DIMOCO Payment Services is a Payment Service Provider (PSP) processing global payments, including credit cards, online bank transfers, SEPA direct debit, for online merchants, offering a combination of payment methods, tailored industry-specific solutions, transaction risk management tools and flexible value added services.
To learn more about the company, we sat down with Boris Kersten, Managing Director at DIMOCO Payment Services:
Q: You’ve recently been granted a license under the Payment Service Act; could you tell us something more?
A: The Austrian Financial Market Authority (FMA) recently granted a license under the Payment Service Act to DIMOCO Payment Services (DPS).
The awarded license allows us to contribute to the payment value chain, offering merchants a single technical interface and a unified clearing & settlement process for many payment methods, including credit cards, online bank transfers and SEPA direct debit. The passported license now qualifies us to provide our service to the entire European Economic Area. The Austrian market is one of the toughest markets to obtain such license, proving our commitment as a payment service provider to comply with the stringent requirements.
Q: What impact does this have on the DIMOCO Group?
A: DPS obtaining its license marks the start of a new dimension for DIMOCO’s digital payment business, as our front entity DIMOCO Europe was awarded its license in 2016 and thereby deemed fit as a FinTech for direct carrier billing. Aiming to further strengthen DIMOCO’s position in the online payment landscape, DIMOCO Payment Services was founded. This addition to the product portfolio means that DIMOCO now completes the entire spectrum of the online payment chain. With 17 years of market expertise and a firm foothold in the direct carrier billing ecosystem, we can now offer all major payment options in a one-stop-shop payment solution to new as well as existing clients, already cooperating with DIMOCO for direct carrier billing.
Q: What differentiates you from other Payment Service Providers?
A: We differ from most PSPs in the global payments ecosystem with our personal touch, as we proactively and personally monitor the entire overall payment process. In addition to monitoring individual transactions, we make recommendations and take actions to decrease chargebacks and fraudulent transactions. This process is not simply left to algorithms, the human element is added to the mix, resulting in the protection of merchant revenues.
Q: You emphasise on your “personal touch”. What exactly does this mean for your customers?
A: We proactively monitor the overall payment process as well as single transactions, we aim to recommend actions that decrease chargebacks and fraudulent activities.
We don’t just leave it to computers, because such automated systems work with predefined rules, however, there is usually additional background information available from the merchants as they might have insights about their customers buying trends and patterns.
Our team can and will protect our merchants if for example, a single end-customer’s spending noticeably exceeds the average transaction amount of a merchant’s customers base.
When such a transaction is in doubt, this is when the personal approach kicks in. We flag the transaction and based on the severity we can take various actions such as contacting the merchant and adapting the system as required. Another example could be a mismatch in the end-customer’s credentials. For instance, a credit card registered in Austria, combined with a Maltese IP address and a French billing address.
This approach means that the ratio of false-positives decreases as we personally take care of a merchant’s customer base, which is his most valuable asset.
Our personal approach and close collaboration with our merchants has shown reductions of fraudulent activities of up to 70 percent, while at the same time false-positives were reduced by approximately 30 percent, ensuring that our merchants can secure and even increase their revenues.