What’s new: 4 features PayOp has launched this summer
From simplifying verification processes to improving data transparency – learn about PayOp’s latest features and explore how they make your transactions smoother and more efficient.
#1: Precheck verification
We at PayOp understand merchants’ frustrations when dealing with lengthy and often irrelevant verification forms. So, our first innovation of the list involves optimizing the verification form to include only the most essential fields, unburdening merchants from filling out extensive and redundant information.
The advantages are clear: merchants can save valuable time by providing only key information about their business industry and company and completing the form in 5-10 minutes. In the past, merchants were required to fill out a full verification, which often took more than 10 minutes. Now, they go through a short precheck form, based on which we quickly inform them whether there is a point in completing the full verification. Plus, merchants can see the list of industries we cooperate with and initially understand whether it makes sense to apply.
In addition, the precheck form benefits the SME clients, because we only charge a fee for opening an account once the initial check is successfully passed.
#2: Reports release in the merchant’s cabinet
Transparency is at the heart of PayOp’s services since we recognize the importance of accurate and accessible data for merchants. To address this, PayOp has introduced a Reports section within the merchant’s account. This section lets merchants download their account balance data for the quarter as well as checkout, refund, and chargeback transactions in the XLSX (soon in PDF) format, with transaction details, amounts, and exchange rates.
This update will allow merchants to maintain a comprehensive overview of their financial operations, make informed decisions and ensure that their payment processes are aligned with their business goals.
#2.1: Upgrade of pricing exports
PayOp is committed to simplifying the user experience for our merchants. One such step is the upgrade of the pricing exports feature. This will allow to export unique payment methods (PMs) separated by region and eliminate the redundancy of duplicated PMs for each country.
This improvement simplifies the search for rates associated with specific payment methods previously complicated by large exports. With this update, merchants can navigate payment options more efficiently, improving their experience with the platform.
#3: Modifications in exchange strategies on checkout
Our next step in making online payments more efficient was a change in the exchange strategy during the checkout process. Now, only those currencies supported by the method are displayed on the checkout for the user to select and the merchant to issue an invoice. For greater transparency, the full flow of currency exchanges is displayed in the details of each respective transaction.
This update eliminated an extra conversion step, leading to smoother transactions and better compliance with merchants’ preferences.
#4: Block list of fraudsters
To enhance security measures, PayOp introduces the Block list of fraudsters and potential fraudsters. This feature allows blocking specific payers by their IBAN or email addresses. Transactions from blocked payers will be rejected, preventing fraudulent activities and ensuring the safety of the payment ecosystem.
Furthermore, an email address will be automatically added to the block list when a transaction attempt is made by a payer already on the block list by IBAN. This approach not only safeguards merchants’ funds but also contributes to maintaining the integrity of the PayOp platform.
PayOp will continue redefining the online payment landscape, making the experience smoother and more convenient for merchants and users. So stay tuned.