Category: Financial Services
PayModum x ForumPay
The payments industry and payment tech development are a relentless wave of innovation that refuses to rest on its laurels. At ForumPay, we are at the forefront of this evolution, as are our partners, companies striving to transform how merchants understand payments and leverage the payment process to expand their business.
A few years ago, we partnered with PayModum, a UK-based payment ISO that currently collaborates with over 130 partners worldwide. PayModum offers an array of payment solutions, from traditional Visa and MasterCard transactions, to the more innovative realm of cryptocurrency payments, thanks to their partnership with ForumPay.
Not long ago, we sat down with Jake Dovey, CEO and founder of PayModum, to discuss his business, what this partnership will offer their customers, and delve into his views on the payments sector today
What made PayModum adopt crypto payments?
As a payment ISO, PayModum collaborates with online merchants looking to accept payments from customers around the world, particularly those operating in multiple countries or markets. Our partnership with PayModum goes back around two and a half years, born from our mutual understanding of cryptocurrency and the benefits it offers global merchants.
Jake and his team recognize one of the main advantages of cryptocurrencies is their capacity to overcome geographical borders, allowing customers from anywhere in the world to make direct payments from their crypto wallets. This peer-to-peer model enables merchants to accept payments directly without the need for intermediaries, such as Visa or Mastercard, and bypass traditional banking railways, heavy compliance regulations and high fees.
Another significant benefit of adopting cryptocurrency payments is cost-effectiveness. Accepting crypto is often much cheaper compared to other payment methods. For instance, when compared to PayPal or even domestic MasterCard transactions in the US and other countries, cryptocurrency transactions are more economical.
These cost savings, and the freedom to facilitate borderless transactions, were PayModum’s main motivators to embrace crypto payments using our efficient crypto-to-FIAT payment solution.
Crypto adoption and market growth
ForumPay and PayModum are aligned in many areas of business, but the phenomenon that has pulled us together from opposite sides of the pond is rising crypto adoption. This impressive rate of growth can not only be perceived year one year, but even month on month.
Merchants must grasp this reality if they are to stay relevant with modern, forward-thinking consumers. CEO Jake insists on cryptocurrency’s ability to eliminate borders and facilitate global transactions as the primary driver behind this mass adoption. At ForumPay, we agree.
What’s more, this adoption is not reserved to the once dark, online tech circles. It is becoming more entrenched in people’s everyday lives, with an increasing number of merchants embracing them and more individuals purchasing or receiving cryptocurrency through exchanges, or B2B transactions.
This increasing familiarity and usage mark a stark contrast to five years ago when, despite the awareness of Bitcoin, real-world utility was limited due to a lack of infrastructure. Crypto users are becoming more confident and comfortable handling crypto transactions, from anywhere from $1 to $1 million and beyond.
How does PayModum stay relevant in today’s market?
PayModum’s philosophy is based on clear communication. As such, Jake and his team are committed to developing user-friendly products that can be adopted and adapted by anyone with a vision, even the youngest entrepreneurs, such as recent graduates, with no prior payments experience. Their goal is to offer a friendly and approachable B2B service that effectively serves merchants and their customers.
Aware that many merchants are still hesitant to accept cryptocurrency, PayModum sees it as their responsibility to engage in conversations and educate potential partners about the benefits of crypto payments. In developing an ongoing dialogue, PayModum’s aim is to increase acceptance of cryptocurrency transactions even further, supported by continuous product improvements based on opportunities for added value where cryptocurrency can benefit both merchants and end customers, ensuring they remain relevant in today’s market.
What are PayModum’s goals for 2024?
2024 is set to be a significant year for PayModum. Following the recent launch of their gateway product, the company has been actively integrating multiple partners and offering a variety of services through this new platform. Their main strategic focus for the year ahead will be expanding this offer, particularly on a commercial front.
PayModum also plans to invest more in their marketing activities and enhance direct communication with merchants through social channels, email campaigns, and other methods to help strengthen their engagement.
At ForumPay, we are delighted this partnership has allowed more merchants around the world the chance to accept crypto payments, and consequently serve a greater client base. If you are a merchant or business interested in onboarding crypto payments with ForumPay’s seamless crypto-to-FIAT solution, book a meeting with one of our crypto payment experts. They’re available to answer all your questions.
The original version of the article was published by: Forumpay