What is Adyen? Adyen Review, Features

Adyen is a global payment company whose mission is to simplify and optimize global payments and power the rapidly growing global economy. Adyen provides an end-to-end payment platform for businesses, connecting merchants to Visa, MasterCard and payment methods that meet local consumer habits, and providing payment experiences suitable for PCs, mobile phones and in-stores.

About Adyen

·Adyen was founded in Amsterdam, the Netherlands in 2006 and is one of the top 20 unicorn companies in European FinTech (financial technology). Using the services provided by Adyen, companies can avoid separate negotiations with payment providers in different countries, which is a modern online payment method.

"Adyen" means "once again" in Surinamese. Adyen founder Pieter van der Does said his experience working at British payments company Worldpay helped him shape Adyen.

Adyen has built an efficient and simple payment platform that enables multi-channel payment and processing for merchants worldwide, including online, mobile and point-of-sale. Adyen's global platform has integrated and simplified the payment value chain, enabling it to work with large merchants to quickly expand local and global businesses, and get rid of the various inefficiencies inherent in traditional payment platforms. Adyen's goal is to change the traditional payment industry, where vendors and old systems cause merchant services to be fragmented.

Key data

·800+ employees from 50+ countries.

·17 offices worldwide (Amsterdam, Berlin, London, New York, Shanghai, Singapore, etc.).

Adyen’s major customers include: eBay, Uber, Spotify, Etsy, Tory Burch, etc.

Adyen supports more than 250 payment methods, including Apple Pay, Alipay, Boletos, Qiwi, Konbini, etc.

TOLL

Adyen divides the world into four regions, namely APAC Asia Pacific, North America, Europe and Latin America. The charging model is a handling fee + payment method fee for each transaction. There are slight differences in the specific charging standards for each region.

Advantages

1. No account opening fee.

2. Get a dedicated account manager and internal support.

3. Support multiple bank accounts and multiple currencies.

4. You can use a variety of risk prevention and optimization tools provided by Adyen.

Account opening process

The process of opening an Adyen account is relatively simple. The key steps are as follows, divided into business (legal and commercial) and technical (integration and testing) processes. All processes from creating a test account to completing the real account application usually take about a week. Some business and technical steps can be performed simultaneously.

Note: You can execute the business steps before the technical steps, but it is not recommended to execute the technical steps before the business steps in case there will be any issues with the application.

1. The easiest way to open an Adyen account is to create a (free) test account.

The test account supports the following operations: access the test customer area; apply for a formal account; connect with Adyen; and make test payments.

Click here to enter the test merchant application page, fill out the form and click Request test account. You will receive an email with instructions on how to activate your Adyen test account.

2. Apply for a formal account.

In the Client Area, you can apply for a real account on the Home Page > Fill out the application form.

Please ensure that the following documents are ready to upload during your application:

· Company registration documents (Chamber of Commerce extraction or Articles of Incorporation).

· A copy of your bank statement which includes the account holder name, account number and logo or bank name.

· A valid passport or official ID card (not a driver’s license) of the person who signed the contract and any shareholder who directly or indirectly owns 25% or more of the shares or voting rights. Note that the MRZ code and personal ID number need to be clearly visible.

In China

In 2015, Adyen opened a new office in Shanghai and entered China.

About eBay and Adyen

1. Overview

On January 31, 2018, eBay announced that it would stop using PayPal as its backend payment service provider. When their contract expires, eBay will enter into a long-term agreement with Dutch payment company Adyen. This means that Adyen will begin processing all transactions on the eBay website.

2. Why eBay chose Adyen

(1) "Reduce costs" for merchants. eBay explained in a statement that its decision to integrate the Adyen payment processor will reduce its costs and provide its merchants with more financial control. eBay also said that this move is part of eBay's strategy to "transform into a full payment intermediary." eBay said that the technical cooperation with Adyen will enable sellers to have more understanding of data and manage and track all transactions and customers through eBay.

(2) No need to interact with Adyen to register an account. Adyen uses its technology to process the back-end payment services of businesses, which means that users do not necessarily interact directly with Adyen. However, with PayPal, users must register a PayPal account and interact with its interface before completing the transaction. Adyen also has a large number of customers, including Facebook, Arbnb, Spotify, Uber and Netflix.

(3) Improve the payment experience for eBay users. eBay said that the integration of Adyen will also provide customers with "more choices" when paying. According to reports, eBay CEO Devin Wenig said in a conference call with analysts: "We believe that we can provide a more seamless experience while providing more payment and payment options for buyers and sellers."

Development History

-December 2014, Netherlands: Third-party payment platform Adyen raised US$250 million from investors including General Atlantic, Index Ventures, Felicis Ventures, and Temasek Holdings.

-In 2015, Adyen launched an offline payment solution. After merchants install Adyen's full-featured POS terminals, they can access Adyen's online payment platform.

-In 2015, Adyen processed $50 billion in transactions and provided 250 payment solutions to over 4,500 businesses.

-In 2016, MarketPay was launched.

-In 2016, the company's transaction volume increased to $90 billion from $50 billion in 2015.

-In April 2017, the company received a European banking license, which gives it the status of an acquiring bank.

-In September 2017, Adyen announced the expansion of its payment processing services to Singapore through direct credit card acquiring licenses from Visa and MasterCard.

-In November 2017, Adyen partnered with Air Canada to provide international payment solutions to the airline’s customers.

-On May 24, 2018, the company announced that it would go public via a public listing of shares in Amsterdam.