The Barion promise is a simple one: make payment smarter. This means a prepaid or credit card digital wallet that lets customers buy online or via smartphone, completely free. For merchants, it’s all about unbeatable transaction fees and complete control. Barion allows e-shops and mobile apps to accept payments through their payment gateway.
So what makes people call Barion the “New Paypal”? An innovative business model that leverages payment data as a way to lower processing costs. This is part of their win-win-win strategy, where they grow while customers and merchants reap the rewards of easier, more affordable payments. Currently serving 3700+ merchants across the CEE region and with a database of 1 million consumer profiles, the strategy seems to be a winning one for Barion.
Barion’s Fraud Challenges – Payment Fraud
Barion knows perfectly how to process payments. Fighting against fraudulent ones, however, became increasingly complex as the company grew. “We were spending 10 minutes of manual review on suspicious transactions,” Sandor Kiss, CEO says. “And the number of reviewed transactions was x3 times that of the chargeback rate, so we knew our system was inefficient there.”
Moreover, their working hours did not meet the needs of the Always On economy. “Our suspicious transactions happening at night or at the weekend had to wait,” Sandor continues. “This created a constant backlog, which put a real strain on the next working day.”
Finally, keeping fraud rate as low as possible is a calculated and effective strategy for growth. “If our acquiring partners must spend money on security, they have to raise their prices,” Sandor says. “So a solid fraud prevention solution helps us keep acquiring costs at bay, which is primordial to our business model..”
If our acquiring partners must spend on security, they have to raise their prices. So a solid fraud prevention solution helps us keep acquiring costs at bay.
Sandor Kiss, Barion CEO