Christmas is right around the corner, and like you, we at SolidTrust Pay are excited to spend the holidays with our family and friends.
To celebrate the festive season, our office will be closed December 24th, 25th, and 26th. Live Chat will be unavailable on these dates, but you can still leave a support ticket for us at any time. Please be aware that document verification will be affected by the closure and it will take us a little longer to review your submissions.
From all of us at SolidTrust Pay, we would like to wish you a holiday season filled with happiness and good cheer!
Today, we are witnessing the explosive growth of alternative payment methods. In 2017, alternative payment providers were responsible for more than 50% of global e-commerce sales, a figure that experts agree will continue to climb. If you still think that cash, debit cards, and credit cards are the only way to pay for your good and services, then let me introduce you to eWallets.
An electronic wallet, or eWallet, is best understood as a virtual cashless service which can replace hard cash notes and bank issued credit and debit cards. Whether you’re sending money to the other side of the world or simply across the room, transactions are completed in a matter of seconds. From inexpensive inter-bank transfers, to smartphone payment apps and local card schemes, eWallets are dominating the alternative payment marketplace.
Easy to use and set-up, eWallets are the fastest growing payment method in the world. SolidTrust Pay, Alipay, Qiwi and PayPal are all examples of popular eWallet providers. China is currently home to the world’s largest share of online shoppers using eWallets, while the majority of online shoppers in Mexico, Italy, and Spain have already turned to digital payment services to complete their transactions, shunning credit cards in favour of the versatility inherent in eWallet platforms.
The popularity of eWallets among consumers presents a unique opportunity for businesses. With over 300 different types of payments in the world of e-commerce, it is vital for entrepreneurs to understand their customers’ preferred payment methods. The most common alternative payment methods are bank transfers, direct debits, eWallets, mobile payments, local card schemes, pre-pay, post-pay, and eInvoices.
Popular Alternative Payment Methods
Online: Customers use their online or real-time banking information to transfer money with immediate online authorization.
Offline: Enables your customers to make an ofﬂine payment by using a payment reference (authorization is delayed).
Easy to use, this is the fastest growing payment method in the world and increasingly popular across all sectors.
These are primarily low-value or predictable recurring transactions such as subscriptions.
Direct Carrier Billing: Increasingly important in developing markets such as Africa, this is a quick and simple payment method whereby shoppers simply provide their phone number.
Mobile Wallets: There is a growing choice of mobile wallet payment options that operate in your local country or territory. Few are capable of global reach yet.
Local Card Schemes
These schemes often operate like traditional cards but, in most cases, only in specific domestic markets. Some are more sophisticated, for example, offering card and bank transfer options.
Customers are required to buy a card or voucher before starting a transaction. These payment types are usually authorised immediately.
When your customer buys a product or service online, they pay for it later at an affiliated outlet or store. In most cases, the delay between the initial transaction and settlement means this will not work if you are selling perishable goods and time-sensitive purchases, such as travel tickets.
Your customer pays for their goods after delivery without sharing credit card or bank details.
Canadian Business and PROFIT today ranked SolidTrust Pay No. 187 on the 29th annual PROFIT 500, the definitive ranking of Canada’s Fastest-Growing Companies. Published in the October issue of Maclean’s magazine and at CanadianBusiness.com, the PROFIT 500 ranks Canadian businesses by their five-year revenue growth.
SolidTrust Pay made the 2017 PROFIT 500 list with five-year revenue growth of 344%. That percentage earned us the 9th spot overall among 28 financial services companies on the list.
We’re happy to have made the top 10 in the financial sector, and we plan to continue building on our momentum to reach out into the world and bring more people better services.
About the PROFIT 500
For 29 years, the PROFIT 500 has been Canada’s most respectable and influential ranking of entrepreneurial achievement. Developed by PROFIT and now published in Maclean’s magazine and at CanadianBusiness.com, the PROFIT 500 ranks Canadian companies on five-year revenue growth. For more information on the ranking visit PROFIT500.com or CanadianBusiness.com.
About Canadian Business
Founded in 1928, Canadian Business is the longest-serving and most-trusted business publication in the country. It is the country’s premier media brand for executives and senior business leaders. It fuels the success of Canada’s business elite with a focus on the things that matter most: leadership, innovation, business strategy and management tactics. Learn more at CanadianBusiness.com.
Credit-monitoring company Equifax Inc. suffered a security breach that could affect up to 143 million people in the United States, as well as expose the “limited personal information” of an undisclosed number of Canadian and British Equifax users.
Equifax did not indicate the number of Canadians/British that could be affected or how, and Equifax Canada spokesperson Tom Carroll said the company is not providing any further information on the impact of the hack in Canada.
Based in Atlanta, Equifax is one of three major credit bureaus in the United States. Between May and July of this year, the company stated that cyber-attackers exploited a U.S. website application to access files which contained the personal information sought by the hackers.
“On a scale of 1 to 10, this is a 10 in terms of potential identity theft,” said Gartner security analyst Avivah Litan. “Credit bureaus keep so much data about us that affects almost everything we do.”
Names, addresses, birthdates, social security numbers and drivers license numbers were all among the information obtained. Equifax said its core credit-reporting databases don’t appear to have been breached.
“This is clearly a disappointing event for our company, and one that strikes at the heart of who we are and what we do,” Equifax CEO Richard Smith said in a statement. “I apologize to consumers and our business customers for the concern and frustration this causes.”
For more information, and to find out if you have been personally affected, you can use the website www.equifaxsecurity2017.com, which has been set up by Equifax. The website allows users to verify if their information was potentially affected, and helps them sign up for the free credit-file monitoring and identify-theft protection offered by Equifax in light of the breach.
NOTE: Some people are furious about the site’s functionality, and it includes an arbitration clause, which means that people who use the site waive their rights to a class-action lawsuit.
While SolidTrust Pay was not affected by the attack, events such as these serve as a reminder to always employ best security practices. We suggest that users update passwords and use a password manager, delete old accounts with personal information if you are no longer using them, and follow our 10 steps for better internet safety!