2013 Winner: OmniPay

2013 Winner: OmniPay

Booth:
  • 3

Dublin, Ireland-based OmniPay has been a card-not-present payment processor since its launch in 2000. Initially focusing on international MOTO transactions, the company has ridden the global e-commerce wave as it grew to serve more than five million merchants in 73 countries using 149 currencies. Recently, as the increasing prominence of the payment aggregator model has resulted in the growth of Payment Service Providers (PSPs) as a force in the payments industry, OmniPay has shifted its focus to include providing processing services to PSPs. OmniPay’s Payments Aggregation Acquiring Service (PAAS) has grown to the point where 60 percent of the transactions it processes conform to the payments aggregation model, including those outside the U.S. for PayPal, perhaps the best-known PSP. “Organizations like Square have successfully leveraged the concept of aggregation and extended it to their customer bases,” according to OmniPay. “Furthermore, Visa launched the expanded framework for payment aggregation in 2011, thereby consolidating the role of payment aggregators beyond e-commerce and into brick-and-mortar and mobile points of sale and services. Companies that are solely focused on the provision of merchant services are aptly poised to drive the next generation of merchant acquiring forward.” OmniPay feels there has been a paradigm shift within acquiring away from the multi-function bank that offers acquiring services to the monoline company whose sole focus is the provision of acquiring services to the merchants. The company says merchant acquiring is moving away from the large and, in some cases, slow-to-change bureaucratic financial institutions towards the more efficient service-oriented monoline acquirers. OmniPay says PAAS is suitably flexible and robust to support the aggregation not only of e-commerce transactions but also the new wave of aggregated card-present and MOTO transactions, regardless of what front-end payment device is used to capture the transaction. The company is working with global acquirers, domestic acquirers and dynamic currency conversion acquirers, enabling them to operate under the new and more cost-effective sales model. OmniPay processes transactions for more than 3.5 million merchants that today contract directly with payment aggregators. The company says it will roll PAAS out to 40 percent of its existing clients during 2013.

  1. Award Text 1 Best Processor – Customer Choice

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