ZEN.COM

ZEN.COM team is in Paris for the VISA Payment Forum 2024! Michał BOGUSŁAWSKI, Maciej Rynarzewski 💡 Marek Wasielewski attending a presentation by Visa CEO Ryan McInerney gaining valuable insights into the latest trends in payments and fintech. Big announcements on revolutionary products, great networking opportunities with industry experts, and exciting talks about building the future of finance are all part of the experience. Thank you to the VISA team for the hospitality and inspiring discussions. We’re looking forward to applying these insights as we continue shaping the future of payments at ZEN.COM! Philip Konopik, Juris Paegle, Heidi Gohn, Patrik Havander Charlotte Hogg, Juha Sillanpää, Andrew Nelson #VISAForum #ZENcom #Fintech #PaymentsInnovation #Paris2024

Optimisation of your international transactions is crucial for driving business success in today's interconnected economy. Let's dive into some effective tactics that'll help you drive stronger results. 1️⃣ Localise the checkout experience Going beyond just supporting local payment methods, tailoring the entire checkout flow for your target markets can significantly boost conversion rates. This includes: ✅ Displaying prices, product details, and checkout forms in the local language ✅ Allowing customers to select their preferred currency ✅ Leveraging locally familiar payment icons and branding Various studies show that 60-80% of consumers are more likely to buy from sites that display prices in their local currency. Seamless localisation puts your international customers at ease and builds trust. 2️⃣ Leverage Dynamic Currency Conversion Dynamic currency conversion (DCC) gives customers the option to pay in their home currency, rather than your base currency. This added convenience can reduce cart abandonment, especially for price-conscious shoppers. However, be mindful of DCC fees - ensure you're offering favorable exchange rates that don't undermine the benefit for customers. Striking the right balance is key. 3️⃣ Optimise for cross-border fraud protection As you expand globally, you'll face increased exposure to cross-border fraud. Partner with a payment gateway that offers advanced fraud detection and prevention tools tailored for international transactions. Look for features like: ✅ Geolocation-based risk assessment ✅ Behavioral analytics to identify suspicious activity ✅ 3D Secure authentication for an extra layer of security Proactively mitigating fraud not only protects your revenue, but also enhances customer trust and loyalty. By implementing these, you'll be better equipped to drive higher conversions, minimise costs, and deliver a seamless experience for your international customers. #Ecommerce #GlobalExpansion #FraudPrevention #InternationalPayments #GlobalBusiness #ZENBusiness

Crowdfunding has revolutionised how individuals and businesses raise funds. However, the success of such campaigns hinges on efficient payment processing systems. As crowdfunding platforms evolve, the choice between manual and automated payment processing becomes crucial. Let's find out more about both 👇 Manual 🆚 Automated Payment Processing 💪 Manual payment processing involves transferring funds directly to a platform's bank account without integrating a payment gateway. This method, often used by small equity-based and peer-to-peer lending platforms, is manageable for limited client bases but presents significant challenges as platforms scale. Manual processes are time-consuming, prone to human error, and require constant oversight, making them less suitable for high-volume transactions. 🦾 Automated payment processing integrates a payment gateway into the crowdfunding platform, allowing for seamless, electronic payment transactions. This method supports various payment types, including credit cards, cryptocurrencies, and digital wallets, and offers a streamlined experience for both project creators and backers. Automated payment solution offers numerous advantages: ✅ Fraud Prevention and Security: Automated systems often include Know Your Customer (KYC) and Anti-Money Laundering (AML) features, enhancing compliance with regulations and reducing the risk of fraud. ✅ Cost-Effectiveness: By reducing the need for manual oversight, automated solutions save time and resources. They may also lower transaction fees compared to direct bank transfers. ✅ Scalability: Automated systems easily handle high volumes of transactions, making them ideal for platforms looking to grow. ✅ User-Friendly Experience: With features like automated dividend distribution and user-friendly wallet management, automated systems enhance the user experience for both investors and businesses. ✅ Diverse Payment Options: Platforms can accept a wide range of payment methods expanding their reach and accessibility. When selecting a payment processor, consider: 👉 Transaction Fees and Multi-Currency Support: Ensure the processor offers competitive fees and supports multiple currencies for international reach. 👉 User Experience: Opt for a processor that aligns with your platform's aesthetic and provides a seamless payment experience. 👉 Security and Compliance: Look for strong fraud prevention measures and compliance with financial regulations. 👉 Scalability and Integration: Choose a processor that can grow with your platform and integrates easily with existing systems. Automated payment processing is a game-changer for crowdfunding platforms, offering enhanced security, scalability, and user experience. By choosing the right payment processor and implementing best practices, platforms can unlock their full potential, ensuring smooth transactions and satisfied users. #Crowdfunding #Payments #GlobalBusiness #ZENBusiness

Choosing the right payment methods is crucial for small businesses striving to enhance customer experience and streamline operations. Here's a closer look at some of the most effective payment methods available today: 💳 Credit Cards Credit cards are a staple for many businesses, offering convenience and security. Business credit cards, in particular, provide higher credit limits and business-related perks like rewards and employee cards. They help separate personal and business expenses, making financial management easier. 💵 Cash Cash remains a popular choice for small, in-person transactions, especially in certain regions. It offers immediate access to funds without transaction fees. However, businesses must handle record-keeping and security risks associated with cash transactions. 🔄 Direct Debit Ideal for recurring payments, direct debit ensures timely payments with lower fees than credit cards. It is highly secure but may face challenges like delayed clearing or insufficient funds. 📲 Digital Wallets Digital wallets are rapidly gaining popularity due to their ease of use and enhanced security. They offer a quick checkout process and cater to the growing segment of tech-savvy consumers. 🛍️ Buy Now, Pay Later (BNPL) BNPL options can significantly increase sales and average order values by reducing purchase barriers. While beneficial, they may involve higher fees and potential for increased refunds. 🔑 Key Considerations: When selecting payment methods, think about transaction fees, implementation requirements, security, and how well they scale with your business needs. 💡 Pro Tip: Offering multiple payment options can maximize your reach and cater to diverse customer preferences. #PaymentMethods #Ecommerce #SmallBusiness #CustomerExperience #BusinessGrowth #ZENBusiness

Why multicurrency business accounts help so much with a global expansion? 🌍 Businesses of all sizes are increasingly engaging in international transactions. Whether you're a startup or an established corporation, managing multiple currencies can be a complex and costly endeavor. Let's get into details on multicurrency business accounts as a solution for streamlined international financial operations. What is a multicurrency business account? It's a specialised account that allows you to hold, manage, and transact in multiple currencies within a single account. Unlike traditional business accounts, these accounts enable you to receive payments, make payments, and hold balances in different currencies without the constant need for conversion. This not only simplifies your financial operations but also significantly reduces currency conversion costs. Why should your business use a multicurrency account? Simplified International Transactions 💸 Operating in multiple countries means dealing with various currencies. Make it easy to send and receive payments in different currencies seamlessly, eliminating the hassle of constant conversions. Cost-Effective 💰 Avoid hefty currency conversion fees and benefit from competitive exchange rates. Save on transaction costs, making your international dealings more cost-effective. Flexible Payments 👌 Pay suppliers, vendors, and employees in their preferred currencies. This flexibility can enhance your relationships and streamline your payment processes. Risk Management 🚫 Mitigate the risks associated with currency fluctuations by holding balances in multiple currencies. This allows you to hedge against exchange rate volatility and protect your profitability. Simplified Accounting 🧮 Managing finances in different currencies can be a logistical nightmare. Multicurrency accounts consolidate your financial activities into a single account, making accounting and financial reporting more straightforward. Facilitate Global Expansion 🌍 If you're planning to expand into new markets, a multicurrency account provides the necessary infrastructure to transact in local currencies, making market entry smoother and supporting your growth initiatives. Is a multicurrency account right for your business? 🤔 Some of the questions helping to determine that: Do you conduct transactions in multiple currencies❔ Are you paying high currency conversion fees❔ Are you planning to expand internationally❔ Do you face challenges with complex international payment processes❔ #GlobalBusiness #MulticurrencyAccount #BusinessGrowth #ZENBusiness

Expanding into international markets can be an exciting opportunity for ecommerce merchants. However, one crucial aspect that can make or break your global expansion is selecting the right payment gateway. A well-chosen platform can help you increase conversions, reduce fraud, and provide a seamless experience for your international customers.👇 💡 Here are key factors to consider when choosing a payment gateway for your global ecommerce business: 1. International Coverage 🌍 Ensure the gateway supports payments in the countries you're targeting. Look for providers with a wide range of supported currencies and payment methods popular in your target markets. 2. Local Payment Methods 💳 Different regions have preferred payment methods. While credit cards are common in North America, Europe may prefer bank transfers, and Asia might lean towards mobile payments. Choose a gateway that supports local favorites. 3. Multi-Currency Support 💲 The ability to display prices and process transactions in local currencies can significantly boost conversion rates. Look for gateways offering real-time currency conversion. 4. Compliance and Security 🔒 International transactions involve complex regulations. Ensure your chosen gateway is PCI DSS compliant and adheres to local data protection laws like GDPR in Europe. 5. Fraud Prevention 🛑 Cross-border transactions can be more susceptible to fraud. Look for gateways with robust fraud detection and prevention tools tailored for international commerce. 6. Integration and User Experience 😃 The gateway should integrate smoothly with your ecommerce platform and provide a user-friendly checkout experience across devices. 7. Fees and Pricing Structure 💶 Compare transaction fees, currency conversion fees, and any additional costs for international payments. Consider the total cost of ownership, not just per-transaction fees. 8. Settlement and Payout Options 💰 Understand how quickly you'll receive funds and in which currency. Some gateways offer local bank accounts in multiple countries, potentially reducing fees. 9. Customer Support ☎️ When dealing with international transactions, 24/7 support can be crucial. Ensure the gateway offers reliable customer service in the languages you need. 10. Scalability 📈 Choose a payment gateway that can grow with your business, supporting increasing transaction volumes and expansion into new markets. Remember, there's no one-size-fits-all solution. The best payment gateway for your business depends on your specific needs, target markets, and growth plans. Consider starting with a thorough analysis of your expansion strategy and prioritise the features that align best with your goals. By choosing the right platform, you'll be well-positioned to capture the immense opportunities in the global ecommerce market while providing a smooth, secure payment experience for your customers. #Ecommerce #GlobalExpansion #PaymentGateways #BusinessGrowth #ZENBusiness

Navigating the diverse landscape of ecommerce payment methods is crucial for merchants aiming to expand their reach in Europe. Let's take a closer look at the most popular payment methods in Poland, Estonia, Czech Republic, Germany, The Netherlands, Belgium and Portugal. 👇 Poland 💡 BLIK accounts for roughly 70% of all ecommerce transactions in Poland. 💡 15-18% market share for e-wallets with Google Pay and Apple Pay being the most popular. 💡 Despite the rise of digital methods, card payments still hold a significant share. Estonia 💡 Swedbank is the clear market leader, accounting for approximately 53-56% of online payments. 💡 Bank payments dominate: The most popular payment method for online shopping in Estonia is bank payment, with card payments also being common but less prevalent. 💡 Only about 3% of online payments in Estonia are made using card payments. Czech Republic 💡 Card payments are the most popular method, accounting for 58% of online transactions. 💡 Bank transfers account for approximately 33% of online transactions, including PayU and Paysara. 💡 Cash on delivery remains a significant payment method, chosen by 15% of online shoppers. Germany 💡 Digital wallets account for approximately 53% of online transactions. 💡 PayPal is consistently the most popular online payment method with a 27.7% market share (offered by 93% of online stores) 💡 Giropay accounts for approximately 20% of digital payments. Netherlands 💡 iDEAL: holds a 70% market share making it essential for ecommerce stores targeting the Dutch market 💡 Credit Cards: Less common compared to other markets, but still in use. 💡 PayPal: Used but not as dominant as in other countries. Belgium 💡 Bancontact is the most dominant payment method in Belgium, holding an impressive 80% market share of payment card schemes. 💡 Digital wallets account for about 15% of online transactions. PayPal and the other ones are popular but not as dominant as Bancontact. 💡 Belgians use mobile devices to make almost 40% of their online purchases, reflecting a significant shift towards mobile commerce. Portugal 💡 Multibanco is the most popular payment method, with a market share of approximately 69% in the ecommerce sector. 💡 Multibanco is used by about 70-80% of the Portuguese population, reflecting its significant penetration and trust among consumers 💡 Digital Wallets account for about 34% of online transactions. PayPal is popular, but the local MB WAY (associated with Multibanco) is emerging as a mobile payments leader. Understanding these preferences will help you tailor your payment options to meet local demands. Select carefully, enhance customer satisfaction and boost your sales. #Ecommerce #PaymentMethods #DigitalPayments #BusinessGrowth #ZENbusiness

Despite ever-increasing security measures designed to combat it, payment fraud is expected to continue to grow. As a result, it’s essential that merchants know what to look out for and how to implement safety measures to protect their business and customers’ sensitive information from such fraud types. Let's look into some popular ones: ☑️ Phishing ☑️ Chargeback fraud ☑️ Card-not-present fraud ☑️ Business email compromise ☑️ Clean fraud ☑️ Triangulation ☑️ Merchant identity fraud ➕ How to prevent them! Let us know what's your experience and how you handle this. #FraudPrevention #SecureTransactions

We're looking for a Senior Payments and Banking Partnership Manager focused on Singapore and ASEAN markets to join our team. We are launching intensive activities in Singapore and the entire ASEAN region. If you're passionate about innovation in financial services and have a proven track record in global payments and banking partnerships, we want to hear from you! ● Role Overview: As a Senior Payments and Banking Partnership Manager, you'll establish and nurture strategic relationships with global payments and banking partners. Your work will drive collaboration, expand our fintech services, and foster mutually beneficial partnerships 🤝 ● Location: Singapore, Hong Kong, Malaysia, Thailand, Indonesia – Flexible/Remote options available 🌏 Apply here and be a key player in the future of fintech at ZEN.COM https://lnkd.in/ddGN_USG #Fintech #Hiring #SingaporeJobs #ASEANJobs #BankingPartnerships #Innovation #Payments

We're proud to announce that ZEN.COM has achieved the 2nd position in turnover among the largest Electronic Money Institutions (EMIs), according to the Bank of Lithuania's overview – all within just three years! 🎉💼📈   In a dynamic industry, ZEN.COM prioritizes customers, delivering top-notch fintech services and products. This achievement underscores our steadfast dedication to excellence in financial management and shopping experiences.   A big THANK YOU to our amazing #ZENteam, loyal customers, and every partner on our journey. Your trust keeps us moving forward, and we're excited for what's next.   Read more: https://lnkd.in/dMGP9aMX #ZENCOM #StayZEN #Payments #Fintech #Lithuania