Licensed by the Central Bank of Cyprus, Powercash21 is a payment service provider, specialized in acquiring, issuing and mobile payments. The company provides online and mobile merchants with what they claim to be the all-round payment package. In the following review, we will focus on their product, and hope to expose both its advantages and disadvantages, so you can decide whether this is the payment solution provider for you.
The Payment Solutions Software
The software behind the majority of this PSP’s payment features has a solid, yet slightly outdated back office system. Its various sections can provide you with visibility over the different aspects of your incoming and outgoing transactions. The integrated filtering options help to narrow down data and quickly find the necessary information regarding specific clients, transactions and volumes for example.
The Dashboard provides users with some key aspects of the business like payments due; chargeback/sales ratio; sales volume; approval rates; top sales per BIN country and sales per payment systems. The section is neat and has a simplified look, yet at the same time, it provides a summary of crucial data pieces at a glance.
The Sales Volume tab gives important information about how your accounts are performing in terms of sales. The data is provided in the form of graphs, which offer a relatively high degree of customization to fit your preferences. Some of the key metrics this section features are Volume/Payment Methods; Volume per Region; Daily Volume; Number of Transactions; Sales Volume; Sales Top 10 Countries, etc.
Charge backs are transactions that directly hit the revenue of merchants. If they occur often and in large amounts, they can pose a significant threat to a business. That is why, their detection and the quick identification of the reason for their occurrence is absolutely critical in the online sales process.
Powercash21 has considered this threat to its partners’ businesses and has taken the necessary steps to protect them. A dedicated Charge back section provides the necessary tools to track the charge back developments in merchants’ accounts. These can be filtered by reason code, by amount per reason code, amount per country, chargeback count per card brand and more. The visualization of all this is helped by the presence of various charts, graphs and diagrams.
This section offers a downloadable charge back report too. The latter provides a detailed in-depth look at the charge back performance compared to the sales volume for a specified period of time.
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The system has an extensive transaction log where all transactions a merchant has been processing appear. Transactions are displayed with their type (capture, order, chargeback, etc.); status (in progress, completed or failed); currency; amount; date; card number and more. There is an advanced search which would enable a merchant to filter by specific transaction attributes or by clients.
The Fraud section is where you can information regarding the charge back performance in your accounts. Fraud detection is absolutely key in preserving the good health of an online business, in which charge backs exert a markedly negative effect on revenue. The system’s functionality allows fraudulent attempts to be filtered by country, IP, reason code, and so on. This section too works with bar charts only, which despite their simple view, lack in flexibility. The reason is that a bar chart does a good job at just displaying a number but fails to give account of how a process has been developing over time.
Inside this tab, you can find a fraud report which provides a detailed review of the fraudulent activities logged by the system. Fraud and sales volumes for a given period of time will always be displayed separately for Visa and for Mastercard. The report also includes ratios like “Count Ratio” and “Volume Ratio”, which are the actual indicators the two card operators use to determine if a merchant is breaching the fraud program.
The section features a fraud summary too. The latter differs from the report described above in that it reviews specific transactions. The availability of details, such as cardholder name, card number, IP address, email and so on provide a quick and efficient way to detect suspicious activity and put it under scrutiny afterwards.
The Business intelligence tab is one that needs to be carefully studied and analyzed. Displaying a few charts and graphs, it is designed to help merchants understand and control key aspects of their online sales and payments. These include the failed transactions and the reason for their failure; who are their top clients; and where the major volume traffic comes from.
Powercash21 utilizes a Payment Card Industry Data Security Standard (PCI DSS) Level I certified gateway, which to a great extent guarantees that the environment provided by the company for processing of online transactions and storage of sensitive data is secure. Powercash21 is a regulated payments institution with a license granted by the Central Bank of Cyprus. The strict adherence to the regulatory principles of the institution adds an extra layer of security and ensures that the firm’s operations are not exposing customers’ funds and sensitive data to risk.
Powercash21 claims to be offering a professional 24/7 multi-language support by phone and email. While it is true that the company’s support service employees work 7 days a week, their professionalism and fast reactions are highly questionable. Potential clients will face slow response via the contact form located on the website. Those of you who send inquiries by email might well get the impression that Powercash21 is not that interested in learning more about you either. This is not only disappointing from a client perspective, but poses significant risks to the payment processing aspect of their business.
Powercash21 has done a lot of work to provide merchants with a complete payment solution. Its proprietary gateway seems to really be able to provide a secure environment for online transactions and for the storage of sensitive personal and financial data. The platform itself though looks a bit outdated, so some more development effort would be welcomed in this respect. Some of the graphs and charts used could be supplemented by comprehensive reports, so that clients get a better picture of the various aspects of their online sales and payments. Last but not least, the customer support service is sometimes slow to respond and thus, not at the necessary level for the industry. On that note, if you need proper PSP advice, ping us and we’ll be happy to help.
Based on the review above, on the scale from 1 to 10, our FinTechTycoon expert score is
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