Silicon Valley Bank (SVB), the premier bank for the innovation sector, introduced a new service that will allow its clients to accept 85 different online payment types from their customers globally.
With SVB's Global Treasury Platform, companies that sell their products and services globally, can collect payments in foreign currencies, and automatically deposit those funds into their SVB multi-currency or in-country accounts. SVB's card processing services are provided through Merchant e-Solutions and Adyen, its international card processing partner.
"Almost half of our business is outside the U.S.," said Derrick Morton, CEO of FlowPlay. "In order to maximize international revenue, it's important that we transact in the local currency and payment methods. Adyen has an incredible system for managing our complex currency and pricing matrix and with SVB's international presence we are able to make local deposits of these foreign currencies."
SVB clients now have the ability to accept electronic payments in local payment methods, such as credit or debit cards, PayPal, iDEAL, and Dankort among many others, in countries across Europe, North America, South America and Asia.
"Our tech-focused clients are selling internationally, even at their earliest stages, so we make every effort to make it easy for them to operate globally," said Pradeep T. Moudgal, Head of Global Cards and Merchant Services, Silicon Valley Bank. "Our clients will find our new payments service is extremely convenient, giving them the ability to deposit funds of any major currency directly into their SVB multi-currency or in-country accounts."
With enhanced merchant services from SVB, companies will also reduce processing expenses and cross-border fees, at the same time covering PCI (payment card industry) compliance requirements. Since the hosted payment Web page can be designed to mirror the look and feel of each retailer's Web site, it also ensures a higher conversion rate during the payment process.
"By accepting convenient, international payments, retailers have the opportunity to create new revenue streams overseas," said Peter Caparso, U.S. President at Adyen. "With SVB and Adyen services, our clients can now accelerate customer payments, minimize chargebacks, help ensure PCI compliance, and mitigate fraud and risk."