PrimeiroPay, Visa's CyberSource partner on cross-border payments in Latin America
Cross-border online payment service provider PrimeiroPay is partnering with Visa payment management platform CyberSource to open high-growth Latin America markets to merchants seeking access to those regions.
PrimeiroPay says its merchants can seek revenue growth in these markets through the acquirer connectivity provided by CyberSource in a way to minimize foreign exchange fluctuation risk and providing consumers a fully local payment experience.
"Latin America represents a high-potential revenue stream to merchants worldwide that many times remains untapped because of the complexity of opening local entities in such diverse countries," Tim Werner, founder and managing director at PrimeiroPay, said in a Monday press release. "We eliminate this hassle. Combining PrimeiroPay’s financial and regulatory expertise with CyberSource’s groundbreaking technology, our clients benefit from an income that they wouldn’t otherwise uncover.”
The combination of the companies' technologies will help increase merchant acceptance rates, create redundancy and allow easier integration with international banking and acquiring partners across the region, Werner added.
The partnership seeks to deliver merchants with fast and efficient connectivity to multiple acquirers and alternative payment methods, in Mexico, Colombia, Peru, Chile and Argentina. As payment management technology partners, PrimeiroPay and CyberSource say they can help deliver expanded solutions, streamlined operations, and advanced payment flows in complex markets.
"This is another example of how we are providing our growing ecosystem of payments partners access to CyberSource’s innovative and robust payment management platform, to help deliver flexible, creative commerce solutions to their merchants in today’s digital-first world,” Christian Deger, head of Europe at CyberSource, said in the release.