Concardis GmbH is partnering with Turkish payment services provider lyzico for seamless payment processing across national borders.
Merchants from German-speaking Europe can now benefit from faster processing of their business in Turkey as well as a higher conversion rate. They can offer their Turkish customers local payment options, thus guaranteeing the payment convenience they are used to - that increases loyalty amongst existing customers and, at the same time, opens up new customers segments.
‘Through the partnership with lyzico, Concardis is expanding its portfolio of international services. German-speaking Europe and the Turkish market are closely connected, which makes it all the more important for companies to operate across borders when it comes to payments and to account for local standard payment methods of the various markets in their international strategies. And we support our customers in doing this, too,’ says Marcus W. Mosen, CEO of Concardis.
The Turkish retail segment has been recording growth for years now, especially in e-commerce. According to the Turkish Interbank Card Center (BKM), 68 billion Turkish lira were spent online in 2016, equivalent to 17.5 billion euros. ‘Digitisation and the development of e-commerce are changing the Turkish retail market as well. The population, which is very young compared to other European countries, is digitally connected, compares prices online and buys from the best provider. This enables international merchants to also position themselves in Turkey in the e-commerce segment. Offering the right payment options is an important part of this,’ says Barbaros Özbugutu, Co-Founder and CEO of lyzico.
The Turkish payment market is fragmented and represents a challenge for international merchants and payment services providers in equal measure. Consumers in Turkey primarily use credit and debit cards for making payments, and the card transactions are processed exclusively by local banks. Payment services providers are therefore reliant upon a direct connection to the various Turkish banks. Locally, payment services provider lyzico makes it possible to quickly and easily process payments. Concardis manages the connection to the Turkish payment network and ensures seamless processes. This partnership will be expanded in future. Plans include the direct integration of Turkish payment options into the e-commerce platform of Concardis.