SinaptIQ attacks the payment service segment opening 2C2P service for e-commerce business

The rapid growth of e-commerce business domestically and internationally does impact to the online payment service that become the essential channel for running a business since it gives convenience and quickness for both payer and payee.

Observably, nowadays the financial institution and business organization need the payment system that has a very high efficiency and security as well as 2C2P service, the online payment service developed by SinaptIQ, having a high recognition in the business organization segment.

Tanit Jittibophit, product manager of SinaptIQ Company Limited, revealed that 2C2P (Credit Card Payment Processor) is the payment system through internet that capable of connecting together all the major components: Security, Efficiency, and Convenience to various merchants.

SinaptIQ is the 2C2P developer accredited from JCB, VISA, and Master Card so that they are trustful to be the online payment system developer to various business organization and financial institution in Thailand since the early of 2008.

2C2P is the service developed by a group of expertise and knowledgeable people having experiences in banking and IT to enhance the online payment service system such as Fraud Control system, which is a preventive and controlling system from a credit card hoax, Payment Gateway, which the total system and displayed website appearing during the payment including mobile payment system, and etc since 2003.

For 2C2P service standing for Credit Card Payment Processor, it is a latest service starting since Q1 2008. It is the payment system through internet that is highly secured and convenient to payer and payee targeting B2B customers that has a high number of transactions through internet. It integrates the money collection, customer and all transaction data collection. This will give a customer the convenience without owning and maintaining the system themselves while connecting to the system without any additional hardware to install.

For the service rate, it can be categorized into three, which charges per transaction, percentage from the transaction (3.5%), and monthly fee. This depends on the sale volume of each individual merchant or company.

Currently, the financial institution and business organization in Thailand and other countries in Asia necessitate an efficient payment system, which 2C2P can certainly serve their need well.

Today there are a few system developers in this B2B business. Therefore, SinaptIQ is trying to open and lead this market since they believe that business organization has a high demand on the online payment service.

Most services in e-commerce business are more for B2C (Business to Customer). It is the service for customer to order and buy goods through website while 2C2P aims for B2B (Business to Business), which manage the payment system for that particular organization so that they can provide such service to their own customers.

“2C2P service focuses on large business organization such as airline, travel agency, hotels, and also banks. Since, at the beginning of this year, we have been certified by VISA that our system connecting to the host with a standard of PCI BSS level 3, it demonstrates that we are able to host the 2C2P system with the same capability of the payment processing as the banking system in term of efficiency and security.” Tanit said.

A major Customer that is interested in using 2C2P service presently is Nokair due to the security and an increase in efficiency from the system with business intelligence that can provide the advance type of data to the customers.

Customer can analyze the past transaction and increase the understanding of the business such as a capability to understand the percentage of each type of customer to use their product and to use them as graph, statistic and even to plan the marketing strategy to increase the sales.

2C2P has the system called D-Secure, which has the password for security. This can build the confidence to purchase goods online. Up until now, 3D Secure has been greatly developed to increase their security. Currently, many banks are trying to establish the 3D Secure system such as Kasikorn Bank, Siam Commercial Bank, and Bangkok Bank, where this payment solution especially for banks is the main focus to SinaptIQ including 2C2P service.

The main service of SinaptIQ is to provide 3D Secure to banking segment such as Bangkok Bank, Siam City Bank, Kasikorn Bank, Siam Commercial Bank, and UOB including Vietnam bank. SinaptIQ provides online payment service for banks in Thailand and other countries as well as selling the software to the bank called Payment Gateway.

Tanit said “At this time, E-commerce business is in a growing period. There are more customers buying goods and service through internet. 20% of the online customers are from international and the number of Thai internet users is increasing from 9.5 million or 5% of the population. Business owner through E-commerce has been increasing. Therefore, the online payment service will be more essential while the number of this type of service provider remains low.”

“However, in the past few years, it is found that the online transaction by using credit card is approximately 9% and likely to increase. Hence, the demand for IT and security is rising while the legal structure supports more for online business. We can make the online payment with more convenience and broadband to service. The marketing will be more direct to the end customer.”

“For 2C2P service, we anticipate that at the end of this year, there will be more customers from both airlines and international bank industries, B2B, all of which have their own customers to serve. These are our target customer, mainly large business organizations. Since 2C2P system is high in efficiency and security, we believe that it will be a big hit for customers from such organization in no time.”