Company Profile
SingPayment is licensed to offer CUP (China UnionPay) acquiring facilities to merchants globally, it also provides merchant marketing and processing services to merchants/enterprises wishing to offer UnionPay card acceptance to their customers, our founders have served our merchant base throughout the continental United States, Europe and Asia Pacific for more than 10 years with over 40 years of collective industry experience. We are an innovative payment solutions firm using a consultative approach to service fast growth online merchants having dynamic business models. We provide superior service with the highest degree of integrity ensuring our valued merchants remain compliant, efficient, educated, and updated on industry trends allowing them the freedom to concentrate on growing their business.
Credit card acceptance providers these days are a “dime a dozen.” Very few organizations possess the depth of knowledge and expertise required beyond the traditional small retail card-swipe merchant. The payments industry is fluid and changes more rapidly than ever before. SingPayment executive management team bring decades of experience and a reliable track record to best address and provide solutions to the ever changing needs in today’s highly global and diverse economy. Our core competencies deliver true value beyond the “commodity service bureau” offerings that are designed with a “one size fits all” model.
Core Competency
Our core competency at SingPayment is 3-fold:
- Interchange processing efficiencies mitigating unwarranted transaction fee increases (see bankcard Acceptance).
- Providing in-depth expertise for challenging business models beyond the scope of a traditional Merchant Account (see bankcard Acceptance)
- Driving new customers and revenue for our valued merchants (see UnionPay Acceptance)
Value Proposition
We assist merchants in reducing the cost of their payment fees through operational and technical efficiencies that cause excessive interchange downgrades; the predominate variable cost that represents 90% of a merchant’s monthly aggregate bill. With the spiraling costs of credit card acceptance today, this is a critical issue for most businesses. Most merchants believe that interchange is interchange and everyone is on a level playing field. This is categorically false! There are over 1000 different rates having a fixed cost that range between 1% and 3%. Many factors such as the card type presented or specific MCC require certain strings of data be passed along through the interchange system to receive the qualified (best) transaction rate. When data sets are missing, a transaction downgrade occurs causing a much higher rate assessed to the transaction. Many factors can cause downgrades from systems to end users. Interchange optimization is an art form, a science, a mathematical exercise, and an ongoing investigative challenge all-in-one. SingPayment is committed to detecting and resolving the many oversights that contribute to lost revenue for our merchants.
We assist fast growth online merchants in mitigating costly mistakes ensuring that our merchants have the proper tools to remain profitable, compliant, and satisfied with our services. The payments space has morphed from its humble beginnings into a highly evolved and regulated industry. There are many players, products, rules, and complexities. Consider over 5-credit card networks, over 10-debit networks, ACH processing, check processing, stored-value card processing, gift card processing, mobile/wireless processing, et cetera with each having separate rules, policies and procedures; and mass networked systems that tie it all together. Merchants can become overwhelmed, lose focus and often find themselves in trouble. SingPayment provides a consultative partnership approach for merchants to help ease the confusion and prevent costly mistakes.
We generate value beyond payment processing for online merchants. We help drive new revenue to our merchant base by steering a new consumer base to them. As the U.S. economy continues to falter amidst the credit crisis that began at the end of 2008 and continues in 2013, it has caused merchants to seek out alternative sources of revenue. The only solution is new online customers residing outside our borders! With China being on an economic upward trajectory that may soon surpass the U.S. Gross National Product (GNP) by 2015; SingPayment developed a Chinese consumer purchasing solution to benefit U.S. merchants. We invested sizably over 2-years to create necessary alliances and systems that facilitate ecommerce between Chinese cardholders residing in China from U.S. merchants residing online. China has a booming consumer economy and rapidly growing middle class and this is great news for U.S. merchants! The Chinese consumers are voracious shoppers who love to spend and are tremendously eager to gain access to quality foreign brands. Their online purchasing power is double that of America and rapidly expanding. While every globally established U.S. merchant having virtually unlimited budgets are entering China to leverage their buying power (which entails significant infrastructure, operational, and marketing dollars) – SingPayment elected a reverse strategy of driving cardholders residing in China to make purchases from U.S. merchants residing online. Merchants no longer need to set up a physical presence in China thereby saving precious resources, and they receive the benefits of SingPayment marketing initiatives in China to drive cardholder traffic to their online businesses.