APEXX Global, the first single marketplace for global payments, has today announced a partnership between itself and international Irish cross-border e-commerce giant, eShopWorld.
The partnership, which aims to transform the payments process for its clients whilst also reducing associated costs, kicked off with APEXX processing payments for eShopWorld’s Russia based clients.
APEXX Global’s co-founder and Managing Director, Rodney Bain, Commented on the partnership: “We are very excited to be working with eShopWorld and its network of clients, some of the biggest fashion brands in the world. The addition of APEXX Global’s platform will allow them to improve their offering in Russia’s growing market, whilst also saving money on the costs of processing payments. We now look forward to working even more closely with them as we roll this out across new markets.”
APEXX is one of the first platforms to process payments through the national MIR payment system and is connected to the three largest Russian banks – Sberbank, VTB, and Alpha Bank. This connection allows all transactions to be routed back to the issuing bank thus guaranteeing On-Us processing of 80% of all transactions.
Regarding the MIR payment scheme, the tool was implemented in order to mitigate against any political risk between Russia and the USA. With an excess of 37m MIR cards currently issued, it has now become one of Russia’s biggest card schemes.
Tommy Kelly, CEO of eShopWorld, added “As the global leader in cross-border eCommerce sales we at eShopWorld are always looking at ways to improve the customer offer through our localised checkout. APEXX Global is a true innovator in the payments space and we are delighted to be using its routing capability to significantly improve our payment performance in the Russian market.”
As a result of the partnership, all brands using eShopWorld’s platform look set to now benefit from APEXX Global’s Russian presence and will soon be able to use the platform in additional markets across Europe and Asia.
The APEXX platform is also set to provide savings of at least 15% on payment acceptance fees. This combined with the fact that 35% of Russians regularly shop online, with two-thirds of that total choosing to specifically buy from international retailers, means that clients will also be provided with the ability to tap into a growing economy without the worry of possible regulatory action affecting international payment schemes.
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