Specifically targeted to businesses that function internationally, EVO is designed for multi-channel use and safety. Let’s take a look.
EVO Features and Advantages for eCommerce
- Direct processor: As a Merchant Acquirer (see more details below), EVO processes payments directly, meaning they create your merchant account and manage credit card processing, offline (EMV, NFC) and online (eCommerce).
- On-time approval: Unlike many direct processors, EVO allows merchants to create an account online and get approval within 48 hours of signing the contract.
- Accepts payments in over 130 different currencies, with payout in more than 14 currencies.
- Card payments: Accepts all major credit cards, and all debit cards.
- PCI-compliant: the Payment Card Industry (PCI) standard verifies that all payments are secure. EVO tools track and refuse fraudulent transactions.
- Mobile friendly: Secure on any device.
- Designed for web-based transactions: Ideal for eCommerce.
- PoS integrations available for combining eCommerce with brick-and-mortar stores.
- Reporting: Merchants using EVO can access a dashboard that tracks sales and provides reports.
- International outlook: As a global company, EVO’s reach and scope allows you to expand your eCommerce into other countries easily.
What makes EVO different from competitors?
There are three major types of payment provider available to eCommerce owners: Merchant Acquirers, Payment Service Providers (PSPs), and Shop System Providers. EVO is both a Merchant Acquirer and a PSP. Essentially the difference between them is that Merchant Acquirers serve as a kind of bank, accepting payments via agreements with major card networks (like Visa) through a merchant account. PSPs act as a payment processor or gateway, connecting with multiple card acquirers, allowing them to authorize transactions between the merchant and the customer. On the other hand, Shop System Providers offer the technology or platform that integrates multiple PSPs and Merchant Acquirers into an online storefront with additional services.
Let’s see how EVO compares to other Merchant Acquirers, PSPs and Shop System Providers.
EVO vs. Shop System Providers
Popular Shop System Providers include Shopify, Stripe, and Square. They are versatile technology companies that offer a wide range of services and tools for eCommerce owners. Registration tends to be faster as the vetting process is less rigorous than with Merchant Acquirers (seeing as the payment is not processed directly).
However, unlike other Merchant Acquirers, EVO promises a rapid registration process (On-time approval), similar to the PSP standard, but with a more thorough vetting process. The payments and accounts are therefore more secure and reliable, with no added inconvenience to the merchant.
EVO also offers a wider range of tools for omnichannel selling, such as PoS integration and multi-currency support. Traditionally, PSPs mainly provide these types of services.
A major advantage of Merchant Acquirers is that they provide scalable payment solutions. Shop System Providers like Shopify are convenient and easy-to-use for small businesses, but once your online store begins to grow, you’ll need the personalization and pricing offered by B2B focused Acquirers like EVO.
EVO vs. other Merchant Acquirers
As a direct processor of payments, many Merchant Acquirers are subsidiaries of the banks themselves. However, many independent Merchant Acquirers and card processors offer services, such as EVO, CDGcommerce, and eComm365.
These companies have the advantage over PSPs and Shop System Providers on security and stability. As the initial registration process is more detailed and the connection to banks and card networks is direct, downtime and issues like payment rejections are less likely.
As one of the biggest Merchant Acquirers serving customers in the US and worldwide, EVO has an unbeatable international reach that supports many different currencies, languages and cards. This can be a benefit for eCommerce owners hoping to expand to global markets.
