Protect the player, protect the operator: Paynovate’s strategy for success

Over the past 10 years, Paynovate has experienced impressive growth, starting as a single payment processor to becoming an established acquirer that generates over  €200m per month and now boasts strong relationships as principal membership with Visa, CUP and Mastercard.

With an unwavering commitment to offering the latest and most effective technology, Paynovate offers a best-in-class standard payment product and uses modern technology to best meet the needs of today’s market.

This ethos is what the company’s three core pillars, Acquiring, Issuing and Banking, were built on. Available all on one platform, its easy-to-use, efficient solution is a game-changer for operators and players alike, as Parker-Ridgway explains. “It’s essential for a payments solution to run smoothly, both frontend and backend, and for payments to be processed quickly so that operators keep players engaged and most importantly, retained.”

Redefining the payment market

Creating each product and building a smooth transition has paid off handsomely for the company, with its Acquiring volume growing to €2.4bn in 2022. But what is it about these products that set them apart from its competitors?

Paynovate Acquiring accepts most card types, giving online businesses a full-service solution across the acquiring value chain  on desktop, mobile or app in over 150 currencies. But for Paynovate, the heavy lifting doesn’t stop here.

“Protect the player, protect the operator, this is our main goal.”

The company has identified that some online businesses are unable to collect payments quickly and efficiently due to slow and inefficient client onboarding procedures. To help, Paynovate launched its ‘instant onboarding initiative in 2022 to immediately accept transactions, while payments are held securely by Paynovate until the whole KYC process is complete.

MyPaynovate

Under the Acquiring pillar of the business is MyPaynovate, a terminal to help operators and business owners attain a smooth and efficient operation of their finances.

“Clients can utilise Paynovate if they wish for a full service offering without the need for multiple suppliers and clients.”

Since 2020, more than 40,000 terminals have been sold across Europe. Users have access to real-time reconciliation, instant payment processing and the ability to control security parameters. With full access to funds and comprehensive transaction histories, users have full flexibility to help eliminate delays and enhance the overall experience.

Flexible card issuing solutions

The good news for operators is that they can also choose what level of service they require, dependent on their needs. For example, Lite, the simplest card issuing service option, is specifically designed for electronic money institutions (EMI) which want to maximise the company’s partnerships with the likes of Mastercard or Visa.

Connect, Ultra and Ultra Plus card issuing service, on the other hand, are designed for businesses wanting the next level of support and coverage. Ultra and Ultra Plus employs Paynovate to help manage your chosen card issuing scheme , like Mastercard or Visa. This also includes management of your company’s transaction processor involving the collection, modification and retrieval of all transaction data.

“With over one million payment cards managed, we have a deep understanding of the intricacies involved in card issuing. Our team brings a wealth of knowledge and experience to ensure smooth and efficient options.”

Paynovate’s digital-first background supports a cross-channel approach across desktop and mobile, with the company embracing the future of payments through providing the broadest possible offering of card options. “This includes physical, virtual and tokenised cards,” says Parker-Ridgway. “This forward-thinking approach allows us to cater to the diverse needs of our customers and stay at the forefront of payment innovation.”

The value Paynovate holds within their products is not only echoed by Parker-Ridgway, but by chief commercial officer, Benjamin Beeckmans. In an interview with iGB earlier this year, Beeckmans said of the team: “Paynovate has been built by developers and payments professionals whose focus on technology and product has helped create a business model that offers not just the standard payment product but a technology built in very modern culture.”

Drawing on Paynovate’s experience

The latest staging post in Paynovate’s ongoing expansion to offer value outside of its services has seen the e-money provider establish a retail presence in the UK. “We had a strategic expansion of our overall offering on Acquiring, Issuing and Banking planned into the UK market,” explains Parker-Ridgway.

“Establishing a branch presence in the UK fits well with this, having myself and an expert team in the UK available for partners, prospects and clients.”

Parker-Ridgway will manage the branch and her team brings with them skills honed at the likes of Mastercard and various EMIs in the UK and Europe.

With more than 15 years’ experience, Parker-Ridgway herself is no stranger to the payments industry. Leading teams specialising in card issuing, launching products to market and growing successful and award-winning card programmes are her speciality.

“I’ve worked for some of the largest EMIs in the UK and Europe in a commercial capacity, managing relationships of large corporates and fintech organisations,” she says.

Parker-Ridgway plans to hire more talent to support her core team, with further recruits expected to join in the coming months. And with one eye firmly fixed on the future, Paynovate will invest heavily in their career development.

“We understand the significance of creating a conducive and rewarding work environment. We strive to provide employees with opportunities for growth and development, ensuring they can enhance their skills and advance their careers within the organisation,” Parker-Ridgway says.

“We believe in empowering our employees to continually learn and acquire new knowledge, enabling them to stay at the forefront of the ever-evolving payments and tech sectors.”

Paynovate’s expansion supports industry shake-ups

The company’s UK expansion is well-positioned to tackle the challenges facing the igaming industry, some of which were laid bare in the recent Gambling Act review white paper.

“As you know, the release of the Gambling Act white paper is aiming to adapt new digital evolution, compared to the past few years. But it’s also hoping to make use of customer data in order to carry out more accurate and efficient affordability checks and identify at-risk players early, which will be central to making online gambling safer and more sustainable. We want this for our players too and this is where open banking comes into it for us,” explains Parker-Ridgway.

How open banking provides a solution

Open banking took the industry by storm almost two years ago, providing it with some much-needed innovation. It enabled Paynovate to provide its operators with the technology needed to meet their obligations in a more secure, efficient and seamless way. It also provides a gateway to operators navigating the Gambling Act white paper because it allows operators to work in a more secure fashion. According to Parker-Ridgway, it works hand in hand with its strong customer authentication (SCA) feature.

“Open banking solutions offer the technology that operators need to meet their obligations towards customers in a more secure, efficient and seamless way,” she says. “Open banking makes the whole verification process much easier and less labour-intensive as input fields are automated and pre-populated by the bank.”

This means operators don’t need to manually cross-reference customers’ identity documentation with banks’ records, which “significantly speeds up the onboarding of legitimate, eligible players.”

“We believe in empowering our employees to continually learn and acquire new knowledge.”

This, paired with Paynovate’s SCA and anti-money laundering system all have one thing in common – protection. “Protect the player, protect the operator, that is our main goal,” concludes Parker-Ridgway.

Ensuring Paynovate makes a difference

While Paynovate is expanding into the UK with its new office, Parker-Ridgway is keen to emphasise that its focus and reach is international. “This global presence enables us to cater to provide seamless payment solutions to customers around the world, ensuring convenience and accessibility regardless of location.”

But as she points out, it isn’t one single factor that has enabled Paynovate to successfully partner with a growing number of operators in igaming markets across the world, it’s a combination of all the features and strengths of all parts of the business.

“What truly sets Paynovate apart is our expertise, our digital-forward approach encompassing various card types, our global reach and our valuable network partnerships.

“We are committed to delivering the exceptional acquiring, card issuing and banking capabilities that meet the evolving needs of the market and provide outstanding value to our customers.”