U.S. retailers and others that accept online payments can tap into a huge revenue source if they include UnionPay credit and debit card acceptance among their options for payment methods.
ATLANTA (PRWEB) March 09, 2021
MerchantE, a leading end-to-end digital commerce platform, now offers UnionPay SecurePlus powered by Payscout, opening trillions of dollars in spending by billions of global consumers to U.S. businesses.
“UnionPay serves a vast and rapidly growing market in the U.S. and around the world,” says Sandra Blair, Chief Product Officer at MerchantE. “U.S. retailers and others that accept online payments can tap into a huge revenue source if they include UnionPay credit and debit card acceptance among their options for payment methods. We are delighted to offer UnionPay SecurePlus enabled by Payscout’s convenient and secure payment platform to support U.S. businesses as they look to attract new customers and increase their global sales.”
The relationship with UnionPay and Payscout – exclusive to MerchantE at launch in the United States – offers businesses access to credit and debit card transactions via UnionPay, China’s sole bankcard association and the largest provider of payment cards in the world. The company has issued more than 9 billion cards since 2002, more than Visa and Mastercard combined.
UnionPay SecurePlus offers low-friction, two-factor authentication that increases security, reduces online payment fraud and clears obstacles to approvals for larger-than-average transactions. Using UnionPay SecurePlus has been shown to increase approval rates from 30% to 90% as compared to other UnionPay platforms.
“As a leader in global payment processing, we are thrilled to partner with MerchantE on UnionPay SecurePlus, an exciting payment solution that will benefit both merchants and consumers,” says Manpreet Singh, President and Co-Founder of Payscout. “Through the SecurePlus solution, merchants can achieve unprecedented revenue growth, while taking advantage of exclusive features such as instant onboarding, faster settlement and enhanced security, which means more transaction approvals and less fraud.”
While UnionPay’s primary market is mainland China, the company also has issued more than 145 million cards outside the country. UnionPay cards are accepted in 179 countries and regions and by some 87 million businesses worldwide – 32 million outside China.
Removes issues with debit card acceptance
For billions of Chinese consumers, UnionPay is the only payment card they use, and more than three-quarters of cards are debit. However, UnionPay debit cards can only be used in the UnionPay network and networks that have signed contracts directly with UnionPay – such as Payscout, a principal member of the UnionPay network.
Debit card limitations result in an increased proportion of UnionPay debit card transactions being declined, and businesses may be shut out of the approximately $14.3 trillion in sales UnionPay cardholders transact each year. Limitations also impact cardholders who are not able to complete large or critical online transactions, such as paying tuition and tutoring fees at educational institutions in the United States or purchasing both mainstream and luxury goods.
Enrollment through MerchantE in UnionPay SecurePlus powered by Payscout removes the issue with debit card transactions. It also offers businesses instant onboarding and faster settlement (two days versus a more typical five).
To learn more and apply, visit MerchantE.com.
MerchantE provides a financial technology platform that drives digital commerce and supports the money management needs of growing businesses. Its customers gain a competitive advantage with their services to revolutionize the way they bring money in, move money out, and make money decisions. MerchantE helps their partners by offering tools and revenue streams to integrate, self-brand, refer, or resell their products and services. MerchantE has 300+ employees and is located in Alpharetta, Georgia. For more information please visit MerchantE.com.
Payscout is a global payment technology company with proprietary solutions designed to increase conversion, add layers of security, and lower processing costs. Payscout’s Paywire platform features an easy-to-integrate API, support for multichannel processing, and international transaction enablement. Payscout is a Principal Member and Global Acquirer for UnionPay International. For more information please visit Payscout.com.