SOURCE: EntroPay

EntroPay

August 05, 2009 13:59 ET

EntroPay Draws Focus on Increased Cost of International Payment Processing at Affiliate Summit East 2009

Affiliate Marketers Look for Options as Banking and Administration Fees for International Transactions Increase

NEW YORK, NY--(Marketwire - August 5, 2009) - EntroPay, the first provider of virtual prepaid cards in Europe, today announced their attendance at Affiliate Summit East 2009. Attended by over 2000 agencies, affiliates, merchants, networks, and vendors, Affiliate Summit East is the premier event for the affiliate marketing industry. In recognition of the increased importance and cost of international payment processing to the affiliate marketers, EntroPay will host a booth (#2301) where they will be demonstrating its 'simple, instant, global' payment service. The event is being held August 9-11, 2009, at the Hilton New York in New York City.

According to a Jupiter Research report, spending on affiliate marketing will hit $3.3 billion in 2012. Unfortunately while the industry has grown in both size and global reach, so have banking and administrative fees impacting affiliate marketers who conduct business outside the US. According to a recent study by Moebs Services, economic research firm used by banks and federal regulators, to make up for declining revenue, many banks are boosting fees and are requiring higher minimum balances for many accounts. One area of particular concern is fees associated with international transactions and payments.

"Despite the economic downturn and increased criticism from Washington, fees for US affiliate networks looking to extend their reach beyond the US are at record highs," said Alex Mifsud, chief executive officer of EntroPay. "Affiliate marketers and merchants must work together to redefine payment options, increase affiliate loyalty, speed up payments and ultimately drive increased revenue from every affiliate."

For affiliate networks and merchants who conduct business internationally there are two common options, an expensive wire transfer or to send international affiliates a US-issued check. As a result, when conducting international transactions administrative cost associated with payments can often be as high as $40 per transaction -- both in terms of processing costs and time taken to make the payment across different countries. To highlight this issue personal finance editor, Jennifer Waters of the WSJ recently listed increasing cost of currency conversion among others in a Wall Street Journal article, "Sneaky Bank Fees Biting Unsuspecting Consumers."

EntroPay offers a simple, cost-effective alternative for merchants to pay customers and affiliates quickly, securely and efficiently. Merchants can avoid the high cost of issuing checks and make payments anywhere in the world with no currency conversion issues.

Payments are a major concern for affiliate marketers, according to recent research from EntroPay conducted at the A4U Expo in October 2008. The research reveals a disconnect between affiliates and merchants in the way that payments are made, with only a small number of affiliates happy with the way they are paid, compared to the majority of merchants who are satisfied with current payment processes for affiliates.

About EntroPay

EntroPay is one of the most cost-effective, convenient and rapid means for businesses and consumers to make safe and controlled online purchases and to remit funds around the world. EntroPay has been operating since 2003 by Ixaris Systems, Ltd, which is certified to issue e-Money for EntroPay by the UK FSA and is registered as a Money Service Business with the HMRC in the UK. For more information, visit www.entropay.com.

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