TL;DR – Pipwave integrates more than 200 payment methodologies, making an online payment gateway cheaper and more secure.
With businesses in-creasingly embrac-ing eCommerce, a reliable online payment system is more important then ever. Every payment gateway such as ipay88 and PayPal needs an Application Programming Interface (API) which enables it to communicate with an eCommerce site. API acts as an interface to al-low communication between two different systems.
“Every payment gateway has its own API. For instance, if an online merchant chooses to accept payments via PayPal, ipay88 and credit card on his eCommerce site, he needs to integrate an API with all three service providers separately,” said Dynamic Podium Sdn Bhd Yeoh Wei Chen.
Pipwave, a flagship product of Dynamic Podium Sdn Bhd is a pay-ment solution platform that connects more than 200 payment meth-odologies with an eCommerce site. It is a cloud based payment solution with embedded fraud prevention technologies.
“As the solution is cloud based, it is highly scalable and available. Pipwave acts as a middleman between payment gateways and mer-chants. It allows merchants to ac-cept payments fast and is also able to detect potential fraudulent trans-actions,” said Yeoh.
Pipwave fraud prevention co-sists of two components, namely Pipwave Risk Score and Pipwave Risk Editor. The former measures the risk level of a transaction based on a purchaser’s online transaction history. It leverages on big data and machine learning to compute a risk score, ranging from 0 to 100. The higher the score, the riskier the transaction. “Some online fraudulent activities include stolen credit cards, hacked accounts, unauthorised transactions, and promotional code/coupon abuse. Among these, stolen credit cards and unauthorised PayPal payments are the most common frauds.
“Syndicates are most commonly detected utilising fraudulent cards to purchase digital items, and then reselling them at lower prices. If we do not take proactive measures to filter these cases, the damage could cost tens of thousands of dollars, depending on the type of business,” said Yeoh.
On the other hand, Pipwave Risk Editor automates online business management and reduces manual intervention by humans. As a re-sult, this system reduces costly human errors. Examples of automated systems are purchase amount control per buyer, purchase item quantity control, purchase IP country and shipping country control.
“We wouldn’t say that our fraud prevention solution is better than payment gateways or other fraud solution providers. However, our strength is the vast amount of data we are able to collect by consoli-dating fraudulent payment infor-mation from more than 200 payment methodologies. Hence, the accuracy of the system is higher. Also, we are continuously training the machine by feeding in more data.”
Apart from that, Yeoh said that one issue that is a stumbling block for SMEs attempting to penetrate overseas markets is the need to integrate with a wide range of payment gateways, a move which incurs high cost. Pipwave solves this problem with its array of 200 payment methodologies which connects to more than 100 countries. Merchants can activate a payment methodology according to a country simply via a few clicks.
“Many SMEs also spend a lot of money to integrate and maintain a secured payment solution. At Pipwave, we strive to reduce SMEs’ financial burdens by establishing partner deals with payment gateways. Hence when SMEs uti-lise the services by Pipwave partners, they are entitled for discounts in transaction and maintenance fees,” said Yeoh.
For interested merchants, Pipwave can be utilised for free to collect payments. Charges per transaction are imposed for risk screening and au-tomated processes.
Dynamic Podium is a software development company incorporated in 2006 and it obtained MSC status in 2007. They specialise in web development, eCommerce solutions, payment gateway integration & fraud prevention solutions.
Source: Malaysia SME