SymphoPay and eMAG integrate banks’ free-interest installments programs with payment terminals
In all eMAG showrooms, the Priority Pay machines have been integrated with the Symphopay payment platform, so that customers can use their interest-free cards to pay, with no store staff needed for assistance. Currently, the service is available to Bank Transilvania and Alpha Bank customers, with more partner banks to follow connecting to the platform in the near future.
The Symphopay payment management solution connected to the eMAG platform represents an inovative approach, allowing for the integration of multiple banks within a single payment terminal, both for card transactions and interest-free installments.
"Providing a simplified payment experience is a priority for us. Therefore we brought our Priority Pay scanning and payment machines into our stores, integrating the solution developed by Symphopay, which allows eMAG customers to pay for their products in free interest rate installments. The adoption rate exceeded our initial estimates, which only motivates us further, to continue innovating and optimizing the eMAG customer experience," said Mircea Balica, Payments Platform Manager with eMAG.
"Our offer to banks and merchants is to turn payments into opportunities for profit increase, by improving customer relationships and optimizing costs. 50% of customers use this payment channel repeatedly. That clearly demonstrates the potential of such payment integration yielding transactions fully controlled by the merchant," said Daniel Nicolescu, CEO of Symphopay.
Following the Symphopay platform implementation at the eMAG stores Priority Pay machines, total customer payout and checkout time has dramatically decreased, from an average of 30 minutes to one of 20 seconds. Ultimately, eMAG customers get their ordered goods faster, without having to queue at the cashier.
Symphopay is a cloud-based middleware platform designed to digitize payments and integrate them with loyalty programs, for banks and retailers. With 3,000 active POS terminals in the Romanian market, the solution is Visa and MasterCard certified and compliant with the PCI-DSS security standard. Symphopay has received over EUR 1.4 million in two rounds of funding run by GECAD Ventures and Early Game Ventures and has had an 180% YoY growth and a 75% gross margin since its establishment in 2015, by a team with over 15 years experience in electronic payments.
eMAG is the regional leader in the e-commerce industry with operations in Romania, Hungary, Bulgaria, and Poland. Over the past 18 years, the company has invested in technology-based services developed in Romania aiming to help customers save time and money through services such as opening the parcel at delivery, 30 days return, Service Pick up and Return, everything so that customers may benefit of the best online shopping experience. With a wide range of products and a growing supply, eMAG is the place where anyone can find anything from wherever they are. Through Marketplace, eMAG supports entrepreneurs in their communities and helps them grow their business.
Symphopay is an ingenious middleware payment solution that helps us to provide our partners with customized experiences and make the difference in the banking market.Viorel Vasile, Alpha Bank Romania
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