Singapore-based Tazapay is a fintech business rolled out in 2020, focusing on cross-border payment services.
It seeks to make doing business easier globally for those in the travel, software as a service, and ecommerce industries.
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Tazapay Products and Services
Tazapay offers a checkout solution that lets companies take card payments in over 173 countries and local payments in more than 80 countries.
The platform backs connection with WooCommerce, Shopify, and Magento through APIs and plugins. It also has escrow functionality for buyer and seller protection.
Credit cards and local bank transfers are accepted forms of payment.
Tazapay Costs
Tazapay offers a clear pricing structure for its payment handling services. They have no hidden fees and setup costs.
The range of transaction fees is 0.8% to 2.5% per deal; specific rates are available upon request. Local payouts cost between 2USD and 5 USD, while card payments have a fee of about 3.8% plus 0.5USD per deal.
The cost of a SWIFT transfer can range from 5USD to 35USD, depending on the specifics of the transaction.
In addition, Tazapay charges extra for particular services. Smaller settlement amounts incur a small transaction fee.
There’s a 15USD dispute management fee to help prevent chargebacks by providing early warnings about possible disputes.
Meanwhile, a 0.2USD customer verification fee is assessed to confirm the identity of card transactions. This fee is not applied to successful transactions though.
A 4USD fixed fee is required in India to issue a Foreign Inward Remittance Certificate.
Pros and cons of Tazapay
Tazapay has drawn notice for its approach to international payments. It is a well-known fintech business that lowers and streamlines such transactions.
Notable investors like Sequoia Capital have funded it, demonstrating the relatively high level of market confidence.
Tazapay’s partnership with Standard Chartered solidifies the platform’s reliability by combining banking services with its payment services.
However, the platform’s preliminary set up procedure can be challenging, according to some users.
It has been reported that accounts have been blocked without providing adequate justification, which can interfere with transactions. The application has been known to crash often too.
Tazapay may not back all currencies or countries, which limits its usability for certain international transactions.
Although some customers give its customer service high marks, others have voiced discontent, complaining about poor support and late responses.
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