YESpay and Valitor sign strategic agreement

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Valitor, a leading acquirer in the Icelandic card payment market, has entered the UK through a strategic partnership with global payment services provider YESpay, to cut the cost of payment processing for small and medium-sized companies.

As part of its marketing and sales strategy Valitor has been growing its partner network through sales agents and payment service providers. It has selected YESpay to act as its sales agent and payment processor in the UK to provide secure Managed Card Payment Services to multi-chain retail businesses operating in high street, hospitality, leisure, mail order, and e-commerce environments. YESpay will perform various services, including merchant recruitment,  risk assessment as well as payment processing services via its fully accredited and PCI DSS (Level 1) approved EMBOSS payment processing managed service.

lafur r Vilhjlmsson, Director, Cross Border Acquiring, Valitor, said, We are different from our competitors as we are a small organisation. This allows us to be fast and flexible in our decision making. Our communication lines are short and merchants and partners can get access to people who have the authority to make payment decisions.

The business began Cross Border Acquiring for the European market in 2003, starting with the e-commerce sector, but has recently moved into the retail sector as well. Less than ten per cent of European Acquiring banks have cross border licenses.

Vilhjlmsson added, We are one of the few banks that can service multinational European corporations through a single acquiring contract. We offer competitive pricing and needed to partner with an expert. After we conducted extensive market research we decided that YESpay would be exactly the type of business we would like to partner with. YESpay is an experienced payment service provider in the UK market. We believe that in partnership we can offer quality services and competitive pricing to the UK merchant market.

In addition to the UK market, Valitor will be utilising YESpay EMBOSS as its front-end payment processing service to provide accredited Chip and PIN / magnetic card processing services in over 40 countries across European within retail, self-service kiosk, hospitality and e-commerce environments.

Rohit Patni, EVP Sales and Marketing, said, The UK is a large and developed market which is well known by Valitor and close to its domestic market. This makes the UK a good platform for Valitor to work on and further develop its cross border strategies. By building a close working relationship well be able to provide a fast processing service to merchants offering competitive rates. He adds, This partnership is exactly in line with YESpays strategy to expand its international payment processing services across multiple countries without long and costly accreditations.