WorldPay Makes Cross-Border Payments Less Costly for E-Commerce Merchants
May 28, 2013
London-based e-commerce processor WorldPay has launched a service enabling merchants to make low-value cross-border payouts while minimizing bank charges. WorldPay said its Bankout service makes marketplace payments for digital content, postage, refunds, supplier payments and other “nuisance payments” easier for merchants. The company said Bankout can save merchants up to 85 percent on the cost of the cross-border bank transfers they typically use to make these payments.
“International payments have traditionally been complex and expensive with a heavy reliance on banks, resulting in unexpected FX charges due to the nature of the process,” said Phillip McGriskin, chief product officer for WorldPay. “As merchants increasingly implement cross-border strategies, there is a need for merchants to make payments to accounts in other territories, whether it’s refunding customers or paying suppliers. WorldPay provides merchants with improved visibility of the total cost of the transaction processed and enables the transaction to be processed the same day or the next working day. It not only improves merchants’ global customer reach but it significantly minimizes the business cost of international payments.”