Indonesian payment gateway for credit cards, Veritrans, just held a get together yesterday to celebrate its relocation to a new office space. During that get-together, we talked with CEO Ryu Kawano about the company’s latest progress and upcoming plans.
Ryu shared that although the transaction volume is still small, the company is recording monthly growth of 100 percent, and is enthusiastic he can achieve more. Veritrans’ current customers now include quite a few startups like Berrybenka, Loket, Tees.co.id, and JajalIndo.com. The service is on course to bring 20 more merchants by the end of May, and is targeting 200 merchants by the end of year.
Ryu said that so far, the leader of Indonesia’s e-payment gateway for credit cards is still DokuPay. So how are they planning to beat the competition? Muhammad Fauzan Ahsan, the senior software developer of Veritrans, who has been there since the company’s inception believes that Veritrans’ easy integration through its step-by-step integration map and upcoming features would be the key to that.
New products and office
Applying to offer credit card payment systems requires a lot of steps, and the applicant needs some coding skills like PHP or .NET to do just that. Regarding these many steps, Veritrans has built a step-to-step integration map and documentation which makes it easy for people to follow, and the team is quite proud of that map. Over the next few months, Veritrans will launch easier integration method for merchants who do not know how to code by offering a Wordpress plugin and a product called VT-Link. VT-Link enables merchants to just put in some basic info like the product name, description, and price, and VT-Link will generate a link which redirects customers to the credit card payment page.
Fauzan also shared that Veritrans offers a fraud detection system without any additional costs, unlike its competitors. The team is now connected with CIMB and BNI banks for credit card payment system, and will be connecting with several internet banking services in Indonesia like Mandiri ClickPay in the upcoming months.
One upcoming feature that Ryu is particularly pleased in is a no-redirection payment method called VT-Direct. He added:
We are most excited about VT-direct because this will help merchants process credit cards on their own payment page, such that they can control their UI. Also, our Merchant Administration Portal has been revamped to make it even easier for the merchant to monitor their payments.
One thing to note is that Veritrans is a company focused on servicing the merchants. We are NOT an e-wallet that is more consumer oriented. We are a company that help merchants accept a variety of payment methods (CC, internet banking, etc.), but we are NOT a payment method. You can’t pay with Veritrans.
Veritrans’ office is still located in Mid Plaza 2 building in Jakarta, but instead of borrowing a place at Qeon Interactive’s office on 24th floor, the Veritrans team is now located at their own office at the 25th floor to accommodate the team’s growth. The team grew to 27 now from just three last year, 80 percent of them are developers.
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