Concord Bank - Payment Connector Definition | Akurateco
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Concord Bank

Concord bank is a Ukrainian neobank that was launched in 2006. However, its real growth started in 2012 when it opened 14 branches throughout the country. The staff of the facility has reached 452 employees.  

Concord took the top position among Ukrainian small and middle-sized banks. So it decided to move further and became a principal in VISA, Mastercard, Prostir payment systems. The bank has issued over 100K payment cards connected to popular mobile payment systems (Google Pay, Apple Pay, Garmin Pay).

The benefits of Concord Bank

In 2016, the financial institution concluded a contract with an independent processing center, so the establishment achieved absolute independence offering diverse services to its users, issuing cards, performing fast transfers, and developing bonus systems. 

The bank has better flexibility and openness than larger banks who need more time to introduce new products and rebuild the system to the needs of its target audience.

In addition to the facts mentioned above, the neobank has numerous accomplishments. For instance, it was the first to implement a Bank ID with a mobile QR-code to improve security. It was one of the first European financial services that offered 3D Secure Mastercard to its clients.

The team of the bank focuses on technical innovations and tries to implement them faster than their business rivals. The clients have access to NEOBANK mobile application. It issues cards with help of bots in social networks (Telegram, Viber). The service is provided within 30 seconds without the necessity to visit the bank. During the release, it was an innovative feature as rival banks didn’t offer such an option.

Merchants’ terms and fees

Merchants can connect to popular payment systems without intermediaries. The process of registration is completed within a day. The direct connection enabled by ConcordPay helps to provide an unlimited daily refund. At this, the size of the transaction doesn’t matter. The rate of the Concord Bank is 6%. 

 

The tariff depends upon the turnover of the merchant. The company should have a turnover of 500,000 UAH and more to count on individual tariffs from the facility. The billing method is simple and convenient to use. Make several clicks to prepare a bill. The message is sent to the email or messenger of the customer, who should only click it to pay.  

With such options as one-click payment, a customer doesn’t have to enter a payment card number if they did it before. It is enough to pay once to make the system remember it. It helps to make payments faster and improve the conversion of the merchant. 

 

The bank doesn’t charge a fee to subscribe. Moreover, it provides a convenient account with many useful features and payment analytics. With full transaction info gathered at one place, the merchant finds it easy to perform numerous operations such as lay-buy, return operations, etc. The UI of the system is intuitive. However, round-the-clock support is ready to help you in case something is not clear for you. 

 

Though merchants don’t have to open an account with Concord bank, it can be more profitable for them as the funds are credited on the next day in this case regardless of week-end and holidays. Otherwise, the funds are credited only on the next business day. The merchant can open several stores simultaneously and connect them one by one to Concord Pay. 

 

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