Hello all Payza members,
Many of you already know that Payza has been dealing with some legal matters in the United States for the past months. We want you to know that these are only accusations and not an evidence of guilt; Payza has never and will never take part in any illegal activities.
We have been working hard to keep our business going while struggling with these allegations, but unfortunately, we are currently dealing with a loss of service providers and a reduced staff. These severe circumstances have damaged our company and our brand, which means that our services are shut down at the moment, so we can deal with the current situation and not make it worse.
The company is therefore undergoing a restructuring that may or may not include another company taking over. Your funds are currently frozen or are being held in suspension by our suppliers. When we overcome their concerns, the funds will be released. For the moment, we have turned off all new incoming funds to limit any further exposure for you, our valued customers.
We apologize sincerely to everyone and we are very sorry about this situation. We understand that many of you will be frustrated and/or outraged by this. Rest assure that we will honor all withdrawals when we can, except for those in the United States. The funds in the US have been frozen by the US bank and are being held by the US government.
Payza has been proud to serve you and we are sorry about the current situation. Thank you to all of our loyal and dedicated customers who have been standing with us and using our services. We appreciate your patience in this matter while we are overcoming these challenges. We are working on a solution and are hoping to have this solved as soon as possible.
The Payza Team
Firoz Patel, CEO of Payza, was recently interviewed by industry publication Let’s Talk Payments for their MEDICI now! Startup Stories series. Find the full story here: MEDICI now! The Payza Story
In the exclusive interview, Patel discussed his personal history and the story of how Payza came to be from its predecessor, AlertPay:
“My FinTech journey began in 2005 when I founded AlertPay Inc., which became a globally recognized solution for online payments.”
Payza’s CEO covered a wide range of topics during the interview, speaking about what Payza’s services seek to accomplish, and the people Payza serves:
“Anyone who wants to make an online transaction is a potential Payza customer, but people who have limited access to traditional payment options have the most to gain from our services.”
Patel also answered the question: “If you could change one thing that financial services people do incorrectly, what would that be?”
Read his answer to this question along with the full interview on the Let’s Talk Payments website: MEDICI now! The Payza Story
Payza took another step towards full integration of the virtual currency Bitcoin on its platform today by announcing a new Bitcoin Deposit feature. The new feature gives our members another instant deposit method, as soon as you confirm your deposit the funds will be available immediately. On top of that, there are no added fees for selling your Bitcoin, your bitcoins will be automatically exchanged to USD at a competitive exchange rate that is updated in real-time.
In August, Payza unveiled an easy way to buy Bitcoin, and this new feature is one of the easiest ways to sell your bitcoins. Here’s how the new deposit method works.
Inside your account click on the Add Funds tabs and then select Bitcoin:
Enter the amount of bitcoins you would like to deposit, note the current exchange rate will be displayed for you:
Confirm the details and send the Bitcoin to Payza. Once you have entered your Transaction PIN and confirmed the transaction details you will be presented with a one-time use Bitcoin Address and QR code.
Use this address to send your Bitcoin to Payza, but do not send multiple deposits to this address, you will need to create a new transaction and receive a new Bitcoin Address to make another deposit in the future. If the Bitcoin are not transferred within 60 minutes after your transaction is created, the deposit will be canceled by Payza.
Using the Bitcoin Deposit feature to add funds to your account is quick and easy. It’s a great, hassle-free way to sell your Bitcoin when the time is right, or to use your Bitcoin to make a purchase from any of the more than 100,000 merchants that sell with Payza.
With all the updates we’ve made in the past 12 months, we thought it was time to update our image a little bit as well. Today, Payza unveils our new look, a brand new site design and a new logo to go with it! We invite you to come view the cleaner, more modern Payza homepage at: https://www.payza.com
Speaking about the new website design, Ali Nizameddine, Executive Vice President of Product and Technology had this to say:
“In today’s world, a website is the equivalent of a storefront, the quality of the products inside your store doesn’t matter if the storefront doesn’t attract customers. As a leader in our space, we place a great importance on keeping up with, and pushing the limits of, the current design trends. Our priority is still to ensure that the features and products we offer are secure, straight-forward and user-friendly. By putting the same care into our public page, new customers know what to expect from Payza when they open their own account: attention to detail, innovation, and a partner that takes pride in its work.”
The new logo, shown above, featuring the Payza name and a green arc, represents a new horizon for Payza. When the Payza platform was initially launched, the goal was to bring Payza’s services to every region under the sun, and as one of the largest online payment processors in terms of global reach, we’re doing exactly that. The arc also represents the bridge that Payza is forging between developed, developing, and under-developed markets so that people everywhere can have access to the opportunities available in our interconnected world.
As Payza’s arc continues to stretch toward new horizons, it’s important as well to remember how we’ve come this far.
Taking a look back
It’s been a busy year at Payza, here’s a quick look at some of the new features and updates we’ve released over the past year:
Bitcoin: Bitcoins are the most popular type of cryptocurrency, a new form of money designed specifically for the internet age. In August, Payza took its first step towards fully integrating Bitcoin into our platform buy giving members an easy way to buy Bitcoin.
Credit Card Withdrawal: This is another new feature Payza unveiled last August. Credit card withdrawal is a fast, easy, cost effective way for our members to withdraw the funds in their Payza accounts.
Guest Checkout: Our new checkout option, added this summer, makes it easier for non-members to complete a purchase when browsing the web-store of one of Payza’s many merchants. With Guest Checkout, non-members can set-up an account, connect a credit card, and pay for their purchase in just a few clicks.
In-Page Checkout: With In-Page Checkout, completed payment on a Payza merchant site is a breeze. When In-Page Checkout is integrated by a merchant, Payza’s payment module appears as an in-site pop-up, meaning shoppers never have to leave their merchant’s website to complete a payment.
Top-Up Payments: Have you ever tried to send money or make a purchase online only to realize you didn’t have enough in your account to cover the charge? With Top-Up Payments you can load your account and complete a purchase or send money online all at the same time!
Over-the-Counter Transfers: Payza’s newest deposit and withdrawal method is currently being tested in Bangladesh. With Over-the-Counter Transfers, Payza members can add or withdraw funds right at their bank. Once a member’s account has been set up to take advantage of this option, Payza members can go to participating banks and instantly load or unload their accounts.
eGift Cards: There are now even more places you can spend your Payza dollars thanks to our new eGift Card feature. Currently only available in the U.S., with eGift Cards it’s now possible for members to buy gift certificates to some of the largest retailers and restaurant chains in the country. Shops like Foot Locker, The Home Depot, Dell, and more than 75 other merchants.
These are just a few of the new features and upgrades Payza has made in the past year. We’ll continue to grow and leave our mark on the online payments landscape, and we hope you’ll be there with us!
Company Expects Five Percent New U.S. Accounts to Be Opened by Year’s End
MONTREAL, QC and NEW YORK, NY and LONDON, UNITED KINGDOM–(Marketwired – Oct 1, 2014) – Payza, a leader in online payment processing, released Q3 customer data that indicated it is on a trajectory to increase its U.S. memberships by 4.8 percent on an annualized basis. The company has added 30,000 American accounts in Q3 alone, bringing their totals in the U.S. to 2.5 million, representing slightly more than 20% of all Payza accounts worldwide.
In the second quarter the U.S. economy grew at its fastest pace in over two years with all sectors contributing to the jump in output in a bullish signal for the remainder of the year.
The Bureau of Economic Analysis reported that the Real GDP increased at an annual rate of 4.6 percent in the second quarter of 2014 and is expected continue at a steady growth rate of 3 percent in the third and fourth quarters of 2014 according to the National Association for Business Economics
“At Payza, we’ve always placed a special focus on developing countries, but there’s no question as to the importance of developed countries where we also have a significant portion of our business,” said Firoz Patel, Executive Vice President, Strategic Partnerships and Corporate Affairs. “The U.S. economy is generally driven by consumer spending so we’re not surprised to see an expansion in our U.S. wallets. When we announced expanded services in the U.S., we expected a healthy bump in new sign-ups. The actual numbers were higher than we had expected. Of course, we’re pleased to see significant new sign-ups in the U.S.”
During the past nine months, Payza has introduced several new products to its list of merchant and consumer offerings for members in the U.S. and worldwide. Recently, Payza made eGift Cards available in the U.S., giving American members access to retailers such as The Home Depot, Foot Locker, Dell and many more. The company implemented an automated instant account verification feature, making it faster and easier for U.S. members to verify their accounts. Payza members are also now able to purchase Bitcoin, the popular virtual currency, directly from Payza using funds in their accounts.
Payza is a leading online payments technology platform used by licensed entities around the world.
Payza’s highly secure platform provides businesses and consumers with convenient and flexible solutions for sending and receiving payments worldwide. The company offers access to payment services in both traditional and emerging markets, as well as a host of tools and services including: fraud screening, dispute resolution, currency exchange, global payouts and disbursement services. With millions of members, Payza offers its services around the world in 21 currencies, and is proud to provide its merchants around the globe with a complete solution for accepting payments and managing their businesses. More information is available about Payza on its website, www.payza.com, Facebook,Twitter and the company’s blog.
Clarity Communications for Payza
For months now, Payza and our local partner in Bangladesh, Casada Tech, have been working closely with Bangladesh Commerce Bank Ltd. (BCB) and some of the nation’s most popular internet retailers to bring major advancements to the country’s e-commerce scene. Becoming digital is an important goal of the current Bangladeshi government, and along with its local partners Payza plans to be a major contributor in creating a connected Bangladesh.
Payza, Casada and BCB have been working to create an online wallet and payment service designed specifically to meet the needs of Bangladeshis. The new online wallet lets Bangladeshis deposit Takas, either by credit card or by visiting a bank teller, and then use that money to shop online, pay bills, or send money to their friends and family. “We were looking for a way to combine the familiarity of personal service with the convenience of mobile technology and the speed of the internet. We think the final product is something that Bangladeshis will really love and use almost every day,” said Nadim Rahman, Vice-Chairman of Casada Tech.
Payza is getting ready to introduce a new deposit and withdrawal option to Bangladesh, Over the Counter transfers. This new method to load and unload Payza accounts will let Bangladeshis go to their local BCB bank teller and set up an instant deposit or withdrawal. The feature is set to begin beta testing in September before being made available across the country.
“The modern world is digital, it exists online as much as in nature,” said Rahman, “we were looking for a way to combine the world Bangladeshis already know with the new online world that is still developing. Having a reliable online payment processor and ewallet service in Bangladesh is an absolute must in order to make sure Bangladeshis are free to participate in and contribute to the online world as much as possible. The Payza platform already gives Bangladeshis living overseas an easy and affordable way to send money home. It already gives Bangledeshi freelancers a way to get paid for their services so they can bid on contracts from America, Europe and anywhere else in the world where there expertise is sought after. But that’s just the beginning.”
Payza has lined up an impressive collection of local ecommerce retailers that are ready to accept payments using its platform. Marketplace akhoni.com, grocers Direct Fresh, restaurant delivery service Foodpanda and many more of Bangladesh’s top sites have all pledged to incorporate Payza’s online payment processing system for easy checkouts. Other Bangladeshi businesses interested in seeing how Payza can help streamline their payment processing needs can contact our sales team.
Using Payza to pay while shopping online will have many advantages. As a PCI Level 1 compliant payment processor, Payza follows strict standards to protection the personal and financial details of our members, so your information stays secure. With Payza you won’t need to keep large amounts of cash on hand to pay on delivery. Instead you can pay securely online, and with Payza’s Resolution Center, your transactions are protected.
Below are excerpts from an article by Wasi Noor Azam on Startup Dhaka. Read the full interview here: http://www.startupdhaka.org/people/meet-the-man-whos-behind-e-wallets-in-bangladesh/
Amar S Magon talks about how people in Bangladesh will for the first time be able to shop online and use their money digitally seamlessly.
Startup Dhaka got the opportunity to get an exclusive interview with Amar S. Magon—a Canadian Entrepreneur who’s investing in Bangladesh. We talked about Payza. Payza has been in Bangladesh for a while now and they’re planning to do some big things.
Q: Tell us a little bit about yourself Mr. Magon.
Born and raised Canadian entrepreneur. I love travelling, playing sports and hanging with my family. As for work, I’ve always loved working on projects that impact people’s lives, as well as industries on a whole. I believe in hard work and in miracles!
Q: So what are you currently working on?
We’re about to launch Bangladesh’s first online, e-wallet (Paypal-like) system. We’re hoping to make a major impact to the entire country. Think about it: Over 160 Million people in Bangladesh, median age is 23 and we are about to introduce its first real type of e-wallet. People will for the first time be able to shop online and use their money digitally seamlessly.
Q: How does Payza E-wallet work?
The idea behind the Payza local e-wallet system is to give everyone in Bangladesh a much easier way to use their money and to provide the final step in the true online shopping experience.
It’s as simple as creating a free Payza account, topping it up with money (several different top-up options will be available) and then you use that account to buy products and services online through any site in Bangladesh. From your e-wallet, you’ll be able to send money directly to family and friends and eventually also directly pay bills also.
Q: Payza is offering a new service that you are working on. Could you tell us more about that?
Essentially, for those who understand how Paypal works in USA, Payza will provide the same experience for users locally in Bangladesh. This will be highly useful in the e-commerce sector where there is no easy to way pay/buy online. Conducting online transactions using a credit card fails very often, and it is a very tedious and insecure process to give out all your financial information to every website, every time you want to make a purchase.
Users only need to provide their payment or bank information once. Once the account is connected and money has been topped up into the account, users can easily shop online just by providing their username and password while they checkout from the website.
The other major advantage, especially in a country like Bangladesh, with online shopping is that you will not have to deal with the pain-striking traffic anymore!
Q: Who are your target customer group?
Young working professionals, freelancers, entrepreneurs, as well as university students will immediately understand the value proposition of what we are bringing to the country. We will be deploying a brand ambassador program within each of these market segments to help develop our brand with the community.
Q: How easy would it be to get a Payza account after this? Suppose, for someone without an international credit card or even a bank account.
Very easy! All you need is an email address to sign up, the rest is just some details that are seamless.Users will have several easy methods to top up their e-wallet accounts once they open and verify their account.
Q: Where would you see this service from Payza leading to in the next 5 years?
Our vision and execution plan for this local e-wallet is quite elaborate. Simply put though, users will be able to use their e-wallet to send, transfer, or make any sort of payment. We plan on powering the entire e-commerce infrastructure.
We believe that our service will help businesses grow faster as they will be able to provide their customers with a secure and easy way to pay – something that doesn’t exist yet. Since payments play a big role for startups, we are excited to know that this new seinrvice will help blossom the local startup scene.
People will be able to freely shop online, pay all types of bills, top up your cell phone, send money to friends and family, etc. Bottom line, we have big plans!
Q: When can we expect this service to launch?
Providing a service like this has been work in progress and it’s something that we did not want to rush. We have received much anticipation and eagerness from many major online merchants to offer Payza as the main checkout/payment option. This will provide the merchants with a secure and seamless payment method for their users – a real win-win situation for the merchants and their customers. We’re very proud to say that we’ve also got a lot of support organizations like BASIS, government agencies like a2i, as well as strong backing and blessings from the Bangladesh Bank.
We plan to release the beta service by end of August but people can start opening their own e-wallet accounts as of right now.
Anyone interested can head on to Payza Bangladesh and get your own e-wallet.
With Payza’s online payment processing and ewallet services now available in the U.S., there is also a new instant verification method available to American members. U.S. members with Personal and Business accounts can take advantage of this new method, allowing you to get your account verified in a matter of moments.
So how does it work?
After signing up for a Payza account you’ll be asked to complete your profile. Once you fill in the requested information our system will automatically seek to validate the details provided. If our system is able to validate your information your account will automatically be verified. It’s that easy!
In order to remain compliant with U.S. regulations, American members may need to be verified in order to complete certain transactions. This new verification method will ensure that you can get verified quickly and easily so that you can start using your Payza account to its full potential right away.
If you have any issues verifying your account or for help with any other issues that may come up, feel free to contact our friendly Customer Support Team.
New Services Available to Consumers and Merchants Immediately
MONTREAL, QC and NEW YORK, NY and LONDON, UNITED KINGDOM–(Marketwired – Jul 2, 2014) – Payza, among the world’s most widely used payment platforms, has announced its online payment processing and eWallet services are now available to U.S. residents and businesses.
The new services will allow U.S. members to send and receive secure, instant payments to other Payza members from around the world in more than 20 local currencies. eWallet deposit and withdrawal options are integrated with major banking systems such as EFT and ACH, and credit card deposits and withdrawals are also supported. Businesses that make regular payouts to freelancers and international contractors can take advantage of the Mass Pay feature for simplified corporate disbursements.
For merchants, the platform offers an easy-to-use recurring billing service for subscription based billing cycles, at no additional charge. The feature has a variety of intervals and billing terms and is created at a product level so additional products can complement the basic subscription. Merchants can also give their customers the option to securely save their payment information for faster repeat checkouts.
The Payza platform is compatible with a wide range of shopping carts including ZenCart, OSCommerce, WHMC, and OpenCart. Integration Specialists are available to help merchants integrate Payza into their checkout system.
With Payza, U.S. merchants have more options when it comes to accepting online payments from their customers through their website. “Studies have shown that the more payment options a merchant offers, the better their conversion rates. Our payment processing provides merchants with a fast, secure online payment alternative, giving businesses access to more customers from more countries around the world,” noted Ali Nizameddine, Payza’s Executive Vice President of Global Product and Technology Strategy. “The built-in tools Payza offers will help merchants minimize fraud as well. Transactions are more secure thanks to our fully automated client verification procedures; our proprietary FraudMatrix; ongoing fraud monitoring; dispute resolution; and chargeback management.”
Unlike other payment processors and merchant accounts that charge monthly gateway and other service fees on top of transaction fees, Payza’s Personal and Business accounts only charge for the processed transactions.
“Most important, in addition to providing our services at the most competitive rates in the industry, we provide outstanding customer and merchant support services,” Nizameddine added. “While we have a multitude of services and features, our personalized support sets us apart from other competitors.” Payza’s support channels include email, live chat, phone, online forum and social media.
“Running your online business isn’t just about making the initial sale,” said Nizameddine. “It’s about making sure your customers come back for more. Our full suite of business tools includes a customer support module that ensures customers get the help they need when they need it.”
Payza is a leading online payments technology platform used by licensed entities around the world. Payza’s highly secure platform provides businesses and consumers with convenient and flexible solutions for sending and receiving payments worldwide. The company offers access to payment services in both traditional and emerging markets, as well as a host of tools and services including: fraud screening, dispute resolution, currency exchange, global payouts and disbursement services. With millions of members, Payza offers its services around the world in 21 currencies, and is proud to provide its merchants around the globe with a complete solution for accepting payments and managing their businesses. More information is available about Payza on its website,www.payza.com, Facebook, Twitter and the company’s blog.
Clarity Communications for Payza
Payza is pleased to announce that online payment processing and ewallet services are now available in the U.S. Current members are able to use their current accounts to send and receive money online, add and withdraw funds, and take advantage of all of Payza’s features. For U.S. residents without an account, Sign Up is now available for Personal and Business accounts.
In the U.S., Payza is now the platform of choice of a federally chartered financial institution. This means that from now on, any funds deposited by U.S. members into their Payza accounts will be held in a pooled account at a federally chartered and federally regulated financial institution.
Come See What’s New
There have been lots of changes at Payza since we were required to suspend services in the U.S., we’ve been hard at work implementing a new account design and adding features to the Payza online payment platform. Here’s a look at what’s new:
When you log in to your account, the first thing you’ll notice is a new account layout that puts a greater focus on your Activity Feed. The new design also includes enhanced security features such as personalized avatars, which can be set up to give your account a bit of extra protection.
With new features such as Send Funds by Bank Transfer and Balance Top Up, you’ll find that sending money around the world with Payza is now even easier. We’ve streamlined the send funds process to make it faster and simpler for you to send money or complete a payment.
Payza also recently powered up your withdrawal options as well, adding Credit Card Withdrawals to your withdrawal choices. Use Credit Card Withdrawal whenever you want to instantly withdraw funds from your Payza account straight to your credit card. (Note: Credit Card Withdrawals expected to be available by the end of July, 2014)
Payza – Your Money’s Gateway to the World
Whether you want to send money online almost anywhere in the world, accept payments on your website or give your freelancing clients an easy way to send your payment instantly, Payza is there for you. Set up your free Payza account today to take advantage of all the great features Payza has to offer!