Spell, a young fintech firm, is disrupting the market by empowering local payment service providers with the essential tools to compete in the global market.
The Payment Industry’s Key Challenges
For years, the payment processing industry has been characterized by the high competition and dominance of a few large corporations. Well-known global players, including Stripe, Adyen, and Klarna, have spent millions of dollars creating their own marketplaces and gaining a competitive advantage. This has put local players in a rather difficult position as they are finding it hard and expensive to compete with the giants in terms of technology, pricing, and profitability. But Spell is rewriting this story, one local business at a time. “There was a clear gap in the market that was opening up,” explains Jevgenijs Novickis, the chief executive of Spell. ”Local PSPs were caught in a cycle of no innovation, low competition, and consequently low profits. We intended Spell to break out of this vicious cycle and unleash the latent potential of these businesses. ”Spell’s Secret Sauce: Democratizing Payment Tech
At the heart of Spell’s offering is a white-label payment processing solution that enables organizations to obtain encompassing and reliable payment capabilities on relatively moderate terms. The goal is not only to bring more order and justice to the process; it is, in fact, to transform the very definition of the process. Spell’s platform is a multipurpose instrument, providing its clients and their end users with several crucial features for payment processing:- Feature-rich white label online payment gateway: Satisfy customers’ needs by providing them with different forms of payments that include cards, APMs, and OB.
- Routing & cascading payments: Enable routing or cascading options to direct payments to the appropriate gateways while reducing chargebacks and maximizing sales.
- Global transactions via a payment orchestration platform: Make it easier to make payment transactions from one country to another in different currencies.
- White label invoicing and billing system: Streamline recurring payments and properly handle repeat revenue models.
- Embedded marketing tools: For effective customer outreach and support, integrate broad marketing capabilities to assist small business owners entice visitors to buy from them.
- Optimize operations with powerful back-office tools: Enhance the back-office efficiency using Spell’s end-to-end solutions and supervise clients’ portfolios in detail.
From Local Hero to Global Player
From a tiny startup last year, Spell has grown to be one of the most prominent players in the industry. The company has grown threefold and now works with clients in more than 15 countries, indicating that its solution can fit different markets and payment systems. As a part of this global growth and community-focused direction, the company recently rebranded itself from spell.com to wespell.com. Spell’s CEO, Jevgenijs Novickis, says, “This isn’t just a new domain; this is a statement about our intentions: We are not just a business; we are a group of innovative payment providers, united for growth.”Spell’s #1 Priority — Customer’s Security
Security is not an option in the world of payment processing; it is a necessity. Spell has taken this challenge head-on and developed its platform on the strong pillar of Amazon Web Services (AWS). With an uptime that would make most tech companies green with envy (99. 99%), it guarantees that its clients can easily transact at any time and from any location. Furthermore, it’s worth mentioning that Spell has become PCI DSS Level 1 certified, the highest certification level given by Visa. This certification helps to ensure partners and clients that their transactions and other information are secure and protected by the most advanced technologies.Disruption with a Capital ‘D’
With its mission to provide everyone with access to state-of-the-art payment technologies, Spell is not only improving the market but redefining it. Analysts recognize its potential to disrupt traditional payment technology models by:- Leveling the playing field: Enabling local companies to battle it out with international brands.
- Optimizing payment processing: Offering PSPs the means to facilitate payment processing and increase their revenue streams.
- Supporting global reach: Providing smooth and efficient cross-border transactions in various markets around the globe.
The Road Ahead: Paved with Innovation
While the platform is relatively young, the company has laid out a solid plan to advance project development, grow its international footprint, forge partnerships, localize its offerings, and support local providers.
”Our vision goes beyond technology,” says Jevgenijs Novickis. ”What we are doing is building the environment for local payment businesses to grow and become global players. We are not only untapping the playing field, we are rewriting the rules of the game with Spell.” In a world where the payment industry seemed predestined to be dominated by a handful of players, Spell is demonstrating that with the right weapons and strategy, local vendors can not only cling on but also thrive. It is a revolution that is shaking the payment processing industry to its core, and it will never be the same again. To learn more about Spell’s innovative platform and solutions for payment businesses, visit wespell.com
