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The Payza platform allows for online payments to be processed and funds to be transferred via the internet between users who have registered for the service (Payza members). For personal users, it is a method for transferring money internationally and a platform for the purchase of goods and services online. For merchants, Payza is an online business management tool which they can use to process payments, issue invoices and make payouts.
Payza's suite of ecommerce payment solutions are available in the form of Saas, or Software as a Service. This enables corporations or entities already licensed in their operational jurisdictions the rights to use Payza.com as their online payment transaction provider, customizable to both customer needs and local requirements.
MH Pillars Ltd, a UK-based advanced payments consultancy, acquired the strategic assets of AlertPay (Alert Services Inc., CANADA) and launched the Payza.com platform in May 2012. In July 2012, the company announced that Alastair Graham would become the new Chief Executive Officer for Payza, a new position for the company.
Payza targets markets in developing countries and other local areas in which access to online payments services is limited.
The company's mission statement states Payza's intent to provide “affordable and convenient payment methods to under-serviced markets, and [connects] the global marketplace with emerging economies.”. Payza, unlike many large payment processors, supports remittances – the transfer of money by a foreign worker to his or her home country. Remittances play a large part in the economies of developing and transition countries – they constitute the second largest financial inflow in much of the developing world.
Payza offers its services in more that 190 countries, in both developed and developing marketplaces, though not all of its services are available in all marketplaces in which they operate.
In early 2012, Payza began operating in Bangladesh, in collaboration with Bangladesh-based Casada Technology, a provider of consumer electronics and digital signage. Payza's target customer base in Bangladesh is the growing IT sector, particularly Bangladeshi freelance IT workers who can use the Payza platform to receive payments from outside of the country and transfer them into their local banks.
By September 2012, Payza’s services in Bangladesh had been widely adopted.
In November 2012, Payza received the first license issued from the country’s central bank, Bangladesh Bank, for inbound foreign remittances entering Bangladesh via an online payment gateway. The company subsequently announced the launch of the remittance platform SimplySendBD, developed in collaboration with Casada Technology Bangladesh Ltd.
Payza supports sending and receiving payments in 190+ countries in 20+ currencies. Individual customers can open an account with Payza through registering their email address and personal data on the company's website. Completing an optional identity verification process allows the sending/receiving of higher-value payments, though it is obligatory for all transactions in some parts of the world. Accounts are identified by email address(es) associated with them; payments made from a Payza account are like "sending" money to an email address.
For businesses, Payza provides several business management tools such as checkout buttons, shopping carts, support for invoicing and payouts, and tools for developers to integrate Payza with their websites.
There are no fees when sending money. Fees are applied when money is received or payments processed, and will vary based on the account type.
All Payza data is encoded with 128-bit SSL encryption. Payza reviews all websites of merchant accounts to ensure that they conform to Payza’s terms and conditions before they are allowed to accept payments.
Payza employs a proprietary monitoring system called the Fraud Matrix, which scans every transaction through Payza and flags any suspicious activity.
In August 2012, Payza partnered with Intelligent ID to enhance their identity verification for users in the United Kingdom.
In October 2012, Payza upgraded their SSL encryption using Trustwave, a Certification Authority and distributor of SSL certificates.
In October 2012, Payza announced the incorporation of the TRUSTe Privacy Seal Program, which confirms the security of their website, with the goal of strengthening customer confidence in their platform.
In December 2013, Payza rolled out a new account design, which included the addition of Advanced Security Setup. This feature reduces the threat of phishing by displaying a customizable avatar and welcome message to the customer during the login process, as well as several question-and-answer pairings designed to ensure that only authorized account holders have access.
Paybefore Awards, Outstanding Newcomer in Prepaid/Emerging Payments (2013).
Executive Vice-President Firoz Patel was nominated for the Ernst & Young Entrepreneur of the Year Award in 2010 and 2011 for AlertPay. In 2012, he was nominated and advanced to the Finals because of the instrumental role he played in the successful acquisition of AlertPay assets by MH Pillars, which subsequently launched Payza.com.