The award-winning online platform of Payza has made money transfer much easier
The economy of every nation is trying to make most transactions online. This way the digital payment companies have grown so much in the past decade. Everyone aims towards a cashless economy, even for the smallest of transactions. The digitalization in the payment system helps it make it more transparent as well. Many online payment companies have come up in the last 20 years. The American and European markets acquire most of them. But, this does not necessarily mean that only the citizens of that particular nation can use for transactions. Many online payment platforms are spread worldwide and support international money transactions. Firoz Patel founded Payza, a digital payment service in 2012. His main goal was to target those groups of people who weren’t satisfied with the services of big payment companies. When a customer is already facing problems, then it is easy to lure them towards a different company. Payza offered its service in more than 190 countries and 21 currencies until the higher authorities ceased operations in 2018.
About the founder of Payza
Firoz went to Champlain Saint-Lambert and acquired his degree in Business Administration. He graduated in the year 1994. Firoz started his career by working in the sales department for a software company. In April 1999, he joined OnX Enterprise Solution where he worked for business development and consulting.
In 2004, Firoz founded AlertPay, an online platform for payments. He was the CEO of the company and left in 2012 to found Payza. Firoz was also a member of the Board of Directors of Ceptum AB. Currently, he is the CEO of Payza and Fintech Specialist at FP Consulting.
What is Payza?
To expand the economy of every nation and to tie everyone with the same thread of digitalization, Firoz came up with Payza. And, everyone should be a part of this global marketplace. People build different kinds of businesses and carry out a variety of trades. So, every customer doesn’t have the same need. And, Payza has grasped this idea and used it to its advantage.
To empower the local communities they should be connected to the biggest and the only marketplace. Exposing oneself internationally means more profit and more advantages. So, Payza provides local tools for the communities that can be used to carry out international payments. It helps out both the local customers as well as the cross-border merchants.
Who are the customers?
From a person with no business portfolio to a big cross-border trader, everyone is the customer of Payza. Payza provides its services to anyone willing to make an online transaction through its platform. The company provides a variety of options for accepting and making payments, transferring money internationally, and also exchange of funds. Many businesses use the platform of Payza for making payments. So, they can pay through credit cards, e-wallet, and cryptocurrencies as well.
The payment option by bitcoin and cryptocurrencies are especially for those locations where there is a shallow trend of credit cards. Because it becomes a problem for the cross-border transactions. Payza is trying its best to find other alternative methods as well. The customers of Payza also have Payza Card that enables to carry out transaction both online and offline.
A set of disadvantages
But, there always lies both pros and cons to everything. Apart from the fact, that Payza is a very fast and efficient platform, it has certain disadvantages. The main flaw of the platform is the transfer fee is way too high. Before Payza came into the market, there already existed many gigantic companies. So, if Payza started demanding high charges, its survival will come at stake.
Payza also needs to take care of customer care and support. Because many people claim that their problems were not solved by the company. And, one fact about Payza that affects its reputation is false claims. When you visit the website, you can find the company providing free accounts, free invoicing, etc. But, when you reach the bottom of the page, it is mentioned that you have to pay fees for it.
Firoz Patel’s money laundering
The downfall of the company took place in March 2018. The DOJ claimed that the founder and his brother laundered a minimum of $250 million from the company. They used money in child pornography and many other illegal aspects. Police also accused him of committing tax fraud. Firoz was taken a fugitive in 2018 and next year he turned himself in. The company since then has remained inactive.
Annasha Dey is an NIT student, who apart from studying engineering is also a content writer. She has a great interest in photography, writing, reading novels, and travelling as well. She is a foodie who loves socializing and hanging out with her friends. She is also a trained Kathak dancer and a big fashion enthusiast. Dey also loves watching TV series, which includes F.R.I.E.N.D.S. and Big Bang Theory. To be a better writer she prefers to read more