The Magento e-commerce platform, developed by Varien, is based on open source technology that provides merchants with high levels of flexibility and control over the user experience, content, and functionality of their e-commerce channel. By joining forces with GlobalCollect, Magento's clients gain access to an unrivalled portfolio of local, alternative, and international payment methods in over 200 countries and for 170 currencies.

"Our partnership with GlobalCollect certainly allows us to continue to empower retailers' dreams and visions for growth in a unique way," said Roy Rubin, CEO of Varien. "GlobalCollect's flexibility to work with a wide range of currencies and payment methods makes it easy for retailers to focus on the day to day operations of their shop without needing to worry about how to collect and process payments. Any partnership which helps to increase retailers' efficiency is a partnership worth making."

The proven correlation between the number of payment options and increased customer conversion rates is compelling retailers to find solutions for accepting multiple types of payment and international currencies. Many e-commerce merchants now offer various preferred payment methods and have begun accepting foreign currencies in order to help turn online browsers into buyers.

Jan Manten, CEO of GlobalCollect, continued: "We are very pleased to partner with Magento, the fastest growing e-commerce platform in the marketplace. Marrying the strength of the Open Source Magento platform with our comprehensive offering as a global Payment Service Provider makes perfect sense as we compliment each others' core competencies. It will help online merchants across the world to realize their growth objectives and speed up their time to market. "