An alternative to complex and impenetrable credit card processing is the key to success for online credit card gateway InterPay, according to CEO Byron Gray.
According to Gray, a six-month statement of business activities is just one hurdle thrown in front of fledgling e-commerce merchants who apply for credit card processing authorisation. "If you're a startup, forget it," Gray said.
As a result, Gray predicted that InterPay, the alternative offered by his e-commerce company Graycorp, will have signed up more than 1500 young or radical e-commerce companies by the end of this year.
Web-based businesses that sign up for the 128-bit encrypted InterPay gateway are only required to submit a two-page overview of the company's business strategies, Gray said, explaining that Graycorp's "extremely close" partnership with St George Banking Group ensured streamlined gateway authorisation processes.
Payments for all international credit cards are possible via the interface-customisable gateway, although all payments are processed in Australian dollars, Gray said.
According to Graycorp, implementing the InterPay system does not require any additional software or hardware. No sign-up charges apply, but clients are charged $39 per month, as well as 80 cents per transaction.