For more than four decades, Worldpay has brought progress to the payments processing industry with their payments technology. Formed in 1971 as part of Fifth Third Bank, the company was innovative when it developed and implemented the first shared online ATM network in the U.S. In January of 2018, the #1 merchant acquirers in the U.S. and U.K. (Vantiv and Worldpay Group, respectively), merged to form the new Worldpay, Inc., becoming the largest processor of credit and debit card transactions in the world.
RewardExpert recently had the pleasure of speaking with Royal Cole, Executive Vice President and Head of the North American Region for the newly merged company.
Simple Payments Across All Point of Sale Solutions
The company’s vision is simple: to be the leader in simplifying payments innovation—to enable commerce and help their customers and partners grow and thrive. With the two mega-forces coming together, they present unmatched capabilities to drive seamless global commerce—any payment, any way, all around the globe.
“Worldpay provides a vast array of products and value-added services for clients, and works with each business to create a tailored payments solution that best suits their business model, their customers and their ideal payments acceptance state,” said Cole.
Worldpay is also able to provide solutions to complex issues that face merchants today, such as fraud, low approval rates and compliance issues. They currently boast unrivaled capabilities in cross-border commerce, covering 146 countries, 126 currencies and over 300 different payment methods, including the unique position as the #1 global acquirer.
Helping All Businesses Grow
Worldpay is at the forefront of helping businesses grow no matter if they are online eCommerce, in-store or a combination of both. There are many ways that the company is able to accomplish such a feat.
“First, we listen to our clients about where they are now and where they want to be with regard to their payments solutions,” said Cole. “Then we set to work building a products and services package that’s going to bring them to their ideal state.”
On top of that, they also bring a level of expertise to the table that can help businesses broaden their vision as to what a payments partner can allow them to do, and introduce them to new possibilities.
By staying ahead of payment innovation and all the industry trends, they are also keenly aware of new developments and whether they’re the right option for a certain business model. With so much constant change and new products and ideas coming forward, business owners can easily feel overwhelmed with options.
“By working with a payments leader like Worldpay, we have the hands-on experience and understanding of these technologies to know what solutions are going to modernize a business’s payments experience.”
The Future of Worldpay
So what is on the horizon for this payment processing super force? Many exciting things. They recently partnered with Featurespace, a machine learning platform that makes real-time decisions based on behavioral data and predictive analytics. The new relationship promises to power a forthcoming global merchant fraud suite which is now in development.
“By coupling Featurespace’s unique technology with the powerful data assets Worldpay has, including more than 40 billion annual global transactions, this fraud-fighting product suite will be one of the most advanced on the market,” said Cole. “Not only will it help combat instances of fraud, but it will also help boost authorization rates for certain transactions made in good faith that may be mistakenly identified as fraudulent by overly aggressive fraud-detection systems available now.”
The new platform will capitalize on behavioral data sets to better detect potential instances of fraud and act on those threats in real time to the benefit of both merchants and consumers.
To learn more about Worldpay and how it can help you and your business, visit their website today.