payworks, a provider of a white label mobile payment processing platform for payment providers, and recent Merchant Payments Ecosystem (MPE) award winner, today announced that it has selected Credorax as an acquirer for its Chip & PIN mobile payment processing platform.
The payworks and Credorax agreement enables payment providers to enter the mobile POS market quickly without having to make major investments in a processing gateway, system integrations as well as meeting certification requirements.
Credorax, a Principal member of Visa and MasterCard Europe and a PSD-licensed financial institution, will serve as a digital acquirer for merchants that process EMV transactions through the payworks compliant white label mobile payment processing platform. Due to Credorax's automated and digital interactive merchant onboarding process, mobile payment providers will be able to activate a large number of merchants effectively and within a very short time. payworks provides its services to leading mobile payment service providers.
"Small merchants currently comprise over 50% of the European Mobile POS market and yet, so far there is no clear leader that has been able to completely meet all of their payment technology needs. Credorax's alliance with payworks is a major leap forward in solving the critical issues for this target market," said Benny Nachman, CEO of Credorax. "Receiving each payment quickly is crucial for small merchants as they rely heavily on a high volume of transactions in order to profit. One of Credorax's most significant contributions in the Mobile POS process is the ability to fast-track these payments by providing merchants with a fully digital automated and interactive onboarding process that can take place in a matter of hours."
payworks provides the backbone technology for multiple mobile payment providers throughout Europe and its SaaS mobile payment processing platform allows for the quick setup of a variety of different mobile payment applications including mobile acceptance solutions with certified Chip & PIN hardware. In collaboration with its processing partner PAY.ON, payworks provides a fully certified, Chip & PIN processing gateway to mobile payment providers. In order to facilitate the quick launch of different types of mobile payment solutions, payworks provides both white labeled components as well as developer SDKs and APIs on top of its platform. This collaboration with Credorax enables the Munich based Company to offer an even better level of service to its customers.
"We are very happy that Credorax has joined our acquirer network for Chip & PIN processing. They are true innovators in the mobile payments arena and together we have built a very powerful product that will help to facilitate the wider distribution of mobile acceptance solutions," said Christian Deger, Managing Director of payworks.
Credorax offers a unified, digital automated and interactive Acquiring and Payment Processing solution to online merchants and Payment Service Providers (PSPs). The smarter acquiring choice for merchants in the cross-border European Mobile POS market, Credorax is rapidly gaining recognition in the industry for its NextGen payment processing solutions.