APEXX Global - putting global payments “on steroids”
APEXX Global’s radical vision to consolidate multiple payments into one API is paying dividends for its clients
APEXX Global’s radical vision to consolidate multiple payments into one API is paying dividends for its clients
APEXX Global, the first single marketplace for global payments, is using its marketplace concept to put international payments “on steroids.”
APEXX is aiming to be the most merchant-centric payment provider in the market by integrating multiple payment suppliers into one comprehensive API seamlessly, lowering costs in the process.
“It feels like you’re working with one bank but you’re actually working with 15 and the cost savings are saving customers tens of millions of pounds a year,” said Rodney Bain, MD and co-founder of APEXX Global.
“We took that concept and put it on steroids. The special focus is being able to reach intelligently to each of the different platforms, so that the experience for the merchant is absolutely seamless.
“The challenge is how do these merchants keep up with all of these changes? How do they know that they’re making the right decisions when every five minutes a new alternative payment method comes up and will disrupt the industry or their business?”
APEXX runs an industry leading consultancy service that specialises in negotiating rates with payment service providers on behalf of merchants. The benchmarking process doesn’t come with any obligation to proceed, and APEXX offers to do this for free if it cannot find a saving on its clients’ acceptance costs.
“We help them understand, are they going to gain new customers? Or is it just going to cannibalise the cheaper customer base using cards or using another payment method? So, we’re not just a supplier, we really partner with our customers to provide them with a strategy and then deliver on it through the flexible technology.”
Over the past year, a number of global brands in the travel and retail industries have adopted the platform and are now seeing savings upwards of 15% on charges for processing payments from cards and alternative methods like Apple Pay.
One of the advantages APEXX has over established banks, and why the firm is able to adapt to industry changes so quickly, is that they aren’t encumbered with legacy technology systems and can integrate extremely quickly into new platforms.
“Because our clients are so large, we also get a huge amount of understanding of the consumer base given markets. We’re able to test to see how they react to different products. If Barclaycard want to try new alternative things, they have got to plan it a year in advance before they can even start doing an integration. We can say we’ve got 10 customers here and integrate it next week.”
Despite market uncertainty around Brexit, APEXX has emerged as a success story, with an unprecedented level of growth over the last 12 months. As a result, the company has hired new staff taking its total to 40, and moved to new premises on the Silicon Roundabout in London.
“The UK has long been considered the world’s fintech hub, but confidence in the industry has dropped thanks to Brexit uncertainty. Despite Brexit, I’m really confident about what the future holds for us on an international scale.”
Building on the successes of 2019, Bain outlined plans to expand into APAC countries and North America, in New York, Singapore and Hong Kong. There are also plans in place for a new omni channel solution with 600 sites already agreed in the UK and plans to roll it out across most of Europe.
“A lot of merchants aren’t being educated to know that this is a benefit to them and that it can be achieved. We started as a consultancy, we now deliver through our technology. If we can keep pushing that message and getting more of these super big businesses in and not have to explain what it is, then I’ve figured out a way to have a hell of a year.”