PayNearMe has moved to upgrade its offering for billers and igaming operators via the launch of Smart Switch, a platform providing card processing redundancy.
The company believes that merchants in the billing and betting sectors are overlooking a ‘critical vulnerability’ in that these firms are reliant on one merchant processor, meaning a single point of failure.
PayNearMe aims to address the potential disruptions and risks that could arise from this through its new Smart Switch product, which enables card processing redundancy with one integration and angle contract.
Steve Kramer, Vice President of Product at PayNearMe, said: “We can’t control when or how merchant processor failures or outages happen, but we can protect our clients from losses when card processing disruptions inevitably occur.
“With Smart Switch, we simply hit a button when outages happen and, in mere seconds, our clients are rerouted to another processor, allowing them to continue processing card transactions.”
PayNearMe has been operating with a strong focus on providing payments services to gambling operators, notably partnering with German multinational Tipico and San Francisco-based lottery provider Lottery Now last year.
The company believes that card processing redundancy is a key challenge for gambling companies, along with a range of other firms active in global e-commerce.
Kramer continued: “Redundant card processing has long been the standard for highly sophisticated e-commerce merchants, but has been out of reach for most due to the complex technical expertise and ongoing maintenance required. Our clients gain access to Smart Switch with no additional work or configuration.
“Failure to provide card processing redundancy exposes businesses to revenue loss, escalates costs due to surges in customer service inquiries, and can have significant reputational risks.
“With Smart Switch, we’re shielding our clients from these outage-related losses and sending a clear message to the industry — card processing redundancy is crucial for billers and iGaming operators. Payments platforms that don’t incorporate this level of redundancy will quickly become irrelevant.”
