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News

SpotOption Expands to Payments Business with Spot Pay

A number of SpotOption’s regulated brands are already lining up to test the new service before the official launch during Q2 2016.

 

Finance Magnates has revealed that SpotOption, the leading binary options technology provider is branching out to the online payments business with an innovative operation called Spot Paymentech. The new venture will focus on the binary options market to get established, but it won’t be limited to it as it will targets other verticals such as: e-commerce, gaming and travel as well.

Spot Paymentech will act as a Master Payment Service Provider by means of providing a single acquiring point for brokers wishing to process transactions globally and connect with multiple payment providers, acquiring banks and alternative payment schemes. Spot Paymentech platform will support a wide range of payment methods such as, major credit and debit cards, online banking and alternative e-payment solutions.

With regards to binary options, Spot Paymentech will engage brokers from the regulated market only, which may limit its growth potential within the industry but will allow it to keep a good reputation with banks, financial authorities and even institutional investors.  A number of SpotOption’s regulated brands are already lining up to test the new service as the firm wishes to establish its credibility before the official launch during Q2 2016.

Advantages

Spot Paymentech’s main selling point is the optimization of broker payments performance by improving the overall acceptance rate.  In order to achieve this, the company will use its proprietary smart dynamic routing technology, to build a payment method matrix.  This will find a match for each broker through active tracking of where the majority of a brand’s clients are from, and then route the transaction to  the best performing payment service provider for that region based on its scoring and past performance.  Considering SpotOption’s size and scope in the binary options industry, the firm has performance data access and knows exactly which payment providers and acquiring banks are most fitted to the binary options marketplace in every region of the world.  Spot Paymentech will setup relationships with major banks in key areas, especially targeting the largest credit card issuers in each area, another step to ensuring maximum approval rates.

For completely new startup brokerages, there will also be an additional strong selling point – no need to create a relationship with another provider. Until now when a new brand was launched with SpotOption, they received an almost turnkey solution technology-wise but had to choose a third party to supply payments services.  This often caused a slight delay until it accepted their business in order to accept deposits. Once Spot Paymentech will launch, a new brand will simply have an option (presumably the default option) to get a service provider immediately out of the box, assuming they got regulated as well.

Going forward

It’s still too early to judge how such a move can affect the binary options industry, but there are obvious possibilities. One is that the other binary options technology providers will also launch their own payments services or try to cement a relationship with a payments provider in order to make sure they can offer the same full service package as SpotOption.

Another is that this can lead to increased competition for the brands’ businesses, which will include the parameter of promising the lowest rate of credit card refusals and maximized profitability.  This will increase satisfaction level of clients, as being turned down and sent looking for workarounds can kill one’s mood especially in such an immediate instrument as binary options.

Looking at the bigger picture, Spot Paymentech shows that SpotOption is actively thinking how it can be as innovative as possible to close all the loops in the binary options business, gradually expanding to cover every possible need a broker might have.

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SpotOption was established in 2010, and is officially today’s leading binary options platform provider. SpotOption white labels the full business solution for brokers who want a trading platform for their online brokerage. With a staff of over 250 employees, including top programmers, developers and designers, SpotOption’s trading platform was awarded the 2015 “Best Binary Options Platform Provider” by Finance Magnates. SpotOption has offices in London, Hong Kong, and the Middle East. SpotOption prides itself on innovation, with unique features that give binary options a dynamic twist (such as One Touch, 60 Seconds, Option Builder, Algo Trading, Ladder, etc.) and a mobile app that is unrivaled with state-of-the-art graphics and features. SpotOption’s white label solution can be provided as a complete, stand alone operation, or can be easily integrated with full API into an existing operation or with MT4 platform.
SpotOption offers a multi-platform solution, which includes Web-based, Download, Mobile, Land-based, Mobile and WeChat. The web-based platform is a hassle free, no download necessary platform. It doesn’t tie a trader to a single computer, and is accessible from anywhere that there is internet. The downloadable platform is the preferred method for regions such as China, where delays on data transmissions due to poor internet connections are common. The ability to reduce dependency on the internet is imperative for trading on market volatility, as in binary options, where the slightest fluctuation counts.
The mobile platform has state-of-the-art design and functionality, and gives traders access from any location. Mobile marketing is simpler, and the touch buttons are natural and engaging for “call” and “put”. The Land-based is a regulated opportunity for on-site retail! You can start your own trading venue and allow traders to trade on-site, and continue from home, mobile, etc., with one multi-channel account. Short term expiries are 15, 30, 60, 90 seconds, especially for onsite trading. WeChat is no longer just a mobile app chat! With 271.9 million active monthly users, offering trading on WeChat has endless possibilities. The SpotOption WeChat platform has the same easy user flow as the regular platform, and designed specifically in accordance to the WeChat terms and requirements.
SpotOption is known for providing top service for in support of its technology. The Risk Analysis department monitors operator exposure, to ensure operator security and loss prevention from fraudulent or suspicious activities. SpotOption’s Risk Analyzers are equipped with data feeds and sophisticated algorithms that monitor all open positions, around-the-clock. SpotOption’s Account Managers give you a single, point-of-contact to ensure that your operation runs smoothly, from the delivery of your website to your profit phase. They are there to guide you, and to answer all issues you may have along the way. You will be in constant correspondence with them, and will find that this personal relationship gives you and your business the attention you deserve. SpotOption’s Support department was created with the goal of providing clients with the fastest, most professional, and efficient service possible for technical issues. The service portal is a professional ticketing system,that guarantees the fastest approach to determining problems and providing solutions. The team behind the support are trained professionals, who solve issues promptly and courteously, to guarantee that the client feedback to the support handling will be a positive one. SpotAcademy is the department at SpotOption that educates clients on the binary business and the tools they have been equipped with. From the one-of-a-kind CRM to new features, the trainers at SpotAcademy supply you with the key to running your business successfully – knowledge. SpotAcademy also boasts a unique knowledge portal, that gives clients all the education needed to thrive in the industry. Through the portal, labels log in and find manuals, tutorials, recorded webinars on subjects such as products, backoffice tools, mobile apps and industry trends.
SpotOption’s clientele stands at 300 labels, and they hold 65% of the market share. SpotOption has expanded globally with clients in North America, Europe, Asia, Middle East, Australia, and now USA through licensed Exchange. SpotOption provides trading technology to some of the largest brokerages in the online industry, such as Banc de Binary, Banc de Swisse, Itrader, and many more.