A natural response by domestic banks around the world to the credit crisis has been to dramatically tighten underwriting criteria. This has meant that many merchants, who would have been traditionally approved for an internet merchant account, are now struggling to gain approval. Such a risk assessment is performed because granting credit card processing capability is comparable to providing a loan, or at least a short term line of credit. It is anticipated that many merchants classified as ´high risk merchantsâ€˜ will continue to find it very difficult to get approved with a trustworthy processing solution for the next 2-3 years.
This market tightening and intolerance of ´high risk merchantsâ€˜ has been the driver behind the launch of Payovation, a specialised online payments processor that works directly with multiple banks around the world to help merchants of all sizes and locations gain approval for a suitable processing solution. In October 2009 Payovation performed a successful soft launch of its processing platform/gateway, which had just been certified as Payment Card Industry Data Security Standard (PCI DSS) level 1 compliant. This soft launch generated a great deal of interest in Payovation, who are now pleased to announce an official launch of their full payment services on 4 January 2010.
Payovationâ€˜s CEO, Michael Hui, announced today that, Ã¢â‚¬Å“after many months of intense global research and systems development, the owners and executive team are very excited to be officially launching a suite of secure and reliable payment services to merchants worldwide. We will be providing market leading solutions to online merchants, regardless of their location, processing volume or the goods and services sold. Our attention to total systems reliability, fraud protection, customisable solutions and specialised risk tolerance programs will make us a strongly preferred payments providerÃ¢â‚¬.
Well known Australian businessman Bruce Mathieson is the owner of Payovation and has stated, Ã¢â‚¬Å“I appointed a board to oversee Payovationâ€˜s growth and development, and both the board and I are excited by the high level of interest shown in Payovation to date, and the great service now being offered to merchants around the world. The experienced executive management team running Payovation are well positioned to become market leaders in the online processing spaceÃ¢â‚¬.
The Payovation gateway processing system is one hundred percent responsible for front-end authorizations, back-end settlement, and all customer support functions. This proprietary system undergoes constant enhancements, to ensure merchants have the very latest features and technology to help their business accept payments more efficiently and effectively online. With extensive redundancy and disaster recovery hosting solutions, spread across multiple physical locations, Payovation ensures a merchant has payment connectivity which exceeds 99.99% uptime. This highly secure and stable platform is integrated with multiple banks worldwide ensuring a fully redundant and totally reliable payment service.