Is Paywize the Wise Choice For Your Payments?

Founded in 2018, Paywize is a relatively new player in the online payments business. Its efforts are directed towards the provision of solutions for eCommerce, Finance, Gaming and CBD. The company claims that its secure and user-friendly platforms are powered by the most advanced technology. The industry feedback we collected about them was very positive and we were told they are a partner you can truly trust. Let’s try to see if that is indeed the case.

Payment Methods Supported by Paywize

Paywize supports the following payment methods: credit cards, mobile payments, e-wallets and bank transfers. Most types are covered, which results in faster transaction requests and higher authorization rates. This section is supplemented by a reporting module which ensures that users are on top of the credit card payments processes.

Mobile payments make it possible for companies to process payments directly from their clients’ mobile devices. Paywize utilizes the NFC (near-field communication) to deliver this solution. This technology provides means for communication between two electronic devices over a maximum distance of 4 centimeters. We strongly believe that the use of the morally obsolete NFC exposes both sides of the transaction to a security risk. Failure to offer a solution against man-in-the-middle attacks makes NFC vulnerable from eavesdropping and data modifications.

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Acting as an intermediary between banks, Paywize speeds up the usually sluggish transfer of money from one bank account to another, especially if funds need to be moved between countries. This results in immediate transaction confirmation, which make real-time transfers possible. This deserves admiration.

A Payment Page Backed By a Smart Engine

Whether someone decides to buy your products or services or not, to a great extent depends on the payment page he sees prior to making the transaction. The checkout pages designed by Paywize are in the local language and currency of the merchant and include all the relevant payment methods. The company’s theme editor allows the necessary flexibility in designing a page according to each client’s specific needs.

The smart engine behind the page is what keeps transactions safe. Some of its key features include: customizable rules; smart 3D Secure (3DS) service, which routes transactions to the right flow; intelligent performance at checkout; intelligent exemption management; real-time blocking of new fraud patterns, etc.

The back-office application is the tool that makes monitoring of all payment activities possible. Reports provide users with means to view the important transaction details. The reporting section definitely needs more filtering options added, so that it becomes flexible enough to really serve its purpose.

Paywize Ecommerce Plugin

The ecommerce plugin of the company gives clients the freedom to sell their goods around the world backed by pre-built payments and established merchant and tax relations. The availability of a wide range of marketing tools allows the implementation of various strategies, cross-sells, upsells, etc. All this in turn helps a business to optimize its processes and increase revenue.

The fraud protection mechanism integrated in the plugin reduces the churn rate, a parameter that should be closely monitored in online sales. The constantly growing network of Paywize distribution channels has the potential of bringing new revenue streams and increasing sales.

Security

The company’s risk manager is the system designated to protect merchants against potential fraudulent activities and charge-backs. It is claimed to contain the necessary tools for every client to build a unique fraud screening profile. The latter is constantly monitored and adjusted to ensure maximum security. 

Users report that configuration of the Risk Manager might take longer to complete due to the sheer number of parameters. Some of its features include cross-industry fraud monitoring, automated negative list checks, extra authentication and improved mobile UX.

The solution offered by Paywize for managing the 3DS is a key aspect of the overall system security. The Smart 3DS dynamically routes transactions in real-time via the correct flow. The system is fully compliant to the Payment Services Directive 2. Some of its advantages include the following; the Smart 3DS is easy to integrate; it identifies risk-bearing transactions and leads to a reduction in abandonment; last but not least, it requires extra authentication, which just adds up to the overall platform security.

Paywize Customer Service

Paywize provides what it claims to be a 24/7 customer support service in a variety of languages by phone and email. However, the team is sometimes slow to respond, which leads to waiting times longer than one might hope in case of a more urgent issue. This is something that needs to be addressed by the company’s management if they want to play with the industry big boys.

Final Thoughts

Nowadays the payment processing business is a really busy place. Thousands of companies are in a fierce competition for a share in a market which seems to be in control of those demanding the payment solutions. In this context, it is key for processors to provide a premium service if they want to stand out and succeed.

Paywize has been making great efforts to build a solid client base. The company supports card payments, mobile payments, e-wallets and bank transfers. While this list covers the most common types, adding more alternatives will further increase the interest in the company’s services. The focus on the details can be clearly note in Paywise’s system architecture, its soundness and its overall security. The proprietary ecommerce plugin and the risk manager in particular are two technological solutions which deserve recognition, but a lot of work is still to be conducted on thw company’s end. Nevertheless, what matters most when it comes to payments, is the trustworthiness of the partner you choose and Paywize covers that entirely.

FTT Score

Based on the review above, on the scale from 1 to 10, our FinTechTycoon expert score is a warm

8.

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