Online and mobile payments specialist, Upaid, has launched its own membership-based payment club, called ValU. The new payment club will provide services specifically aimed at the online content and m-commerce sectors – markets that are estimated to reach a value of USD54.3 billion this year (Forrester).
ValU was formed for those in niche markets and those requiring payment extension options to major credit and debit cards, all expressed difficulty in finding a supportive bank. Merchants frequently have to pay significant premiums to accept card payments, impacting their profitability.
ValU will be offered as a service to small companies in the UK and throughout Europe and is designed to address customers’ natural concerns regarding the trustworthiness and security of an unknown Internet merchant. The club will comprise consumers and online retailers, typically those whose brand is not yet widely established. A 24-hour helpdesk and a customer care website will be available to assist with customer queries.
Consumers who register through the merchant’s website will be able to pay in Pounds Sterling, Euros, US Dollars and Swiss Francs. The service will work with Visa and MasterCard initially, with additional cards being added as demand grows.
“The rules of survival for merchants, regardless of their size, has never changed and success is still defined as finding new ways to drive top line merchant revenues while minimising the cost of payments acceptance,” says Simon Joyce, the CEO of Upaid. “We believe that ValU will address merchants’ business goals, whilst at the same time instil trust in potential customers, deliver simplicity in payment transactions and minimize the opportunity for making mistakes with customer relationship.”