Having 10+ years of experience in fintech and payment systems and knowing how to translate customers’ needs into solutions, Arif Akhmedzade – the company’s founder and CEO, decided to launch Spoynt in 2021. As an FCA-licensed payment service provider, the company aims to help online businesses expand globally and sell locally by adding local currency payment solutions in different regions worldwide.
Nowadays, Spoynt helps merchants to accept payments using a single API integration and a dashboard, enabling revenue growth online, on mobile devices, and at online points of sale. By doing so, the company’s clients are empowered to launch on new markets and gain clients worldwide.
Choosing a white label solution
Thinking about a payment service provider startup, the future founder considered two options – developing it from scratch or choosing a white label solution. At the idea development stage, the company’s CEO communicated with his network a lot and heard about the payment orchestration platform Corefy. Several payment providers who planned to partner up with Spoynt in future also asked whether the company plans to connect with Corefy, as it would help them to connect with Spoynt easier and faster. Realising there was a demand and interest, the founder decided to perform research and find out more about Corefy.
To make the most informed decision, our client compared Corefy with another payment gateway. After a thorough analysis and comparison, the quality of Corefy’s technical characteristics turned out to be higher, and overall platform capabilities met all their business needs.
Researching the capabilities of Corefy’s payment orchestration platform, our future client was mainly attracted by the following:
- A bunch of ready-made integrations with payment providers at the start allowed Spoynt to connect the necessary ones quickly to stand out among competitors.
- The ability to establish integrations with the necessary payment providers that are not on Corefy’s list on request within a predictable time period.
- The ability to configure smart payment routing schemes to increase the efficiency of each transaction.
- More informative callbacks during each transaction processing.
- Firewall features that allow for payment fraud control.
The whole process of onboarding, from the demo to the first live transaction, took two weeks. The first steps comprised integrating Corefy and learning to deal with the platform’s features, and setting up the payment schemes.
Results Spoynt achieved working with Corefy
Reducing costs of development
As the client was thinking of developing their own payment processing solution before the launch, Corefy’s white label payment provider solution helped them to start much quicker and with fewer costs.
Opting for the white label business model, Spoynt saved at least two years of time on gathering their own development and support team. Corefy provided the ready-made solution, including a payment team as a service with a dedicated account manager to take care of Spoynt’s performance and success.
Providing clients with a wide choice of payment methods
At the moment of launch in 2021, the client could integrate the necessary payment service providers, choosing from our list of 200+ ready-made integrations. It helped them offer their clients a wider choice of currencies and payment methods, including the alternative ones at the very start, thus increasing their competitiveness.
Further, if Spoynt required a payment service provider that wasn’t on Corefy’s list of established integrations, they requested a new integration via their account manager. More than 15 new integrations have been established for Spoynt on request by the end of 2022.
Streamlining payment management
Our client’s essential aim was to provide payment services to merchants without any hassles. Achieving this aim was eased by a high-quality API with easy integration and an intuitive Dashboard to manage all payments and monitor the vital metrics of Spoynt’s performance.
Utilising our Dashboard allows the client to look through all the payments displayed in a convenient grid and group them by different sections – transaction statuses, periods, payment methods, etc. Despite the number of payment methods, all their transaction data is now conveniently stored in a single place, which saves time and reduces manual work.
Reconciling transactions and analysing performance
Spoynt actively uses our Analytics feature to monitor their business performance and gain insights on what to improve. Monthly reconciliation helps them ensure all payments were made and received and detect possible mismatches with providers’ statements. Regularly keeping track of their income and costs per transaction with the help of Analytics and Reconciliation tools, Spoynt can reset their configuration to improve performance and cost-efficiency.
Offering a custom payment page for clients
Understanding the vital importance of the UX/UI, the client opted for our hosted payment page (HPP) and adjusted its design to their brand identity – colours, logos, and buttons. On the client’s request, their custom HPP was translated into dozens of official languages, including Chinese, Azerbaijani, Arabian, Hindi, and others.
Reducing payment fraud
Corefy’s recently implemented Firewall solution already stands guard over Spoynt’s transactions, helping them to decrease fraud and avoid fines from payment networks. At different stages of transaction processing, the Firewall antifraud solution comes into action by analysing the input data. Guided by the decision tree with specific rules and lists customised according to the client's needs, the Firewall helps to decide whether each specific payment should be accepted or declined.
Finetuning payment processing to boost conversion rates
Within the first several months of cooperation with Corefy and monitoring their performance via the Dashboard, Spoynt’s team got insights on what can be improved and how. Their dedicated account manager helped to configure their payment routing schemes to increase conversion rates. Based on each new insight, Spoynt addressed their account manager to set new rules or finetune the existing ones.
Within the course of time, the Spoynt team became more experienced in using our platform’s features and learned to set new configurations on their own. It allows them to do more tasks independently and address their account manager only in specific cases requiring expertise or assistance. For instance, Corefy’s account manager can help them choose additional payment providers with high conversion to connect with.
Utilising Corefy’s white label payment provider solution allows the Spoynt team to focus on their business development, leaving all technical issues and maintenance entirely on us. Their steady development and growth can be seen in figures: when Spoynt launched, it processed about 2k transactions per month, and now the number has grown to 300-400k transactions per month.