Payza

Payza is an e-commerce business that allows payments to be made through the internet between users who have registered for the service (Payza members). For personal users, it is a method for transferring money internationally and a platform for the purchase of goods and services online. For merchants, Payza is an online business management tool which they can use to process payments, issue invoices and make payouts.

Payza is a money transmitter agent with offices in London, New York City, Montreal, Mumbai, Dhaka, Moscow, and Stockholm

History

MH Pillars Ltd, a UK-based advanced payments consultancy, acquired the strategic assets of AlertPay (Alert Services Inc., CANADA)and launched the Payza.com platform in May 2012. In July 2012, the company announced that Alastair Graham would become the new Chief Executive Officer for Payza, a new position for the company.

Market development

Payza targets markets in developing countries and other local areas in which access to online financial services is limited.

The company's mission statement states Payza's intent to provide “affordable and convenient payment methods to under-serviced markets, and [connects] the global marketplace with emerging economies.”. Payza, unlike many large payment processors, supports remittances – the transfer of money by a foreign worker to his or her home country. Remittances play a large part in the economies of developing and transition countries - they constitute the second largest financial inflow in much of the developing world.

Payza offers its services in more that 190 countries, in both developed and developing marketplaces, though not all of its services are available in all marketplaces in which they operate.

Bangladesh

In early 2012, Payza began operating in Bangladesh, in collaboration with Bangladesh-based Casada Technology, a provider of consumer electronics and digital signage. Payza's target customer base in Bangladesh is the growing IT sector, particularly Bangladeshi freelance IT workers who can use the Payza platform to receive payments from outside of the country and transfer them into their local banks.

By September 2012, Payza’s services in Bangladesh had been widely adopted.

In November 2012, Payza received the first license issued from the country’s central bank, Bangladesh Bank, for inbound foreign remittances entering Bangladesh via an online payment gateway. The company subsequently announced the launch of the remittance platform SimplySendBD, developed in collaboration with Casada Technology Bangladesh Ltd.

Services

Payza supports sending and receiving payments in 190+ countries in 20+ currencies.Individual customers can open an account with Payza through registering their email address and personal data on the company's website. Completing an optional identity verification process allows the sending/receiving of higher-value payments, though it is obligatory for all transactions in some parts of the world. Accounts are identified by email address(es) associated with them; payments made from a Payza account are like "sending" money to an email address.

For businesses, Payza provides several business management tools such as checkout buttons, shopping carts, support for invoicing and payouts, and tools for developers to integrate Payza with their websites.

General Services
Remittances to/from 190+ countries
Electronic invoicing
Credit card payment processing
Prepaid cards
Currency exchange
Business management tools
APIs and other developer tools

Fees

The are no fees when sending money. Fees applied when money is received will vary based on the account type.

Security

All Payza data is encoded with 128-bit SSL encryption. Payza reviews all websites of merchant accounts to ensure that they conform to Payza’s terms and conditions before they are allowed to accept payments.

Payza employs a proprietary monitoring system called the Fraud Matrix, which scans every transaction through Payza and flags any suspicious activity.

In August 2012, Payza partnered with Intelligent ID to enhance their identity verification for users in the United Kingdom.

In October 2012, Payza upgraded their SSL encryption using Trustwave, a Certification Authority and distributor of SSL certificates.

In October 2012, Payza announced the incorporation of the TRUSTe Privacy Seal Program, which confirms the security of their website, with the goal of strengthening customer confidence in their platform.

Criticism

In 2013, Themco launched a forum for users complaining that Payza refused to release their funds. Terry Gilder, CEO of Themco, claimed Payza had illegally withheld $1.289 million from the company.

In March 2010, the company became embroiled in a row over accepting payments for the drop mephedrone, which was legal at the time, but classified as a class B substance later that month.

In September 2010 the State of New Hampshire Banking Department issued the company with a cease and desist order, claiming they did not hold a valid licence to transfer money.

The company maintains the website PayzaSucks.com and Payza-Scam.com.

Awards

Paybefore Awards, Outstanding Newcomer in Prepaid/Emerging Payments (2013).

Executive Vice-President Firoz Patel was Nominated for the Ernst & Young Entrepreneur of the Year Award in 2010, 2011 and 2012, and advanced to the Finals in 2012.

Source: Wikipedia