How a forex platform leveraged Corefy to improve payment acceptance and expand globally

About the company

The client’s company represents a leading online forex trading platform that has been offering traders in 170 countries a wide range of services since 2002.

Client’s background before Corefy

At first, the company established direct integrations with payment providers and acquirers. But over the course of time, as their customer base and the number of processed transactions in different currencies grew exponentially, it was getting more complicated to manage all payment flows and integrations on their own. Thus, the company decided to seek professional help.

Before discovering Corefy, our client partnered with another payment gateway to facilitate their payment processing and management. This partnership lasted one year and was terminated due to several reasons.

Our crucial need was connecting several new PSPs almost every month to make our traders’ payment journey convenient in every region. But it sometimes took them too long to establish integrations for us – the record is half a year for connecting one provider. Moreover, we didn’t have any custom integrations included in our plan and were charged for each separately.

Head of Payments

at the client’s company

Why choose Corefy?

These aspects, topped with weak-quality support and price hikes, made our client seek an alternative to address all their needs. Communicating with their network, our client discovered Corefy’s forex payment processing solution and decided to try it.

It’s been a year since we partnered with the client’s company. Below you can see how our cooperation evolved, what the results are, and what’s coming in the near future.

4 benefits our client got with Corefy

Unifying processes & decreasing operational costs

Leveraging Corefy’s solution allowed our client to access a pool of ready-made connections with payment service providers via one integration with our platform. Also, managing all their payment flows through our payment dashboard helped centralise their operations and streamline payment processing.

Facilitated scalability

As our client expanded its customer base globally, the need to establish new integrations was vital. Poor choice of payment options could hinder customer acquisition and retention, as traders often prefer platforms that offer various payment options. Moreover, the high-risk nature of the client’s business made it even more challenging to get MIDs with particular payment providers.

Integrating Corefy, they got access to a list of 250+ off-the-shelf integrations simultaneously, which kept growing with time. Also, they could request custom integrations for the convenience of their clients in different geographies.

Easy and efficient reconciliation

Working with multiple payment providers, our client faced challenges in reconciling transactions across various accounts. This created a time-consuming and error-prone process, leading to higher operational costs and settlement delays.

Corefy's automated reconciliation capabilities simplified the process of reconciling transactions across various channels. By using real-time transaction data from Corefy, the client reduced their manual effort, minimised errors, and accelerated settlement times.

Conversion rates growth

Custom payment routing and cascading schemes. By configuring proper payment routing and cascading rules, our client heightened the efficiency of each transaction and increased their project profitability. The approach involved a meticulous analysis of traders' behavioural patterns, allowing for the identification of key factors influencing conversion rates.

Monitoring the client’s traffic, we noticed decreased payment acceptance rates in the African region. After a thorough analysis, we identified two weak points that needed attention. First, the payment page design needed simplification because the loading time was too long and led to abandoned carts. The second step was helping our client choose the most relevant payment provider for this region to improve payment acceptance rates. Check the results on the graphs!

Daria

Lead Customer Success Manager at Corefy

Here's how the client’s conversion rates in the African region looked before the analysis:

Here's how the client’s conversion rates in the African region changed after fixing the payment page design and integrating an additional local PSP:

Card bindings. By leveraging our new Card binding feature, our client increased their acceptance rates. Here’s how it works: our system recognises which MID processed a successful transaction and binds the card used for the payment to that specific MID for future transactions. The next time the customer uses that card, the payment is sent directly to that same MID, resulting in higher success rates.

Conclusion

With the help of our platform features and a dedicated Customer Success Manager, our client overcame several forex payment processing challenges, including stagnation in their conversion rates in a specific region and lack of scaling speed. A year of our cooperation resulted in improved operational efficiency, increased conversion rates, and customer satisfaction.