Pieter Van Der Does Essay
Pieter Van der Does, chief executive officer of Adyen is the Silicon Valley’s preferred choice for payment processing. Many people, well, more than half of the nation does not even know about this CEO taking silicon-valley by storm with the fastest developing firm in the e-commerce industry. Competitors like Stripe, PayPal, and First data are still trying to catch up to the innovative ways this technology company has overwhelmed the process of payments.
Pieter Van Der Does started working at Bibit by way of a good friend. Bibit was a startup company that helped technology companies and airlines accept money on the internet. He joined the sales team and became CCO focusing on sales, public relations and legal. In 2004, Royal bank of Scotland …show more content…
acquired Bibit for 100 million. Van der Does decided to announce that he was starting a new company. So he started Adyen, which means new beginning in Surinamese. It was a copy of Bibit but without legacy employees, customers, and technology.
Online payment processing is changing vastly.
People are able to make payments not only at a store, but can do so electronically. These changes are due to the advancement in technology. You can now make a purchase or payment at the click of your hand. This is made possible through smartphones being able to take payments. Adyen sells standard retail checkout terminals and square-style hardware that integrates with a smartphone, enabling salespersons to take payments remotely from anywhere.
Security is also making changes in the payment processing industry. Adyen has machine learning software that helps refine company formatting, fraud detection, and transaction analysis in real time. Since Adyen provides one platform for all purchases on mobile, desktop and in physical stores it makes it easier to deter from fraudulent purchases. It also offers loyalty points and discounts in real time at checkout.
The ability to make conversion rates quicker. This saves money. It takes a large amount of time for companies like Chase Paymentech, WorldPay, GlobalCollect and Stripe to convert money to the US dollar. Adyen is able to boost conversion rates and reduce charge backs to merchants by 27% better than its
competitors.
When Adyen was started, it did not give much thought into legacy infrastructure. Ayden wanted to target big business that reached international scales. Unlike his competitor Stripe, having a lower revenue meant more profit due to Adyen’s payment volume, which is twice that of Stripe. Stripe has 3% of every dollar processed and they still don’t match the volume of Adyen’s. Adyen is a unique company, it has profited over 45 million in 2015 and has managed to be in the black for 5 years plus. Which, perhaps, is why they do not cater to small businesses. They hunt for whales and not tuna fish.
Since globalization has become so popular, many companies are finding it hard to collect the money. An American company uses American dollars and if they do business in China or other countries they are no longer collecting the US dollar and now collecting other countries payment tenders. Technology companies are looking for ways to convert many without spending a lot of money. The idea was to get more payment methods which in turn transfers into more sales. Adyen’s terminals were designed as one platform for purchases on mobile, desktop, and physical stores, which has benefited for this company substantially.
Pieter Van Der Does started working at Bibit by way of a good friend. Bibit was a startup company that helped technology companies and airlines accept money on the internet. He joined the sales team and became CCO focusing on sales, public relations and legal. In 2004, Royal bank of Scotland …show more content…
acquired Bibit for 100 million. Van der Does decided to announce that he was starting a new company. So he started Adyen, which means new beginning in Surinamese. It was a copy of Bibit but without legacy employees, customers, and technology.
Online payment processing is changing vastly.
People are able to make payments not only at a store, but can do so electronically. These changes are due to the advancement in technology. You can now make a purchase or payment at the click of your hand. This is made possible through smartphones being able to take payments. Adyen sells standard retail checkout terminals and square-style hardware that integrates with a smartphone, enabling salespersons to take payments remotely from anywhere.
Security is also making changes in the payment processing industry. Adyen has machine learning software that helps refine company formatting, fraud detection, and transaction analysis in real time. Since Adyen provides one platform for all purchases on mobile, desktop and in physical stores it makes it easier to deter from fraudulent purchases. It also offers loyalty points and discounts in real time at checkout.
The ability to make conversion rates quicker. This saves money. It takes a large amount of time for companies like Chase Paymentech, WorldPay, GlobalCollect and Stripe to convert money to the US dollar. Adyen is able to boost conversion rates and reduce charge backs to merchants by 27% better than its
competitors.
When Adyen was started, it did not give much thought into legacy infrastructure. Ayden wanted to target big business that reached international scales. Unlike his competitor Stripe, having a lower revenue meant more profit due to Adyen’s payment volume, which is twice that of Stripe. Stripe has 3% of every dollar processed and they still don’t match the volume of Adyen’s. Adyen is a unique company, it has profited over 45 million in 2015 and has managed to be in the black for 5 years plus. Which, perhaps, is why they do not cater to small businesses. They hunt for whales and not tuna fish.
Since globalization has become so popular, many companies are finding it hard to collect the money. An American company uses American dollars and if they do business in China or other countries they are no longer collecting the US dollar and now collecting other countries payment tenders. Technology companies are looking for ways to convert many without spending a lot of money. The idea was to get more payment methods which in turn transfers into more sales. Adyen’s terminals were designed as one platform for purchases on mobile, desktop, and physical stores, which has benefited for this company substantially.