NetPay | Profile
NetPay:
More Revolution than Evolution With its new Irish operation opening in Blanchardstown, NetPay has expanded beyond the UK market and is seeking to make an immediate impact on the Irish payment processing landscape.
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new player has entered the Irish payment processing market and promises to revolutionise the way SMEs do business. NetPay is a multi-channel, payment service provider that offers a range of online processing, payment terminal and merchant services to the wholesale, indirect reseller and corporate markets. With its new Irish operation opening in Blanchardstown, NetPay has expanded beyond the UK market and is seeking to make an immediate impact on the Irish payment processing landscape.
NetPay Services Every card processing service requires a merchant account with an acquiring bank. NetPay are what is known as a registered Independent Sales Organisation (ISO) and can supply competitive acquisition services through acquiring banks. Our ISO status effectively means NetPay is registered with Visa and Mastercard as an organisation able to process transactions on a wholesale basis through established acquiring banks. NetPay buys wholesale processing rates and provides the acquisition service to merchants through its partners. Merchants
will find the NetPay proposition more cost effective than alternatives available from their High Street bank or payment service provider with the added benefit of access to the NetPay Revolution platform for transaction management information and consumer intelligence.
Origins of NetPay NetPay is a privately-owned business founded and owned by two directors whose background was in wholesale telecommunications. Their previous venture is itself an amazing success story. Their business started from very modest beginnings and was initially operating from the side of a residential house in 2003. By 2010 the venture had grown to a £50 million business with an 8/9 per cent EBITDA margin, and employed over 140 people across three locations. The management team sold the business to an AIM-listed PLC in 2010 and were retained as part of an earn-out arrangement until 2012 when they left to found NetPay. Carl Churchill, Managing Director, explains what differentiates NetPay from its competitors: “The business has focused very heavily on the value
"Revolution provides the ability to procure merchants, manage the services in flight and provides merchants with detailed, meaningful reporting and analytics." 40 Q1 2014 | InBusiness
beyond simply the payment transaction; investing heavily in the innovative technology provided with the service as well as used to provision and manage merchants. ‘Revolution’ is the platform built by NetPay’s developers. Revolution provides the ability to procure merchants, manage the services in flight and provides merchants with detailed, meaningful reporting and analytics. NetPay is about service beyond the transaction. Whatever the size of business, large or small, there is a requirement to effectively manage and have visibility of cash generated by card transactions. NetPay delivers real transaction visibility, payment trends and consumer intelligence through the Revolution platform.”
Early Successes Although only launched in May 2013, the Revolution platform has already been shortlisted for two major awards; the Merchant Payments Ecosystem Data Information Award where it was in the final three for Europe, and the FS Tech Most Disruptive Technology award. In addition, NetPay have secured a number of high profile clients from a variety of industry sectors. These include: • A deal with Costco, the $100 billion cash and carry wholesaler, to support their own business and their members in the UK on an exclusive basis with further expansion opportunities in other global regions.