Connectum - Payment Connector Definition | Akurateco
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Connectum

Connectum is a UK-based payment system that offers solutions for e-commerce merchants at affordable rates. There are options for webshops, companies, and developers, which need to accept payments online. These are solutions for those that just begin e-commerce activity, those that require a solution for a larger number of operations, and merchants who want to enter new markets thus expanding their geography.

There is a company known as Connected Limited behind the system, which is an authorized PCI DSS level 1 certified payment institution. It received a license and started its work in 2011. The bank is a Principal Member Acquire of Visa and Mastercard. Now it supports 11 popular payment methods including VISA, Visa Debit, Visa Electron, Maestro, China UnionPay, MasterCard Debit, and MIR. It also works with Apple Pay, Google Pay, and Amazon Pay.

The official website says that more than 26K merchants connected to the platform. The network includes over 100 payment providers.

Benefits of using Connectum

The payment system can be integrated into X-Cart, OpenCart, PrestaShop, Shopify, WIX, Bigcommerce, GoCart, WooCommerce, Magenta, Joomla, myShop.com systems.

Connectum helps larger merchants, corporate businesses that use ERP (Enterprise resource planning) and corporate business software such as Salesforce, Sage, Microsoft Dynamics, Netsuite, and others to find suitable payment service providers.

The choice of the payment systems is important for merchants as it affects the volume of sales. Popular payment systems connected to the webshop tend to increase sales, therefore the main goal of each merchant is to determine the preferable options. The Connectum site even covers the list of popular payment systems for each country. It includes data for the USA, Canada, Brazil, Argentina, Spain, Australia, Mexico, Chile, Colombia, Peru, Panama, Russia, Turkey, South Africa, India, China, New Zealand, Indonesia, and European countries. The merchants should consider what payment systems should be added to the store to improve the buying activity.  

Business model and fees

The company focuses on B2B sales as it offers payment solutions for businesses that sell their commodities online and developers who try to serve the needs of their customers.

As for the prices, the application review is free in the service, while acquiring fee for transactions is set individually. It varies from 2 to 6% depending on the industry. It is also worth mentioning the onboarding fee for merchant identification in the amount of 50 EUR and the monthly monitoring fee 10 EUR.

How to connect to the system

  1. The bank urges merchants to apply to it pointing out 3 stages the applicants go through in the process. First, merchants are asked to tell about their business by completing a short intake form. It only takes a minute.
  2. Then the team analyzes the client and determines the best providers for it. The list includes over 100 relevant candidates. Also, the check is conducted at this stage to make sure both parties want to collaborate.
  3. The final stage is introduced when a direct contact or a registration link is provided to a merchant.

Apart from webshops, it’s also possible to connect iOS- and Android-based applications for easy integration into Connectum.

 

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