IFX EXPO DUBAI: BridgerPay COO, Stelios Christoforou talks about how it rescues failed transactions
FinanceFeeds Chief Editor Nikolai caught up with the COO of BridgerPay, Stelios Christoforou, to discuss the expansion plans of the company and its unique feature of how it reduces failed transactions
Rescuing Failed Transactions
BridgerPay acts as a bridge between the merchants and the payment providers. It has currently tied up with over 200 payment providers and they are constantly adding on to this number. Their key feature is the ease of integration using their APIs and their ability to rescue failed transactions of the user which means that the transaction percentage is very high and the users also do not leave the client website as the process is seamless.
The way they achieve this is by storing the transaction data at the time when the user initiates it and if for some reason, the payment provider rejects it due to some technical issue or due to high risk, then the transaction is pushed to the next payment provider in the system. This is done seamlessly and the user just needs to key in the OTP for the second provider. He continues to stay on the website and doesn’t need to re-enter the details again. This way, the transaction failure rates are limited to a high extent and user retention is high. Late last year, FF had covered how Equiti group uses BridgerPay’s solution to achieve this.
Target Clientele and Regions
Talking about the target clientele, Stelios said, “Initially our targets were FX and CFD brokers but then we saw that the software is limitless and so now we are open to any company that processes payments online. Our current biggest client share is from FX but we also serve the gaming, travel, and e-commerce verticals.”
Speaking on the geographical reach, he added, “We don’t restrict ourselves to any specific region but currently we are doing well in Latin America, Europe, Australia, and others. Lately, we are seeing a big demand for Buy Now, Pay Later option and this has opened up a large e-commerce clientele in the UK, Australia, and European regions.”
The talk then veered to Cyprus which has become a hub for the financial services industry and how this has been bringing about cultural changes in the country. Stelios viewed this as a very positive development as people from different cultures come to Cyprus for employment, business and tourism and this has helped Cyprus evolve and develop economically and culturally as well.
FinanceFeeds wishes Stelios and BridgerPay all success in their growth and development.