A company called Credorax aims to make cross-border e-commerce transactions easier for merchants and ISOs.

That’s important because 30% of global online sales involve buyers and sellers in different countries, says Benny Nachman, Credorax CEO. And his company is positioned to expedite such transactions, he claims.

“Our claim to fame is globalization and how international we are,” Nachman says.

International experience helps Credorax navigate differing languages, currencies, cultures, regulations and laws, he says.

The company operates as an acquiring bank in 27 European countries, and it expects to achieve that status in Japan by the end of the month and in the United States before the end of the year.

It does not use other acquiring banks as third-party partners or lease bank identification numbers, Nachman emphasizes.

That gives ISOs and merchants a single point of entry that avoids the communication problems that can occur when banks’ systems try to mesh, he says, adding that data analysis can present problems when the information comes from a variety of sources.

Credorax also plays the role of a technolgy company that developed its own processing platform and allots 40% of its annual budget to research and development, he notes.

“That’s more like a semiconductor company than a financial institution,” he says of the R&D expenditures.

The platform enables ISOs to sign up merchants for transaction services in a digital, paperless manner that’s common in the U.S. and Canada but unusual elsewhere, Nachman says. It also makes allowances for the lack of Social Security numbers and credit bureaus in most of Europe, he contends.

Another advantage resides in the platform’s capacity to convert data into information ISOs and merchants can use, Nachman says.

Meanwhile, the company, which was started in 2007, doesn’t have to contend aging legacy systems, he notes.

While gearing up in anticipation of becoming an acquiring bank in the U.S., Credorax is contacting established ISOs to discuss working with them to sign merchants. It’s looking to connect with larger ISOs initially, Nachman says.

The company is already working with some U.S.-based ISOs and that have clients abroad. It is also working with U.S.-based merchants that sell products online in other countries.


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