchants, largely solving the challenges of security and immediacy of payments, and, best of all, these initiatives are being generated with the support of regulatory entities and financial control, which generates total confidence and certainty about the evolution that the global financial ecosystem will have in the coming years.
Our Payouts product is one of our main differentiators, as it solves our merchants’ need to manage their payers’ cash flows according to the different business dynamics they have, such as returns. Ensuring the immediacy and security of these transactions has become a winning bet. As most of our merchants do not have a local presence in Latin America, managing their customers’ funds transactions is a real challenge, which we solve successfully, as we provide their end customers with the best payment experiences.
What is the role of PayRetailers if a problem arises between the merchant and the payment provider?
Our business model is based on facilitating the payment transactions for our merchants and their customers. As we are always focused on solving any issue related to the payment process that may arise, our merchants can dedicate themselves to selling and grow their business, while PayRetailers takes care of all the payment process perspectives.
In an industry that is ever evolving, what technologies are you using to innovate and improve the consumer’s payment experience?
Our innovation strategy is based on identifying new technologies and their potential, to positively impact our merchants and their clients. Nowadays, each of our solutions is built on first-rate technologies and concepts such as native cloud applications, microservices, machine learning, RPA, decision intelligence, Devops, top web development frameworks, PWA, among others, following our product development process based on agile work methodologies and the best practices of the software and financial industries.