Payop’s 2023 roundup: What did we change?

The New Year period is a time for reviewing and planning. So, let us share the results of our development over the past year.
In 2023, we dedicated much effort to enhancing your experience with our system.

We optimised our internal processes, greatly improved communication with the merchants, and made some adjustments in the cabinet. All to make our clients’ lives easier and save them time!

PayOp became Payop

First things first, we changed our logo. However, it wasn’t only about appearance but also about performance. We began to modify the way we approach our challenges as a company.

The FinTech industry is constantly evolving, so it’s not enough to follow it. You need to keep contributing to innovation to hold your ground. At this tempo, it’s easy to forget about the importance of other tasks.

So, in 2023, we concentrated on optimising our internal processes. The aim was to work on new solutions while staying focused on our merchants, their needs and comfort. And we achieved it by reorganising and strengthening our team and improving our approach to working with you and your projects.

Payop became cheaper

Definitely the biggest news of 2023 and the culmination of over a year’s hard work. Now, you can enjoy all our perks with lower commissions. It has been made possible by the following four updates:

• Firstly, we’ve reduced the exchange rates for all our payment methods. The best results have been obtained with currencies backed by stable economies. This is excellent news for those who operate globally.
• As the next step, we’ve reduced costs for all 500+ payment methods available at Payop.
• Plus, we’ve successfully lowered the charges for fund withdrawals from your Payop balances, ensuring that all your transactions are cost-effective.
• Last but not least, we’ve shortened the Rolling Reserve period from 180 days to 90 days across the system, also reducing the retention percentage for each payment method.

All this allows you to significantly cut your payment processing costs and increase your profits.

Product updates

Of course, we couldn’t limit ourselves to internal changes only. There were also quite a few improvements to the product itself. Here are the main ones:

• We’ve worked on transparency and introduced a Reports section into your merchant dashboard. It allows you to download data on account balance, chargeback, refund and checkout transactions with all operations details.
• We added new payment methods and improved payment methods’ performance and conversion levels.
• We replaced payment methods that have high chargeback probability with better options.
• We manually sent you some basic payment method analytics to understand what we should include in our future Analytic module in the Payop dashboard.
• We improved the quality and speed of the verification module by replacing the long verification with a much shorter pre-check form.

Prioritising communication

This year, we focused on the quality of communication and customer experience. By collecting and processing your feedback, we were able to make many changes to our system. So thank you for your part in our development.
To give each of our merchants special attention, we’ve expanded our team. Now, each business has a dedicated account manager. And we’re happy to report that according to multiple feedbacks, the communication became much better.
We welcome every opportunity to see you in person. So this year, we have been attending more industry events to be able to arrange personal meetings. In 2023, we were happy to participate in:

• the ICE London
• the Singapore Business Show
• the SBC Summit Barcelona
• the Sigma Malta Conference
• the Singapore FinTech Festival

You can always find all the announcements on our social media. We’ll gladly add more meetings to our schedule next year, so feel free to share relevant events with us.
Thank you to our team for all your hard work and to our merchants for your partnership. Stay tuned. There’s more to come, because this year we plan bigger.