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PXP Financial; breaking the bias this International Women’s Day
March 8, 2022
2 minute read

PXP Financial; breaking the bias this International Women’s Day

We are proud that 38% of our workforce are talented, driven, inspiring women. To celebrate International Women’s Day we want to recognise some of them.

“Whether deliberate or unconscious, bias makes it difficult for women to move ahead. Knowing that bias exists isn’t enough, action is needed to level the playing field.”

This is the inspiration behind the 2022 International Women’s Day theme: #BreakTheBias. With just 30% of the fintech sector’s overall workforce being women, it’s a theme that resonates deeply with everyone at PXP Financial. We share IWD’s vision of a world free of bias, stereotypes, and discrimination. A world that’s diverse, equitable and inclusive.

Across our five main locations - Gibraltar, Bulgaria, Austria, UK and India – we are proud to say 24 nationalities are represented, and that 38% of our workforce are talented, driven, inspiring women.

To celebrate this International Women’s Day, we want to recognise some of them here.

Kinga Ulbrecht - Commercial Support Specialist

Like many women, Kinga has a strong role model in her mother: “She was, and still is, a strong figure for me when it comes to her work and daily life. She always suggested I be myself in any circumstance and this always helped me move confidently in my career.”

Kinga was new to the payments/fintech industry when she started working at PXP Financial, but quickly became knowledgeable about the payment methods we work with, as well as our industries and merchants.

Her advice to women who are interested in a career in the industry is to ‘start as soon as possible’ because the industry is constantly changing and growing. She says: “Because of that, I believe diversity is key. I am very fortunate that since I started my career in the payments/fintech industry I haven’t felt any discrimination for being a woman. I am also lucky to be surrounded by a great team where the majority is female and where our team lead is a fierce and supportive woman who is always helpful”

Kinga has two favourite quotes that perfectly sum up what makes women a great asset to our industry: “The question isn’t who is going to let me, it’s who is going to stop me” – Ayn Rand, and "Women are the real architects of society" – Cher. We couldn’t have put it better!

 

Miroslava Kirilova - Scrum Master

Miroslava is one of the many women to have experienced bias during the course of her career. She has been turned down for jobs because she is a mother and she thinks a huge source of discrimination against women is the time they take out to raise children.

Fortunately, Miroslava has encountered female leaders throughout her career who have shown her ‘what prosperity looks like, what it takes to have it’.

She said: “I worked for a consultancy company many years ago where one of my managers was the biggest inspiration, not only at work, but in life. She was full of energy, creativity, amazing leadership, loyalty, morale, and business expertise.”

Miroslava continues to be inspired by her colleagues, and here at PXP Financial she is surrounded by a diverse group of people she can learn from every day. She says they motivate her to ‘give more, ask for more and help others to evolve, change and prosper’.

As someone working in a predominantly male industry, her advice to other women entering payments/fintech is to ‘be knowledgeable, be brave’. That, she says, is the best way to prove women can compete.

 

Maria Sanniti - Account Development Manager

Maria has been with PXP Financial for an incredible 23 years. She started in a sales admin role and now manages a portfolio of accounts within various sectors and works to build partner relationships.

A focused, self-motivated commercial professional, she has steadily built a successful track record of customer account management, managing and developing business partner relationships and closing new business.

Maria finds daily inspiration in her colleagues, who come from many different backgrounds and have knowledge of different industries to share. But she is also inspired by her daughters, who have clearly inherited their mother’s incredible work ethic.

She says: “Both have worked very hard to receive degrees in science and the arts, a PHD in Functional Genomics from Oxford University and Bachelor of the Arts degree from UAL.”

After so many years in payments and fintech, Maria has witnessed the landscape of this male-dominated industry shift. She says a lot more women have come into high power roles; a fact that inspires her for the future.

 

Susanne Werner - Senior Account Development

Drawn to a booming, fast-paced industry that she says matches her personality, Susanne has been with PXP Financial for almost three years. She says: “I like the challenges and responsibilities of working with the latest technology. Plus, there are so many clever and inspiring people working in this industry.”

Although she has been fortunate to have crossed paths with many inspiring women with strong work ethics, such as loyalty, cooperation and respect, most important of them all is her mum.

“I learned from her never to stand still and that anything can be improved. When things get difficult or stressful, we can push through by asking ourselves for just a little bit more, as we are usually capable of more than we think.”

These lessons have proved valuable; as a woman mainly working on the operational and commercial side of things, Susanne’s technical understanding has been questioned on more than one occasion. But despite her experience of bias, she would encourage more women to pursue careers in payments and fintech.

She concludes: “It’s an amazing industry with exceptional people and products, plus it allows for flexible working from anywhere! Most of all, don’t be afraid of the things you do not know, we are all learning all the time.”

PXP Financial partners with US leading esports betting service, Esports Entertainment Group
February 23, 2022
2 minute read

PXP Financial partners with US leading esports betting service, Esports Entertainment Group

PXP Financial partners with Esports Entertainment Group to deliver secure, innovative payment solutions for the fast-growing esports betting market.

The payment expert will power Esports to take bets on competitive video games in the US 

23rd February 2022 - PXP Financial Inc, the expert in acquiring and payment services, today announces a new partnership with Esports Entertainment Group, a full stack esports and online gambling company fuelled by the growth of betting on competitive videogames and the ascendance of esports with new generations.

Esports Entertainment Group is an integral part of the global esports betting market which is expected to exceed $205bn by 2027. It has recently been approved by the state of New Jersey to become the US’ first betting company for competitive video games.

PXP Financial will offer gateway services including cards and cash at cage options allowing Esports customers to deposit or withdraw cash from an online real money gaming account. Adding to this, PXP Financial will also introduce a plethora of Alternative Payment Methods (APMs) for provisions such as instant bank-to-bank payments for pay-ins and pay-outs. PXP Financial’s acquiring services ensure that customers are connected to card schemes directly, without any intermediaries or excessive administrative efforts.

Betting within competitive video games is a section of the gaming industry that PXP Financial is well-equipped to be entering following its almost decade long experience supporting US gaming operations. The company’s consultative customer first approach, regulatory knowledge, and hands on service, along with sharing a similar approach to the industry play a key part in the partnership success to date.

Kamran Hedjri, CEO at PXP Financial Inc., says: “As betting on competitive video games is becoming increasingly popular, we are extremely excited to mark an industry first with our partner Esports Entertainment Group. They share our passion for innovation and ambition to offer the smoothest and most personalised services to the wide-reaching gaming community. As we continue our expansion into the US esports betting space, we will strengthen Esports Entertainment Group’s growth by supporting them with our advice and in-depth knowledge of the payments industry.”

Grant Johnson, CEO of Esports Entertainment Group, adds: “We couldn’t be more delighted to be working alongside the PXP Financial team with their vast knowledge of gaming payments and experience in the US market. We are confident, their services will take betting in gaming to the next level for our customers.”

Following the rising interest in congress for a separate esports bill, the next stop for the two companies will be in Ohio where Esports Entertainment Group will be the first and only operator to offer esports wagering in that state too.

To find out more about the PXP Financial, please visit: pxpfinancial.com.

To find out more about Esports Entertainment Group, please visit: https://esportsentertainmentgroup.com/

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About PXP Financial Inc.

The end-to-end payment platform: PXP Financial Inc. provides a single unified payments platform to accept payments across channels. Powered by acquiring, 200+ alternative payment methods & financial services, PXP Financial family of companies processing globally over EUR 21.5 billion annually through our unified gateway. Whatever your business needs today or tomorrow, PXP Financials’ innovative payment platform will support your business growth with all the payment services you will ever need from one source, wherever your business takes you. To find out more about PXP Financial family of companies, visit: www.pxpfinancial.com.  

 

About Esports Entertainment Group.

Esports Entertainment Group is a full-stack esports and online gambling company fueled by the growth of video-gaming and the ascendance of esports with new generations. Our mission is to help connect the world at large with the future of sports entertainment in unique and enriching ways that bring fans and gamers together. Esports Entertainment Group and its affiliates are well-poised to help fans stay connected and involved with their favorite esports. From traditional sports partnerships with professional NFL/NHL/NBA/FIFA teams, community-focused tournaments in a wide range of esports, iGaming and casinos, and boots-on-the-ground LAN cafes, EEG has influence over the full-spectrum of esports and gaming at all levels. To find out more about EEG, visit: https://esportsentertainmentgroup.com/

PXP Financial integrates its ANYpay Checkout Solution into Vertical Systems New Pay-by-link Product
February 9, 2022
2 minute read

PXP Financial integrates its ANYpay Checkout Solution into Vertical Systems New Pay-by-link Product

PXP Financial integrates its ANYpay Checkout Solution into Vertical Systems’ Pay-by-Link product, enhancing payment flexibility and customer convenience.

The payment expert continues to improve the payment process for travel agencies in the UK

9th February 2022 - PXP Financial Ltd, the expert in acquiring and payment processing services, today announces a new step in its partnership with Vertical Systems, one of the longest established and largest suppliers of travel technology in the UK market.

PXP Financial and Vertical Systems have enjoyed a strong partnership for over 20 years, with the former ANYpay checkout solution integrated into the latter’s ManageMyBooking application. Now, both companies can confirm that the ANYpay Checkout solution will also be integrated into Vertical Systems latest product: VSL Pay.

VSL Pay is a pay-by-link solution that creates a unique pre-populated payment link for travel agents, one that is fully compliant with General Data Protection Regulation (GDPR) and achieving PCI DSS compliance regulations. The cloud-based application reduces the steps required to make payments whilst increasing payment conversions, all of which is handled by the ANYpay Checkout solution from PXP Financial.

Chris North, Managing Director at Vertical Systems Ltd., comments: “We understand the travel sector and from our experience working with PXP Financial, we are confident they do as well. Our upcoming VSL Pay product will make it even easier for travel agencies across the UK to accept any form of payments in new ways. The ANYpay solution offers a secure checkout process for the end-user and will ensure zero hassle when booking travel, the right way to start a holiday.”

Kamran Hedjri, CEO at PXP Financial Ltd., says: “Our partnership with Vertical Systems has been long and successful and we are thrilled to be continuing this with VSL Pay. Together with Vertical Systems, we have been offering travel agents the right combination of technology that is unique to the sector. This has given us a proven track-record of making payments seamless for customers in the UK and we’ll continue to do so for users of this new service.”

As the travel market re-opens, it is crucial that travel agents are prepared for an influx of customers looking to book holidays away. With VSL Pay, powered by ANYpay, agents will have the capabilities to accept all payments in a way that is not disruptive to the businesses payments network and leaves the end-user pleased.

To find out more about the PXP Financial, please visit: pxpfinancial.com.

 

To find out more about VSL Pay, please visit: http://www.verticalsystems.co.uk/Product/VSLPAY# 

 

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About PXP Financial Ltd.

The end-to-end payment platform: PXP Financial Ltd. provides a single unified payments platform to accept payments across channels. Powered by acquiring, 200+ alternative payment methods & financial services, PXP Financial family of companies processing globally over EUR 21.5 billion annually through our unified gateway. Whatever your business needs today or tomorrow, PXP Financials’ innovative payment platform will support your business growth with all the payment services you will ever need from one source, wherever your business takes you. To find out more about PXP Financial family of companies, visit: www.pxpfinancial.com.

 

About Vertical Systems

Vertical Systems has been supplying technology to the UK travel trade since 1981. We are best-known for our multi-award winning back-office software Tarsc, however our product suite includes many more key products including CRM, Dynamic Packaging Search, Cruise Search, Manage My Booking, Payment Solutions, VOIP Telephony and much more.

Our new Pay By Link product VSL Pay is available to any industry, providing a reliable, risk free solution as Card data is not exposed to the agent achieving PCI DSS compliance.

American iGaming and Sports Betting is on the rise with new investments and regulations – 2022 predictions
January 18, 2022
2 minute read

American iGaming and Sports Betting is on the rise with new investments and regulations – 2022 predictions

There are lots of opportunities for success in the US iGaming and Sports Betting sector. In this post, we share our predictions for 2022.

By Kamran Hedjri, CEO, PXP Financial

The iGaming and Sports Betting sector is a multi-billion-dollar industry with global reach that has found much success across Europe. Yet despite this, for the longest time it was incredibly difficult for gaming operators to run in the United States of America (US) as laws and regulations limited, or outright prevented, forms of gambling. Fortunately, since 2018 regulators have slowly eased up on restrictions and this has created many opportunities for both local and foreign companies to begin operating in the region.

While there are lots of opportunities for success in the US, it is not as simple as moving into the country and setting up shop. There are several regulations still in place across all 50 US states, and gaming operators need to ensure their ability to take transactions from players is not impeded by this. The worst thing an operator can do to its player base is prevent them from being able to play, after all. This is where PXP Financial has provided a major benefit, helping new and old operators alike with their payments infrastructure and security.

PXP Financial has been operating within the US for over eight-years and its team has become experts within the sector over this time, as evidenced by the success throughout 2021.

By the end of 2020, PXP Financial were in a good position to continue its growth journey in the region. The company was operating in nine US states and had added three high-profile clients to its portfolio over that year (BetMGM, Penn Interactive and Tipico). In 2021, PXP Financial’s stake in the market grew exponentially and allowed it to become a key player.

Adding to this success, Kamran Hedjri, CEO of PXP Financial, shares his reflections on 2021 and predictions for the industry in 2022.

PXP Financial in the US – 2021

As 2021 comes to a close, PXP Financial has now established a presence in 15 new US states, a six-state increase from its position in the previous year. PXP Financial’s services went live in its most recent states, Wyoming and Arizona, almost immediately as the regulations went live to allow them to. This was only possible because PXP Financial’s experience operating in the country allowed them to be fully prepared to go live at a moment’s notice. This has been a major benefit to its most recent partners – EveryMatrix and Shift4 – as well as others that are currently in development behind the scenes.

In order to ensure all its customers are finding success in the iGaming and Sports Betting market, PXP Financial has been performing an analysis of market trends and ensuring its solutions are updated accordingly. It is by doing this that PXP Financial was able to help its partners meet their growth goals and find success during major sporting events, such as the Super Bowl. Everything from improved / new UI features that are more optimised for mobile to an updated cage deposit solution – PXP Financial has been working hard this year to provide a best-in-class service for its customers.

Now that 2022 is here, PXP Financial is continuing to look forward and ensure its technology addresses some of the major concerns from operators with how the market is changing. These are just some of those concerns:

Prediction 1 – an uptake in regulation

While many states have been updating their regulations to make iGaming and Sports Betting legal, there are 50 states across the US and it’s unlikely that all of them will make a complete turnaround by 2022. With that said however, we do expect the turnaround from states still unsure, to happen at a much faster rate than in previous years.

This is largely down to regulations being workshopped by other states and reaching a condition where they are more acceptable to a wider council. As the hesitant US states begin to see regulations working effectively in the states that have already opened up, they will also begin to lessen restrictions.

The process will ultimately be a lot faster as well, as these states can easily adopt what has worked elsewhere and make small amends instead of workshopping new regulations from scratch. There will be more case studies for the regional regulators to work from and this will speed up the process.

So, while we don’t expect to see all 50 states open to iGaming and Sports Betting by the end of 2022, we do expect to see a larger portion of US states adding new regulation in support of the industry than ever before. This is something any company involved in the sector needs to be ready for.

Prediction 2 – bigger investments lead to better tech

As this sector is growing and proving to be a success, this will draw the attention of investors who will be keen to take part in supporting the growth of the industry. This will naturally result in many of its upcoming and currently key players receiving funds that will support in their growth – and one way we will see this growth take form is with new technology.

Innovation is constantly happening across all technology sectors, payments and otherwise, and some of this technology will support in streamlining the process for players to participate in iGaming and sports betting, as well as offer new ways to play. We anticipate that a slew of new investments will lead to the adoption of several new technologies to this sector, and that in turn will lead to further investment.

Prediction 3 – iGaming continues to boom

Over the COVID-19 pandemic, the industry saw a huge boost in iGaming as players were forced online. Even though lockdown has subsided, and many in-person casinos have reopened, the revenue made from iGaming alone has not decreased. In fact, it has increased along with revenue across the industry as a whole and the will certainly continue its upward trajectory throughout 2022.

iGaming and Sports Betting is a thriving industry currently and has proven to be so globally for many, many years. Over the last few years, the US has been given the opportunity to experience this success and it is only going to rise further. We at PXP Financial will be there to support businesses at every step, both if they are existing operators hoping to expand into new states or new entrants into the region.

PXP Financial Partners with Shift4 to Strengthen and Expand US Offering
October 27, 2021
2 minute read

PXP Financial Partners with Shift4 to Strengthen and Expand US Offering

PXP Financial Inc has today announced a partnership with leading provider of integrated payment processing and technology solutions Shift4.

The payment expert continues its successful US growth with its latest acquirer partnership

New York, NY, 27 October 2021PXP Financial Inc, the expert in acquiring and payment processing services, has today announced a partnership with leading provider of integrated payment processing and technology solutions Shift4, as PXP expands its capabilities in the US market.

Following a successful year in the US market, the partnership will see Shift4 added to PXP’s platform as an acquirer, improving the payment specialist’s connectivity and reach in the US market, allowing for further growth across the country. It allows for PXP Financial customers to reach a wider market and offer an improved payment experience to end-users.

Kamran Hedjri, CEO at PXP Financial Inc., says: “Our partnership with Shift4 has been mutually beneficial to both parties. Shift4 has been incredible to work with and we can really feel the synergy between both companies, both for our business goals and our values. The US is a complex market, but by leveraging partnerships locally, PXP can deliver a more seamless payment experience for customers.”

“PXP is a great partner with a wealth of knowledge and experience in payments and gaming,” said Michael Isaacman, Chief Commercial Officer of Shift4. “We look forward to a long and successful relationship.”

Increasing its presence in the US gaming market since 2013, PXP Financial has recently seen momentous growth, expanding into 15 US states including, most recently, Wyoming and Arizona. The has already delivered against its ambitious plans for 2021 and is set to continue its expansion throughout the US into next year and beyond.

To find out more about the PXP Financial family of companies, please visit: www.pxpfinancial.com.

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About PXP Financial Inc.

The end-to-end payment platform: PXP Financial Inc. provides a single unified payments platform to accept payments across channels. Powered by acquiring, 200+ alternative payment methods & financial services, PXP Financial family of companies processes globally over EUR 21.5 billion annually through our unified gateway. Whatever your business needs today or tomorrow, PXP Financials’ innovative payment platform will support your business growth with all the payment services you will ever need from one source, wherever your business takes you. To find out more about PXP Financial family of companies, visit: www.pxpfinancial.com.

 

About Shift4 Payments

Shift4 (NYSE: FOUR) is a leading provider of integrated payment processing and technology solutions, delivering a complete omnichannel ecosystem that extends beyond payments to include a wide range of commerce-enabling services. The company’s technologies help power over 350 software providers in numerous industries, including hospitality, retail, F&B, eCommerce, lodging, gaming, and many more. The company securely processes billions of transactions annually for hundreds of thousands of businesses across North America. For more information, visit shift4.com.

Supporting our customers at peak periods
October 20, 2021
2 minute read

Supporting our customers at peak periods

Seasonal peaks are getting steeper and closer together. Customers often ask about PXP’s capacity planning and what support we provide at peak trading times.

Seasonal peaks are getting steeper and closer together. Customers often ask me about PXP’s capacity planning and what support we provide at peak trading times, so here goes…

 

Capacity planning

The first thing to note is that our capacity planning is continual. It never formally starts or stops. We are constantly using our application and infrastructure data to assess the performance and efficiency of our platforms.

Our customers expect us to process whatever they send us. We expect this of ourselves. So, we monitor the draw on our capacity and resources daily to meet and exceed this.

When it comes to Black Friday, we begin planning a year ahead. As soon as one Black Friday ends, we review the data from this new peak and start planning how we can improve performance throughout the year.

We put new functionality, features and fixes into our development and release schedules. This means we can implement and prove them ahead of time, so we’re ready for the next Black Friday peak.

The last release we do in mid-October is our ‘stability release’. This is where we focus on system optimisation, performance and bug fixes, rather than any new features.

Our first change freeze usually starts at the beginning of November. We can implement fixes before the Christmas peaks, before our second change freeze from mid-December to mid-January.

 

Forewarned is forearmed

Given what I’ve said above, it probably won’t surprise you to know that PXP believes that forewarned is forearmed. We aim to spot potential issues before they become problems. That’s the case throughout the year as well as for peak periods.

We’ve made heavy investments in our monitoring capabilities which means we can retrospectively review what has happened for individual customers, and why.

We have a daily report that we review every morning for volume, performance, comms areas and everything that is happening in the environment. If there are any issues or anomalies that could potentially be problematical, we raise them with customers, often before they’ve noticed themselves.

We believe — and our customers agree with us on this — that preemptive action is better, simpler, cheaper and less painful than when the problem has manifested itself. So, if you’re interested in finding out more about capacity planning please get in touch.

Preparing for the peaks
October 19, 2021
2 minute read

Preparing for the peaks

No sooner is summer over than Black Friday, Cyber Monday and Christmas seem to be around the corner. So, how can retailers prepare for the peaks of peak trading?

No sooner is summer over than Black Friday, Cyber Monday and Christmas seem to be around the corner. So, how can retailers prepare for the peaks of peak trading?

 

From statistics to insights

My first piece of advice is to look behind the statistics for real insight. We regularly get asked in tenders and RFPs what our throughput is. We’ll happily tell customers how many transactions we can process per second. Moreover that during Black Friday, the day after Thanksgiving in the US, we see roughly five times our normal daily peak — and can more than handle it with capacity to spare.

However, in my experience customers don’t necessarily know what their own capacity is. They know how many transactions they process on a given day or month. But they don’t necessarily know what their real peak looks like. Or how many transactions per second they see. Capacity planning with customers is a case in point. The statistics customers give us before peak season can be very different to the reality.

Customers can address this by investing in monitoring and reporting capabilities. We can also take this pain away for our customers. We’ve made a considerable investment in monitoring and can monitor your environment for you — more of which below.

Coming back to the transaction per second statistic, there are a couple more reasons why it’s not very insightful. It’s obviously a good measure of how many transactions arrive, but it doesn’t indicate how quickly they are processed. Acquirers process at different speeds.

Secondly, transactions per second don’t really mean much on a per customer basis, because it lacks the context of how many transactions their payment service provider processes for others.

 

Trust in your partner

My best advice is that you need to trust in a partner that has insight into your processing requirements as a merchant. We deliver that because we have close relationships with our customers. We know what their patterns are like because we’re constantly monitoring them.

For us, reviewing volume, performance, comms areas and everything happening in the environment is not just a peak trading event. It’s daily and goes to understanding the draw on our resources so we can improve efficiencies and deliver reliably time after time.

Every morning, we review the report from the previous day. If there are any issues or anomalies that could potentially be problematical, we raise them with customers, often before they’ve noticed themselves.

If you’re interested in finding out more about capacity planning in the run-up to peak season, please get in touch.

Get more out of your payment partner during holiday shopping season.
October 19, 2021
2 minute read

Get more out of your payment partner during holiday shopping season.

With peak trading season just around the corner, we consider some principles to guide retailers’ response and get the most out of their payment partners.

With peak trading season just around the corner, we consider some principles to guide retailers’ response and get the most out of their payment partners.

Plan ahead

In years past, the peaks of peak trading season were becoming steeper and closer together. They started early in the fourth quarter, driven by shopping events such as Amazon Prime Day in October and the Alibaba Group’s Singles’ Day in November. And then continued through Thanksgiving in the US, Black Friday, Cyber Monday, before picking up again pre- and post-Christmas.

Most sectors have seen more than 10% growth in their online customer base during the Covid-19 pandemic, according to McKinsey research.1 The shift to e-commerce has been particularly noticeable in countries starting from a lower base of online shoppers. For example, consumers in the US spent more online during Covid lockdown in April and May than during the 2019 holiday season, according to Adobe.2

Calculate your capacity requirements now and speak with your payment service provider. If you are unable to accept payment from customers at any time, it will directly affect your bottom line. Lean on your payments partner at this time. They should have 100% availability across more than one data centre as standard. And offer full redundancy, meaning there is back-up to every component.

 

Think local

You don’t want to lose customers for the simple reason that they can’t pay you. So, provide multiple payment options. PXP Financial offers customers integrations to major international card brands, local schemes, bank transfers, e-wallets and instalment options. That’s in addition to sector-specific payment methods for the gaming and industries.

Also, consider pricing in local currencies. If you sell globally, then pricing locally removes payment friction. Which helps maximise conversion and minimise cart abandonment. Our multi-currency management solution supports any currency, so you can make customers feel at home whenever and wherever they shop online with you. We’ll take care of the rest.

 

Baseline normal

What does normal look like for your business and customers? Examine typical sales patterns by volume and value, sales channel and geography. Similarly, review activity by user — account creation, logins and updates — to baseline normal. Unless your marketing team have been particularly active with promotions, any deviations from the norm should raise a red flag and warrant a follow-up.

When it comes to fraud prevention, make the best of what you’ve got and draw on the support of your payments partner. With peak season just around the corner, it’s not really the time to be rolling out anything brand-new. There’s plenty you can do with good business-as-usual fraud alerts.

A concentration of sales from a narrow range of IP addresses or a mis-match between IP addresses and delivery addresses or pickup locations could suggest bogus orders. Multiple accounts on a single device or connected to a single e-mail address should raise suspicions. Block obviously doubtful transactions, such as unusual bulk orders or those from questionable countries.

 

For more information

To request a free consultation about your particular peak trading needs, contact us.

 

1 ‘Consumer sentiment and behavior continue to reflect the uncertainty of the Covid-19 crisis’, McKinsey, 8 July 2020, https://www.mckinsey.com/business-functions/marketing-and-sales/our-insights/a-global-view-of-how-consumer-behavior-is-changing-amid-covid-19

2 Online shopping during Covid-19 exceeds 2019 holiday season levels’ Adobe, 12 June 2020, https://blog.adobe.com/en/publish/2020/06/12/online-shopping-during-covid-19-exceeds-2019-holiday-season-levels.html#gs.iup1kh

Repost: 4 frauds to watch out for this holiday shopping season
October 18, 2021
2 minute read

Repost: 4 frauds to watch out for this holiday shopping season

Fraudsters are busy this time of year. We examine four common online fraud types and how retailers can avoid falling victim to them.

By Graeme Zwart, Head of Security

Genuine customers are not the only ones shopping with you this peak season. Fraudsters are also busy this time of year. We examine four common online fraud types and how retailers can avoid falling victim to them.

1. Account takeover

Fraudsters take over an existing customer account, either by buying stolen usernames and passwords online or by credential stuffing. This is a type of brute force attack by another name. It’s when hackers systematically guess a number of possible combinations to gain unauthorised access to a customer’s account.

Once the fraudsters have control of the account, they can make unauthorised purchases, commit loyalty/reward fraud or test stolen card numbers. Entertainment, media, gaming and retail businesses are particularly at risk.

Some simple checks include being aware if there’s an increase in customers reporting unauthorised activity on their accounts. Have a process in place for your customer service team to alert your fraud team if this happens.

Genuine login attempts by real customers look very different to credential stuffing attacks by an automated tool. Deploy analytics to spot what’s a bot and what’s not. This is usually a mix of velocity checking, IP address detection and baselining what is normal by channel, device and customer account.

 

2. Loyalty/reward fraud

Loyalty is big business. None bigger than the Starbucks loyalty reward programme. Customers have more money loaded on Starbucks cards and mobile apps than some banks. $1.2 billion, in fact, and that was back in 2016.1

Clearly, not every loyalty or rewards programme is as large. But as loyalty/reward points are as good as cash in some instances, it’s small wonder they’ve become a target for criminals following the money.

The loss or theft of loyalty points is likely to be particularly upsetting for customers, plus leave you out of pocket. So in this instance, prevention is better, simpler, cheaper and less painful than cure. Set system alerts for large numbers of loyalty points being purchased, redeemed or transferred between accounts.

 

3. Gift card fraud

There are various ways to commit gift card fraud. Criminals can buy gift cards with stolen card details. They can hack or takeover an existing gift card account. Or ask for refunds to be paid onto gift cards.

Protecting yourself against gift card fraud often comes down to understanding what normal looks like for your customers and business. If you know what your typical gift card sales by volume and value look like, any anomalies should stand out. For example, bulk purchasing of cards or usually high transaction values.

Take sensible precautions such as preventing gift card codes from being used outside your website. And be able to track gift card activity from purchase and load through to redemption.

 

4. Referral fraud

Affiliate or referral programmes are a cost-effective way to acquire new customers online. You only pay if the affiliate brings you a customer. However, affiliate commissions can be an attractive revenue stream for fraudsters.

Guard against affiliates referring themselves or creating fake accounts. Look out for batches of referrals concentrated around the same or similar IP addresses. Orders from certain affiliates may have unusual cancellation, refund or chargeback rates. If you sell digital goods or downloads, an obvious red flag is if customer login details are not used, even though they were paid for.

 

Free consultation

If you’re worried about fraud in the run-up to peak season or would like a review of the defences currently in place, e-mail sales@pxpfinancial.com or complete your details on the contact form below for a free 30-minute consultation.

1 ‘Starbucks cards now have more money than some banks’, Fortune, 10 June 2016, https://fortune.com/2016/06/10/starbucks-card-balance/

Holiday shopping season 2021: get more out of in-store
October 18, 2021
2 minute read

Holiday shopping season 2021: get more out of in-store

Get PXP’s top tips for boosting in-store performance during the 2021 holiday season, from optimising payments to enhancing the customer experience.

Our top tips for getting the most out of your in-store estate this holiday season.

Covid left uncertainty for instore sales over the past 18 months so Store managers are used to expecting the unexpected. They’re used to hoping for the best but planning for the worst. Against that backdrop, here are our top tips for planning ahead, being prepared and flexible as peak season approaches.

Additional fixed points of sale

You probably already have reconfigured store lay-outs to accommodate social distancing. For example, deployed floor markings and signage to manage queues and installed screens at checkout.

Powering up additional fixed tills is a great way to cut queues and serve customers faster as peak season approaches. You may have several fixed points of sale in-store, only some of which are ever used for the majority of the year. Plan in advance to ensure that the terminals and PIN entry devices (PEDs) are working when you need them.

If you want to re-introduce a terminal that’s not been used in a while, we can help test it ahead of time. We can also see from our monitoring system when you’ve added a new POS, and whether it’s using the most up-to-date software.

 

Making card acceptance mobile

Mobile point of sale, or mPOS for short, gives you the flexibility to take payments in-store with no sacrifice of retail space, no wires or cables. That’s a boon at this time of year, when you want to devote space to displaying merchandise not processing payments. You can also deploy your staff more efficiently at busy times to serve customers.

If you’re operating pop-up stores, concessions or trading outside your main store environment, for example through a hatch or window to the street as a Covid-19 work-around, mPOS will also help you get up and running with card acceptance quickly.

 

Train your staff

At this time of year, you may engage additional temporary staff. Or be welcoming colleagues from other stores or those returning from furlough. It sounds obvious but make sure your staff are trained on how to process payment on your particular terminal set-up. This may have changed.

They are in a perfect position to guide customers through the payment process and leave them with a positive final impression of your store and brand. So, explain how to use the terminal, prompt the customer and offer a receipt.

Unfortunately not everyone that visits your stores has the best intentions. Terminal swap out fraud is a real threat. Fraudsters pose as maintenance staff so they can modify or replace terminals and capture card details. Forewarned is forearmed. Train staff to challenge anyone claiming to be maintenance staff, ask for ID and supervise and escort visitors whilst they are on the premises.

 

For more information

For a free 30-minute consultation about your particular in-store terminal needs during peak season, contact us.

PXP Financial Celebrates Three Consecutive Quarters of US Growth and Expands into New States
September 21, 2021
2 minute read

PXP Financial Celebrates Three Consecutive Quarters of US Growth and Expands into New States

PXP Financial, the global expert in acquiring and payment processing services, today celebrates three successful quarters of growth in the US iGaming and Sports Betting market.

London, UK, 20 September 2021PXP Financial, the global expert in acquiring and payment processing services, today celebrates three successful quarters of growth in the US iGaming and Sports Betting market.

At the end of 2020, PXP Financial was licensed to process payments in nine US states and now, following nine months of activity, the company has boosted that number to 15. Having been licensed in just one state in January 2020, this shows PXP’s remarkable drive for growth, with future plans for further states to be added to its growing portfolio. The latest states that PXP Financial now operate within include Arizona and Wyoming.

When launching in Wyoming, PXP Financial was able to enter the market and operate with immediate effect as soon as regulations in the state allowed it. In order to achieve this, PXP Financial utilised its experience operating in the country to fully prepare its payment service gateway and secure a state license ahead of the regulation launch. This meant any partner or customer of PXP Financial aiming to operate in Wyoming could do so as soon as it was legally allowed.

When discussing the growth of the US market, CEO Kamran Hedjri commented: “The US gaming market keeps on moving at an unbelievable speed and we at PXP Financial are at the forefront of this journey. The recent launches are another milestone on our mission to provide the biggest coverage and best payment solution to US gaming operators and their customers. To further this, in early 2022 we will be releasing an updated version of our cage deposit solution with new UI and optimised for mobile, amongst other features we will share soon.

Our strong focus on collaboration with our partners and clients has been the key to achieving our remarkable success.”

This celebration follows on from the recent partnership announcement between PXP Financial and B2B iGaming technology provider EveryMatrix. This partnership gives the latter access to PXP Financial’s wide portfolio of over 200 alternative payment methods and financial services, while introducing PXP to a new selection of Gaming Operators to help in the expansion of its US operations.

With more states on the horizon, PXP Financial is on track to break through all of its projected growth targets for the region.

To find out more about PXP Financial, visit: https://www.pxpfinancial.com.

PXP Financial Launches Research Report: Insights for European E-Commerce and retail in 2021
May 4, 2021
2 minute read

PXP Financial Launches Research Report: Insights for European E-Commerce and retail in 2021

We have published a research report ‘Insights for European E-Commerce and retail in 2021’, exploring UK and European consumer attitudes to the future of retail shopping.

London, UK, May 4th 2021 - PXP Financial, the global expert in acquiring and payment processing services, has today published a research report ‘The COVID-19 Effect on European E-Commerce and Retail’, exploring UK and European consumer attitudes to the future of retail shopping.

  • PXP Financial undertakes extensive consumer research across six countries
  • Across Europe and in the UK, 41% of shoppers would feel positive about a cashless society
  • Just under half (48%) of all respondents have tried contactless as a result of the pandemic

The report uncovers current thinking towards COVID’s impact on the high street, the concept of a cashless society and the alternative payment methods that are currently being utilised in Germany, The Netherlands, Spain, Italy, Poland and the UK.


Combining answers from respondents across all countries in the PXP Financial research, over half (55%) of all participants think the high street was already on the decline before the pandemic, 41% would feel positively about a cashless society and 48% have tried contactless as a result of the pandemic. Other forms of mobile transactions such as wallets and wearable payment forms also increased, further adding pressure on retailers to have the necessary payment systems to process mobile transactions going forward.

The report highlights that if merchants use solutions that can generate data insights from customer payments, they can quickly identify how best to optimise the retail experience for their customers – whether that is through targeted personalised promotions, in-store-only redemption of rewards, or online discounts. Only by getting a deeper understanding of their customers will merchants be able to foster deeper loyalty and greater sales volume.

Commenting on the findings of the report, Koen Vanpraet, CEO of PXP Financial, believes retailers can thrive – both in the digital space and the physical. “Covid may have affected the way people pay, but it doesn’t necessarily mean the end of European high streets as we know them. Forward-thinking merchants and payment players will adapt to the ‘new normal’ by using innovative payment technologies to replace cash usage. By working together to better understand consumer behaviour, retailers and payment players can capture consumer imagination with personalised promotions and value-added services that will deepen customer loyalty.”

“This new retail landscape that we find ourselves in doesn’t have to mean the end of the high street. It can also offer a prime opportunity for merchants to join with payment organisations to promote safer, quicker and more efficient cashless payments. At the same time, European retailers can gain valuable insights into their customers, enabling them to adapt to changing consumer needs much more quickly and efficiently than before,” Vanpraet concluded.

By and large, consumers were already adapting their purchasing behaviour in line with the growth of e-commerce. While the pandemic has accelerated the shift towards online shopping, the bricks-and-mortar high street is still regarded fondly by shoppers, and retailers can still count on the loyalty of their customers. But it’s more important than ever for those retailers to ensure that shoppers have the widest possible choice of payment methods which should be considered in retailer strategies going forward.

For more information, or to download PXP Financial’s whitepaper, The COVID-19 Effect on European E-Commerce and Retail’, visit: https://info.pxpfinancial.com/the-covid-19-effect-on-european-e-commerce-and-retail

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About PXP Financial

The end-to-end payment platform: PXP Financial provides a single unified payments platform to accept payments online, on mobile and at the point of sale. Powered by inhouse global acquiring, 200+ alternative payment methods & financial services, PXP processes over EUR 21.5 billion annually through our unified gateway.

Whatever your business needs today or tomorrow, PXP Financials’ innovative payment platform will support your business growth with all the payment services you will ever need from one source, wherever your business takes you.

 

Media Contacts

Becky Sales, Account Director, SkyParlour: becky@skyparlour.com / +44 (0)330 043 1315

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