FT. LAUDERDALE, Fla. — Internet payment processor SegPay announced today that it has grown its EU client base by 18 percent and has launched a new payout structure.
The company attributed the growth to new offerings, expanded service and a greater emphasis on security for the European marketplace. SegPay also noted that the new payout structure makes it the only IPSP in the EU to convert payouts directly through the acquiring bank, making the process more secure. This model mirrors the payout process for their U.S. clients.
In addition to its growing client base in the last year, SegPay has also seen an increase in the number and volume of transactions coming from the EU.
“International markets have proved a major growth area for SegPay,” CEO Cathy Beardsley said. “We ensure that we are not only compliant with all regulations, but provide industry leading service to make sure our clients get paid before we do. The strategy has paid off with more clients picking SegPay for their IPSP needs.”
The company noted that it previously used a third party trust to convert EU payouts. By switching payouts to come directly from the bank, SegPay now furthers its mission of keeping client funds secure.
Other benefits of the new service include: client funds are always held by SegPay’s acquirer; the new service helps maintain compliance with MasterCard’s Payment Facilitator Model; and it conforms to the EU Payment Services Directive for safe guarding client funds.
SegPay said it began moving EU payouts to its acquirer in August and has now completed the transition for all EU IPSP clients.