Ping Payments helps marketplaces, platforms, and SaaS companies to acquire payments, manage client funds and handle payouts. Impulso and Ping Payments have joined forces to make sure that all payments and transactions are not only verified and secure, but also fast and reliable.
See a transcription of the full video interview below.
“Payment flows in the retail industry are to a large extent still manual with large elements of subsequent accounting and costly reconciliations.”
Payment flows in the retail industry are to a large extent still manual with large elements of subsequent accounting and costly reconciliations. Many are looking for ways to streamline their payments, lower risk and improve their liquidity. All this is possible but for it to be safe, legal, and efficient a licensed service provider with strong banking agreements is required.
“There are requirements by law to have certain controls and routines that guarantee that the client’s money cannot be misused or disappear in bankruptcy.”
Independent retail must digitize its processes as soon as possible to have a chance to compete against the big companies and international e-commerce. Independent retail in the traditional style, with small shops and warehouses that burden the balance sheet to 100%, will have a very difficult time surviving in the future.
“It is a very big risk to use a payment service provider that is not licensed”
It is a very big risk to use a payment service provider that is not licensed, the fact is that you risk all the money that is transferred if you choose to go with such a provider. In order to be able to handle and convey someone else’s money, there are requirements by law to have certain controls and routines that guarantee that the client’s money cannot be misused or disappear in bankruptcy.
These controls and routines are covered by several different types of licenses that are tested and whose compliance is checked by the Swedish Financial Supervisory Authority, the F.S.A.
Ping has a number of different licenses and agreements with banks such as SEB and Handelsbanken in Sweden, and DNB in Norway. We are also a payment facilitator for Visa and Mastercard as well as have connections to the major gyro systems. We integrate with all major financial systems and have European licenses for client funds management and no transfer services.
Erik Sedin and Megha Prakash are part of the Impulso editorial team.
Impulso is a software-as-a-service that helps suppliers with payment solutions and real-time inventory management.
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The Impulso platform offers real time data sharing between brands and retailers.