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ECommPay online payment system

ECommPay
http://www.ecommpay.com

Updated on December 12, 2014 by ECommPay
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General Information

ECommPay is an innovative and fast thinking company that provides state of the art secure electronic payment solutions for clients worldwide. Our system is up-to-the-minute, secure, reliable and easy to connect with. Our solutions help to achieve higher transaction approval rates, lower chargeback ratios and other special requirements which help our clients achieve maximum revenues.

Currencies

RUB, EUR, USD, etc.

Countries of use

Europe

Users

High risk, Low risk, forex, binary options, hosting, retail, gaming, gambling, lotteries, casinos

Fees

Based on many individual settings.

Our comission rates start from 2%

Integration approaches

3 step integration

Information for developers

Technology Cutting-edge solutions, paired with modern, up-to-date technologies, guarantee ECommPay’s place at the forefront of the payment processing industry. In addition to consistently meeting and exceeding industry standards, our payment experts regularly develop new instruments to ensure that your business maintains its competitive edge. Payment Methods Multicurrency & Multilingual Conversion + Payment Page Flexible API Merchant Back Office Payouts RISK MANAGEMENT AND SECURITY Using the most effective and secure risk management processes, certified to international standards, ECommPay assists clients in reducing the costs associated with payment acceptance. All of our security measures are configured individually for your business, which minimises disputed payments and leads to the optimisation of all payment processes.   ONLINE PAYMENT PROCESSING Years of experience ensure that ECommPay is ideally positioned to best serve the interests of your specific industry. No matter how high your transaction volume or how complex your online payment processing requirement, we will provide a bespoke solution comprised of a portfolio of products engineered specifically for your business needs.

Recent news

Posted on June 19, 2017
Implications of MiFID II for Forex

Initially launched to ensure effective and secure financial operations across the various regulatory frameworks of European Union (EU) member states in 2007, the Markets in Financial Instruments Directive (MiFID or Directive 2004/39/EC) encountered challenges during the financial crisis of 2008, which ultimately resulted in the introduction of an updated, revised MiFID to come into force in 2018. Becoming compliant to the looming regulatory changes carries a heavy financial burden, warns international payment service provider and acquirer ECommPay. Forex merchants operating within the confines of MiFID II must invest in secure technological architecture and introduce sophisticated payment solutions to avoid financial losses.

History

Limiting the ability of EU member states to establish individual rules for external investment firms operating through both cross-border services and local branches, MiFID helped institutionalise a competitive environment, which consequently resulted in many companies reducing their fees. The directive was largely considered to be a success, having established a pan-European framework for the provision of investment services and the operation of markets.

While the first MiFID laid the groundwork for increasing competition, customer protection, and market transparency by removing concentration rules and introducing the passport principle (granting companies licensed in one EU country the authorization to establish a local branch or to offer services remotely on a cross-border basis without any additional requirements), MiFID II targets increased transparency and reinforcement of investor protection measures.

How MiFID II will affect Forex

From a Forex perspective, the new initiative will require redistribution of resources, which, by Financial Timesestimates, will cost the finance industry more than €2.5 billion. Though it’s hard to calculate how much MiFID II implementation will cost the retail Forex industry alone, companies working within the sphere need to restructure their business processes for cost efficiency in preparation for compliance to new regulation. Forex operators must prepare for MiFID requirements, which will introduce the following measures:

  1. Provision of telephone recordings and electronic communications

To facilitate investor protection and deter market abuse, MiFID II introduces new mandates requiring companies to keep a record of all telephone communications and electronic communications concerning the receipt and transmission of orders; execution of orders on client behalf; and independent dealings. The requirement was further extended to include face-to-face client meetings. Records should be kept for a minimum of five years, and an additional two years if requested by the national authority of an EU member state.

  1. Product governance and regulated sales processes

By introducing a new product governance regime applicable throughout the EU, MiFID intends to regulate all stages of the life cycle of a financial instrument. The design, marketing, and distribution of products by investment firms must be tailored to the predefined ‘target market’ of a financial instrument. The European Securities and Markets Authority (ESMA) lists six categories for identifying a target market:

  • Type of clients to whom the product is targeted
  • Client knowledge and experience of products offered
  • Financial situation of clients (with a focus on their ability to bear losses)
  • Risk tolerance of clients and the compatibility of the risk/reward profile of the product with the target market
  • Client objectives
  • Client needs

As some of the categories listed above are already in use to conduct suitability tests, Forex brokers will be able to use existing information to identify the target market. This knowledge will furthermore assist in the second prerequisite of the product governance regime, which necessitates operators to identify any group(s) of clients for whose needs, characteristics, and objectives their offering is incompatible, ie. negative target market.

  1. Introduction of third country regime

The term “third country” refers to jurisdictions outside the EU, if they do, or seek to do, business within the EU, regardless of whether that be by way of a branch established in the EU or on a cross-border basis. Outlining a new scheme for granting third country companies access to EU markets, MiFID II proposes a differentiated approach depending on the type of clients they expect to engage. Retail Forex client services may require the establishment of a branch within the EU member state the third country broker intends to serve, whereas service to professional and eligible counterparties will not require a regional branch if the broker in question is registered with ESMA.

Individual EU member state legislation will determine whether the branch model will be available as an option to third country companies, provided that third country firms do not receive special privileges not granted to businesses from other member states. The cross-border model, meanwhile, will be determined and facilitated by ESMA. As the ability of third country firms to conduct MiFID regulated business with retail and professional clients will be at the discretion of each EU member state, only the cross-border operations will become subject to an EU-wide initiative.

Though only the additions to the MiFID legislation most relevant for Forex brokers and operators were outlined above, the recently introduced regulation will extend far beyond data collection, product governance, and third country business activity. Coming fully into force by 2018, MiFID II will demand financial services companies to dedicate a large number of resources to becoming compliant. Forex companies operating within the EU jurisdiction must establish cost effective measures to counteract the expenses of restructuring business processes, including updating technological frameworks and streamlining payment processes for maximum revenues.

The post Implications of MiFID II for Forex appeared first on ECommPay — Global Payment Provider, Customised Payment Gateway.

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Posted on June 7, 2017
Review of iFX Expo International 2017

Another year, another successful iFX Expo International. Champagne & Cigar Sponsor ECommPay enjoyed industry insights, shared business developments, and engaged in productive dialogue with prospective partners.

iFX Expo International 2017 opened its doors to over 3,000 attendees over the course of three days on 23-25 May. The high-profile financial B2B convention welcomed experts from across various industry sectors to Limassol, Cyprus, for a series of lectures, panel discussions, conferences, and networking opportunities. Global payment service provider ECommPay acted as Champagne & Cigar Sponsor for the fourth consecutive year, offering guests complimentary champagne and custom quality cigars to stimulate engaging dialogue, discussion, and debate.

iFX Expo International is organised to evoke an interchange of ideas between Financial Instruments specialists and third-party service providers. Featuring panels concerned with regulatory changes and compliance, automation of Forex and Binary Options operations, local payment solutions, the role of mobile in finance, technological platforms for trading, and more, regulatory bodies, operators, and service providers used the opportunity to announce new developments, directives, and innovations.

Regulation by the Cyprus Securities and Exchange Commission (CySEC) became a focal point of the event. Demetra Kalogerou, Chairwoman of CySEC, gave the keynote speech on Industry at Crossroads, discussing how increasing regulatory measures will ensure customer protection and further entrench CySEC licensing as a measure of operator reliability. ECommPay’s Director in Cyprus, Michael C.G. Charalambides, participating in the panel discussion on payments, deftly related the company’s strategies for assisting merchants in complying to CySEC regulations:

“Regulatory measures are introduced and updated regularly, so Forex and Binary Options operators must ensure that they remain diligent and learn to adapt. As a trusted payment service provider and financial institution with extensive experience in the industry, ECommPay assists merchants in complying to CySEC regulations, tailoring our payment solutions to maximise client revenues, increase retention, and, above all, build longevity. Our objective is to monitor industry changes, providing a platform to ensure stellar security and stringent compliance.”

ECommPay’s presence at iFX Expo International resulted in multiple new connections, productive discussions with both current and prospective clients, and invaluable industry knowledge. If you didn’t have the chance to catch us during the event, please get in touch today with any questions you may have.

We look forward to seeing you for more champagne and cigars next year!

The post Review of iFX Expo International 2017 appeared first on ECommPay — Global Payment Provider, Customised Payment Gateway.

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Posted on May 24, 2017
ECommPay is Payments Partner at ECOM Expo’17

ECOM Expo’17 welcomes e-Commerce specialists, merchants, and service providers to Moscow on May 24-25 for the largest e-Commerce exhibition in the Russian Federation and Eastern Europe. Sponsoring the event as Payments Partner, international payment provider and acquirer ECommPay looks forward to sharing insights with industry professionals.

Presenting observations about the impact of efficient payment technologies and processes on online businesses operating in the Russian market, Regional Director of ECommPay in Moscow, Ksenia Kuryshkina, will initiate discussions concerning the role of payment providers within e-Commerce during her ECOM Expo’17 conference speech.

Offering a platform for more than 8,000 online merchants, operators, and service providers to communicate their individual needs and requirements, ECOM Expo’17 encourages the various e-Commerce sectors to collaborate in creating innovative solutions. The event focuses on six business sectors, from Logistics to Customer Relations, presenting the opportunity for visitors and exhibitors to catch up on industry trends, learn about recent innovations, strengthen existing business networks and establish new contacts.

The post ECommPay is Payments Partner at ECOM Expo’17 appeared first on ECommPay — Global Payment Provider, Customised Payment Gateway.

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Posted on May 23, 2017
Infographics: Consumer Activity within European e-Commerce

Though European e-Commerce is a vast and varied landscape, consumers across the European Union (EU) and European Economic Area (EEA) are shopping online in increasingly large numbers, relying on the Internet for clothing, footwear, tickets, electronic, books, and more. Payment systems VISA and Mastercard have conducted thorough analyses into the e-Commerce activity of their users, summarizing consumer trends by country, industry, and payment preferences. Reviewing the research, international payment services provider ECommPay extrapolated patterns in consumer behaviour to outline predictions for the future of the industry.
Surveying 42,881 participants from 23 countries, aged between 18-64 and possessing either a bankcard or bank account, Mastercard created the 2017 Masterindex. Compiled from existing internal data from Mastercard’s Global Consumer Tracker (GCT), the Masterindex reports on trends affecting European online shoppers. As consumers become further reliant on digital technologies, e-Commerce becomes as entrenched in European culture as brick-and-mortar shopping. 1 in 4 Europeans with Internet access now makes online purchases on a weekly basis. This number grows to 3 in 5 when considering monthly activity, and 9 in 10 annually.

The increase in consumer activity when extending frequencies can be attributed to the very nature of online shopping – users are more likely to purchase “long-term investments” or “experiences” than everyday items. Clothing and footwear comprise the largest, most popular category for European online shoppers (48% EEA average), followed by tickets (34%), electronics (33%), and books (31%).

Though e-Commerce enjoys widespread popularity across the European continent, Mastercard’s research found regional differences. Consumers in the United Kingdom are among the most frequent users of e-Commerce, with 8% of the population shopping online daily. At this frequency, the British are joined by Poles (9%), Lithuanians (9%), and Italians (8%), but when weekly activity is calculated, British e-Commerce activity remains high (41%), followed by the Irish (32%) and Germans (30%).

Frequently, ECommPay discovered, European consumers prefer to make cross-border purchases, engaging with e-Commerce brands abroad. 41% of online shoppers place international orders at least once a year, while nearly 2 in 3 have done so at least once. The Masterindex found that shoppers in Austria and Ireland are particularly active, with over 60% making cross-border purchases annually. Again, clothing and footwear is the most popular category for cross-border purchases (37%), followed by books, music, DVDs, and video games (21%).

European e-Commerce relies predominantly on payments facilitated through credit/debit cards or online banking. Bankcards and online transfers comprise the most popular payment methods on both mobile devices and desktop computers. Depending on European country, however, the market share is split differently between them. In the Czech Republic, Germany, the Netherlands, and Poland, online banking is twice as popular as bankcards, whereas in the United Kingdom, France, Ireland, Sweden, and Italy, bankcards are preferred.
Though online banking and bankcards occupy the majority share of the payments market, European consumers seeking increased convenience, security, and speed are looking to new, alternative forms of payment to meet their needs. e-Wallets, banking applications, digital currencies, and other innovative payment technologies are on the rise, presenting online shoppers with increased possibilities.

Research from Mastercard indicated that consumers are expressing interest in online banking apps (35%), e-Wallets (35%), and digital currencies (11%). Variances exist between countries, however, with more than half of Spanish consumers reporting interest in e-Wallets and 1 in 3 considering contactless technologies. Interest does not immediately correlate to implementation, Mastercard found, with 14% of Spaniards actively using alternative payment systems, behind Norwegians (20%), Greeks (20%), and Finns (19%).

European consumers in search of novel technologies and new opportunities are forging the future of the continent’s e-Commerce industry. Recognizing the trends can help forward-thinking merchants target specific audiences, whether conversion is ultimately achieved by offering alternative payment systems, by ensuring convenient delivery to cross-border shoppers, or by implementing technologies to address the most common concerns of European consumers.

The post Infographics: Consumer Activity within European e-Commerce appeared first on ECommPay — Global Payment Provider, Customised Payment Gateway.

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Posted on May 16, 2017
ECommPay Runs Lattelecom Riga Marathon 2017

On 14 May, Riga welcomed more than 30,000 runners from 70 countries at the 27th annual Lattelecom Riga Marathon. 30 members of ECommPay took part, running various distances on Sunday.

Founded in 1991, the Riga Marathon celebrated its 27th anniversary on May 14, 2017. More than 30,000 from 70 countries gathered in the Latvian capital for distances of 42 km, 21 km, 10 km, 6 km, and a 3,6 km Family Run. ECommPay’s team consisted of 30 participants from several offices across all distances.

We’ve very happy to announce that our team achieved their target outcomes and celebrated in great company . Proving that nothing is impossible when you have the full, unwavering support of friends and colleagues, we look forward to having more team members join us next year.

The post ECommPay Runs Lattelecom Riga Marathon 2017 appeared first on ECommPay — Global Payment Provider, Customised Payment Gateway.

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