Australia’s largest ecommerce companies Ezidebit and eWAY have today announced the launch of a new fintech platform for retailers called eWAY Accelerator. The platform aims to solve the problem online retailers have in setting up immediate payment facilities.
Using eWAY’s eRetail solution and Ezidebit’s merchant acquiring facility, the eWAY Accelerator will give ecommerce businesses the option of accessing a merchant account on the same day of sign up. The new platform bypasses the current routine of having to go through a bank, where retailers normally wait weeks for a merchant account.
Charlie Holland, managing director of Australia and New Zealand Global Payments said, “We have put Australia’s two payment giants together to produce another innovation our customers have been asking for.”
“Now online retailers don’t have to get a merchant account from their bank. They can come to eWAY and start selling today.”
eWAY Accelerator has already integrated with other ecommerce solutions like Xero, WooCommerce, Magento and Shopify. The platform accepts Visa, Mastercard, AMEX, ApplePay and Paypal, to name a few.
According to IBISWorld over the last five years online retailing has become part of the mainstream retail trade division. It’s rapid growth has been aided by consumer acceptance of electronic ecommerce. Consumers now see ecommerce as a viable and safe way to transact.
With nearly 50,000 businesses having an online presence, the Australian online retail market brings in a revenue of $18 billion. Those figures have been steadily growing annually by 20-30 percent.
As the Christmas season is moving into full swing, the eWAY Accelerator comes at the perfect time for online retailers who want to set up fast and efficient online stores. The platform will be targeting startups and small businesses that don’t meet mainstream bank requirements. For those businesses eWAY Accelerator will bring frictionless and same day online setup.
In 2014 Ezidebit was acquired by US company Global Payments, which saw the startups technology distributed throughout the Asia-Pacific region. In April this year, Global Payments went on to acquire eWAY for US$50 million to expanding the company’s existing position in Australia.
Both Ezidebit and eWAY run agile development, producing products that aim to solve real customer problems. Ezidebit is Australia’s largest non-bank processor with a focus on customer centric payments and eWAY is Australia’s largest payment gateway provider, with integrated shopping carts on more than 30,000 sites in Australia and New Zealand.
Global Payments has taken both unique market solutions to continue performing online retail transactions around the world. Currently the company processes one in five of every global credit card transaction, making it a leading ecommerce solution.
Image: Charlie Holland. Source: Supplied.