Company: 2Checkout (now Verifone), Atlanta, GA USA
Company Description: 2Checkout, part of Verifone's eCommerce division, is the leading all-in-one monetization platform helping clients drive sales growth across online channels. 2Checkout's digital services include global payments, subscription billing, merchandising, taxes, compliance, and risk.
Nomination Category: Product & Service Categories - Business Technology Solutions
Nomination Sub Category: Payments Solution
 Nomination Title: 2Checkout (now Verifone) | Seamless, Safe, and Reliable Payment Processing
- Which will you submit for this nomination, a video of up to five (5) minutes in length or a written essay of up to 525 words? Choose one:
Written answers to the questions
- If you are submitting a video of up to five (5) minutes in length, provide the URL of the nominated video here, OR attach it to your entry via the "Add Attachments, Videos, or Links to This Entry" link above, through which you may also upload a copy of your video:
- If you are providing written answers for your submission, you must provide an answer to this first question: If this is a brand-new product, state the date on which it was released. If this is a new version of an existing product, state the date on which the update was released:
The 2Checkout (now Verifone) all-in-one monetization platform aims to simplify the complexities of modern commerce like global payments, subscription billing, merchandising, global taxes, compliance and risk, so they stay focused on innovating their products and delivering exceptional customer experiences. The platform was launched in 2006 and has been improved and updated yearly ever since. In the last 18 months, 2Checkout (now Verifone) has worked towards optimizing our platform which brought a multitude of new features and enhancements: streamlined payment methods (iDEAL, Alipay, UnionPay in API, and more), ordering engines, connectors, API, updated reports, updates regarding compliance with local laws and taxes, and more.
- If you are providing written answers for your submission, you must provide an answer to this second question: Describe the features, functions, and benefits of the nominated product or service (up to 350 words):
2Checkout (now Verifone)'s all-in-one monetization platform helps businesses accept payments globally.
We do a lot behind the scenes - with tools, capabilities, automation, integrations and services - to make global payments seamless, deliver a better customer experience, and increase conversion and authorization rates.
Having the choice of a preferred payment method can be the deciding factor for a buyer. We provide coverage for 200+ countries and territories, 45+ payment methods, 30+ languages, 100 display and billing currencies. Other features include:
- -The multi-currency management feature that offers access to local billing currencies, improves localization, and ultimately increases authorization rates by up to 25%.
-Intelligent Payment Routing that enables us to match or route card transactions to the payment gateways best equipped to handle them and retry authorizations using a failover or back-up gateway. Ultimately, this feature leads to increase in authorization rates. -Account updater services to ensure recurring billing continuity by automatically updating the customer card data when cardholder information changes or goes out of date. This salvages +90% of otherwise unusable cards used for recurring billing -Configurable payment retry logic that enables merchants to minimize failures and recover up to 20% of failed transactions due to soft declines.
- -The dunning management tools kick in immediately after a failed automatic authorization attempt made for subscriptions on auto-renewal.
A unique aspect of our platform is the ability to work with multiple payment models, meaning clients can go to market using a Merchant of Record (MoR) model, a Payment Service Provider (PSP) model, or a hybrid of both.
In addition to payment processing, merchants can offload the heavy lifting of their payment and financial transactions to us, including back-office operations like reconciliation, refunds, chargebacks, tax/VAT handling, invoicing, etc. Merchants are also protected against payment fraud with our advanced fraud detection tools, which use a combination of artificial intelligence backed by manual reviews.
Finally, merchants can easily stay compliant with global and local payment and data privacy regulations by offloading compliance efforts to us. We are on top of PCI DSS, GDPR, PSD2, CCPA, and other industry compliance and security standards.
- If you are providing written answers for your submission, you must provide an answer to this second question: Describe the features, functions, and benefits of the nominated product or service (up to 350 words):
2Checkout's leadership and continuous innovation of its payment capabilities have been recognized through several industry awards and recognitions:
SIIA CODiE Awards 2022 - Winner in Best Subscription Billing Solution and Finalist in Best Payments Solution
American Business Awards (Stevie Awards) 2022 – Bronze Stevie® Winner in Electronic Commerce Solution and Payments Solution
Software Advice's FrontRunners Report 2022 - FrontRunner in Payment Processing Software
Payments Awards 2022 - Finalist in Best Online Payments Solution (Merchant)
Customer testimonials:
"It's a complete and easily managed solution that requires minimal resources from us. 2Checkout offering also a great support and possibilities for customization. ... By outsourcing all the payment to 2Checkout, we know that we have an expertise payment system giving all the options needed to our customers, including charge backs and more." - Jakob S., Consumer Operation Manager ZoneAlarm by Check Point
"We wanted to expand into new and emerging markets such as Brazil, India, and China, but were lacking some localization capabilities needed to be successful in these markets. With 2Checkout deep localization – including language, currencies, local payment methods and local processing – we have seen an immediate increase in conversion and revenue in these geographies. The buying process is seamless for our clients," Tihomir Yordanov Digital Marketing Manager at VS REVO Group.
"To us, the team at Retlm Tutors, it's very important to offer a seamless experience to our students and customers. This also extends to partnering with a trusted payment platform, which is why we chose 2Checkout (now Verifone). Compared to previous providers, we can now accept international payments quickly and securely, offer multiple payment methods, and boost the customer experience. Their advanced reporting capabilities are also very handy, as they help us better understand customer behavior and optimize purchase flows.
The 2Checkout (now Verifone) team has been proactively helping us achieve our goals and the support has been nothing but outstanding. Thanks to this partnership, we expect our revenue to increase by up to 30%." - Usman Mir, CEO at Retlm Tutors
- You have the option to answer this final question: Reference any attachments of supporting materials throughout this nomination and how they provide evidence of the claims you have made in this nomination (up to 250 words):
https://www.2checkout.com/docs/en/datasheets/2022_Solution_Brief_Payment_Method_Coverage_final-optimized-m.pdf
https://www.2checkout.com/resources/en/landing_pages/2Checkout_-_eBook_-_Taxation_for_digital_goods_Europe.pdf
https://www.2checkout.com/lp/how-localization-impacts-the-online-payment-experience.html
https://www.2checkout.com/press/press-single/siia-codies-winner-two-categories-2022.html
https://www.2checkout.com/lp/how-localization-impacts-the-online-payment-experience.html
https://www.2checkout.com/certificates-and-awards/
| Attachments/Videos/Links: |
|---|
|
