How to Overcome FX payment Challenges, PayRetailers’s Jonathan Speaks

Fazzaco: Hello, as a start can you first tell us more about yourself and PayRetailers?

Jonathan: PayRetailers is a Latin American payment processor operating in 12 countries in the region, giving Merchants easy Access to over 250 local payment solutions via a single API integration. We pride ourselves on our customer support, speed of integration and overall high success with our merchants and partners.

With 6 offices in the region and employees spread across the countries, PayRetailers understand the local Markets and can support merchants in making the best decisions and getting the most out of the region.

We are constantly expanding our network, adding new countries, more payment options and payout options. So as we grow, our merchants grow. With PayRetailers, you can think globally but act locally.

Fazzaco:  What would you say differentiates PayRetailers and the hundreds of other providers operating in the same territories?

Jonathan: What makes PayRetailers stand out from other providers is a number of things.

Firstly, our presence in the region. As mentioned above we have 6 local offices and employees spread out across all the countries that gives us the coverage, insights and up to date information that allows us to provide the best service to our merchants as possible.

PayRetailers has also recently become a main Sponsor of the CONMEBOL Sudamericana, Football tournament in Latin America. With this our coverage and customer recognition is genuinely massive as football in LATAM is more like a religion than a sport.

Having such a good understanding also allows us to support merchants from many different jurisdictions, looking to start out in the region. With our extensive knowledge of Latin America and our setup, which is second to none, we are really a force to be reckoned with.

I think finally, but possibly most importantly, is our customer service. Our team are available for our merchants at the drop of a hat and whether it is through integration, or as an integrated merchant/partner, we are proud of the speed and quality of service that we offer.

Fazzaco:  Fazzaco has learned that PayRetailers will attend the iFX EXPO Dubai. What opportunities does an event like iFX EXPO 2021 offer you?

Jonathan: iFX Dubai gives us the opportunity to meet many of our merchants and partners to discuss their needs and inform them of anything new happening within PayRetailers and the local Markets.

Of course, the event gives us some additional exposure in the FX vertical and allows us to meet and talk other attendees that may be looking for solutions in the region, or are simply interested to understand more about PayRetailers.

Fazzaco:  In the post-pandemic era, would you choose to attend an online expo and why?

Jonathan: I believe there is nothing better than meeting your customers face to face which an online expo does not allow in the same way.

As we can all agree there will probably be quite a long transition period. While a live event is preferable, until we reach a completely 'post-pandemic' situation globally, online expos can also play a role in keeping people connected and business running in different industries.

Fazzaco: Visa and MasterCard have conducted their crackdown on CFDs and forex.  What's the impact on your company and other brokers?

Jonathan: In Latin America, people are used to paying with alternative payment methods and that is what we specialise in helping them do. While these crackdowns could of affected merchants, we have been lucky in helping people understand that Credit Cards, while important, are not the most important for the Latin American Market.

As previously mentioned, we offer over 250 local methods in the region with cards making up a very small amount of that. PayRetailers can really help FX merchants make the most out of their operation in Latin America and I would urge anybody that isn't sure how to get started, to reach out to myself or a member of the PayRetailers team.

Fazzaco: How do brokers respond to the crackdown?

Jonathan: What we have seen is broker moving their customers over to alternative methods like Bank Transfer and cash payment. These are the methods that the local people feel comfortable paying with, and these are the methods we would recommend as an alternative to keep business booming.

Fazzaco: Do you have any suggestions for brokers to overcome FX payment challenges?

Jonathan: Simple; Work with PayRetailers, we take the leg work out of any operation across LATAM and settle to you globally in USD, GBP or EUR.