CEO of xpate Is Confident That Simplicity and a Great UX Will Shape the Future of Paymentsby Fintech News Singapore August 31, 2020
Handling online payments is an ongoing challenge for any entrepreneur or business. There are dozens of options to explore, yet the industry lacks a universal solution.
Too Many Options
An IT firm, edtech startup or other forms of business growing across frontiers requires a reliable payment partner. This year’s global COVID-19 pandemic has shaken things up even more. Paytech providers uniting various payment options, such as xpate, will play an increasingly important role in streamlining solutions across the different verticals.
Marketplace owners looking to handle payments, for example, have at least 27 different options to choose from. A plethora of choice is great on paper, but platform owners have indicated they prefer a solution to experiment with different payment methods in one ecosystem, rather than signing up for each service separately.
Things get even murkier depending on one’s core business model. Different types of payment methods – and expectations – arise when running a marketplace, paying freelancers, or outsourcing jobs for an IT firm. All these business types are struggling, but that struggle may be coming to an end very soon.
This is where xpate comes into the picture. It gives users an option to use different combinations of supported payment methods at once to cater to users globally. In fact, existing marketplaces looking to attract more international users will genuinely benefit from this approach. Supporting more payment options helps empower the end user, which in turn benefits marketplace operators.
Presenting A Unified Solution
The xpate team is intent on focusing on the user experience and user interface. Streamlining the integration of multiple different payment gateways through a drag-and-drop interface has many advantages. It serves growing business needs by making everything easier, more straightforward, and approachable.
Supported payment solutions worldwide include:
- SEPA and SWIFT multi-currency payments
- Individual IBAN (International Bank Account Number) accounts
- Visa, Mastercard, and Union Pay card processing
- Currency exchange at competitive rates
- OCT (Original Credit Transaction) Payouts, Mass Payouts
- Alternative Payment methods (APMs)
- Card-to-Card Transfer
Expanding to Singapore
Given the current booming economy in Singapore, xpate is entering the market under Novum Financial Technologies Pte. Ltd.
The solutions provided by xpate will serve any type of company in Singapore, but also beyond. Whether completing domestic payments or international transfers, there are ample options and potential combinations to explore.
This platform also opens the door for revamping international payments leaving Singapore. Existing options to move money across borders require creating a different account for every single service. xpate solves this issue by providing money transfer solutions through a unified account. A vast improvement over the current system, and one that will make the country more competitive from a business standpoint.
As CEO Mike Shafro explains, offering a unified solution that only requires one account is a game-changer for any type of business, big or small. It provides everything one may need, and even allows for future customization to suit the needs of individual employees, freelancers, and so forth.
“xpate is an aspiring banking alternative with quick, easy and secure service. Our product is made for people who value simplicity and integrity. According to our research, it takes up to 70 seconds to perform a transaction using traditional bank applications. xpate reduces it to 8. Our users can conduct any financial transaction with one finger performing a simple drag-and-drop action.”
Every second saved is a penny earned, and time is money in the business world.
Convenience for Everyone
Having a drag-and-drop interface to enable additional payment methods is only part of the equation. The xpate team provides a full suite of solutions to make things easier for the end user. The unified account addresses a lot of smaller issues most people would not think about at first, Mike Shafro knows the ins and outs of handling payments all too well.
“xpate is about making the user experience hassle-free. We handle everything from the very beginning. Having dozens of e-mail and social media accounts as well as bank applications makes remembering all the passwords quite a headache. What if a password is no longer required, but, instead, just a convenient and secure unlock code? Advanced security and fraud monitoring systems ensure it is still safe. Our experience shows that storing various account details can be quite confusing as well. So, we keep them all in contacts in a unified account.”
Such a product creates an entirely new narrative in the payments landscape. It is not just about getting funds to move from one user to the next. For xpate, the goal is to be a full-scale service that is capable of establishing an entirely new means of communication.
Funds moving through this platform are kept in various stacks. Incoming and outgoing funds will find their stacks automatically. Every transaction is treated as a money object, ported to an application. This makes it easier for users to reserve specific amounts of funds by managing their stacks properly. This is a crucial feature, especially when dealing with general accounting, freelancers, outsourcing, or a combination of all three.
The Global xPP Initiative
xpate recently announced the xpate Partnership Program, or xPP. It is designed to grow with its partners on a global scale. Providing unprecedented access to a global payment network will benefit all partners who sign up for this program. By offering a helping hand to businesses in need of streamlined concepts, xpate is strengthening its position as a global payment solution provider.
Thanks to efforts such as xPP, there are now over 300 companies processing over 50,000 transactions daily with the help of xpate. This number will continue to increase, as this unified approach to payments has never been provided before.