Why iClassPro chose Payrix

Updated on June 6, 2023

  • Transcript

    Part of the beauty of Payrix and Worldpay, and the variety they have is that in the United States for us it makes sense for us to be a PayFac®. We have a ton of volume. We have a lot of payments expertise and knowledge in-house. But, you don’t necessarily have that for every country all across the world, right? We don’t as a software platform, but Worldpay and Payrix do. And so it really can sure up some of our weaknesses in terms of understanding how to do KYC in Australia or New Zealand, manage risk down there, all the local regulations and all those sorts of things. Referral models are great in that scenario because you don’t necessarily have the knowledge and expertise. You may not even have the scale where it makes sense to go bigger and take more ownership of that yourself. Payrix being acquired by Worldpay was really fortuitous for us because we had previously been partnered with them separately. But it really brings together, what I think of for myself as the master plan, which is to consolidate and aggregate volume with as few of partners as possible, right? So, when you think about being a global company like we are, you often have to partner with multiple people to get into various geographies because, again, they specialize and have that knowledge and risk tolerance in those areas. It’s really nice to be able to have a partner where we can consolidate all that volume for more than just the United States, right? So now that we have wholesale PayFac® with Worldpay in the U.S. and Payrix gives us global access, we can start to bring everything together under one roof, which helps us with economies of scale because we’re consolidating that volume. It also just really strengthens our partnership.

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