Merchant Acquiring Bank Secures 83% Approval Rates – Above Industry Benchmark – in North American & Asian
Markets, and Processes Card Transactions from 125 Countries Simultaneously during Peak Holiday Season
Boston, MA – April 13, 2016 – Credorax today released the results of its first year as a merchant acquiring bank for online game developer and publisher Wargaming. Credorax increased its Wargaming processing volume by 200% over the course of 2015 and processed card transactions from 125 countries during the end-of-year holiday season.
Founded in 1998, Wargaming is one of the leaders in the free-to-play massively multiplayer online (MMO) market across PC, console, and mobile. In late 2014, the company endeavored to decrease its global acquirers and minimize fraud and payment card decline losses. As a result, Wargaming tapped into Credorax and European payment service provider (PSP) Wirecapital, to provide an integrated and superior online payment solution.
Credorax and Wirecapital entered into an international multi-layered agreement with Wargaming at the start of 2015. Credorax was selected to serve as both a European merchant acquiring bank and global payment processor for the award-winning online game developer and publisher. As a European commercial bank licensed by the Malta Financial Services Authority (MFSA), Credorax acted as an acquirer, settling payments for Wargaming in Europe. In addition, Credorax was tapped as the preferred payment processor for two continents, North America and Asia, where the company secured an 83% approval rate – 6.3% above the industry benchmark – consistently throughout the year.
Credorax’s patented ePower global unified acquiring platform seamlessly processes payments from all over the world. The company also employs a team of analysts who investigate why cards are declined and advise merchants on steps they must take to optimize their payments. By combining this technology and expertise with Wirecapital’s PSP solutions and anti-fraud capabilities, the two companies met and exceeded Wargaming’s 2015 transactional goals.
These outstanding achievements led Wargaming to continue its contractual agreement with Credorax and Wirecapital in 2016.
“We have millions of users logging in from all over the world,” said Matthieu Chapelle, Deputy Head of Global Payments, Wargaming. “Credorax’s ability to process payments worldwide through a single payment platform has saved us a great deal of time and hassle. In addition, we have been able to increase revenue due to high approval rates that inevitably led to higher conversion rates.”
“Online gaming is a very high revenue industry, and it is both complex and rewarding to collaborate with a major player like Wargaming,” said Koen Vanpraet, Chief Commercial Officer of Credorax. “We are proud of the work we performed on Wargaming’s behalf in 2015, and look forward to even more impressive results throughout 2016.”
Founded in 2008, Credorax is one of the first technology companies to have evolved into a licensed commercial bank that specializes in merchant acquiring, as well as the first bank developed specifically for the e-commerce sector. Credorax is licensed in Europe to process across 32 EU & EEA countries, and holds licenses in Asia and North America.
Wirecapital is an international multi-banking processing center that operates worldwide and provides strong fraud prevention solutions since 2011.