CMC Markets trades up their payments partner and sees a 4% acceptance rate uplift.
In the digital economy, almost anyone can participate in the financial markets. Alongside this comes a significant financial opportunity, not only for veteran traders, but also for those who are new to the game.
Forward-thinking, established players have embraced this trend to continue offering their customers the best possible solution — through digital platforms that promise uninterrupted access to the markets. One such company that is delivering on this promise is CMC Markets, a leading global provider of online retail financial services. CMC Markets enables its clients to trade a broad range of financial instruments and pride themselves on quality support for their traders.
To provide clients with uninterrupted and seamless access to the platform, CMC Markets required a payments service provider with the technology and reach to facilitate their continued growth. And any partner that they work with needed to support its mission of an unrivaled customer offering—now and in the future.
In the world of online trading, even a second of downtime can have real financial consequences. CMC Markets knows this and has put its clients at the center of its decisions, so that they can make sure they are offering the best possible trading experience.
Having the right payments partner, with the technology to optimize the payment process and the transparency to give control over these optimizations is an important part of this mission. Therefore, when it was faced with the sunsetting of its payments provider, CMC Markets saw an opportunity to find a partner that could offer this.
“The payment space is evolving rapidly, with new opportunities and mandated changes. After completing our mandated changes, we were excited to focus on the new products coming into the market, when we were given end of life for our primary payment gateway. Re-prioritisation was then required, which also gave us an opportunity to review our payment stack and work with a provider with a more comprehensive proposition.” recalls Colleen Bohm, Head of Payments at CMC Markets.
CMC Markets’ previous set-up had multiple providers across the payments chain. In this multi-vendor set-up they had limited dedicated support and the data they were provided was often inconsistent. This resulted in reduced data and performance visibility, meaning they were losing valuable opportunities to optimize its operations. Recent data from Oxford Economics shows that these opportunities can amount to significant financial gain with $50.7 billion lost to false declines in the digital economy in 2022 alone.
Bohm had conversations with a number of vendors, to find the one that would give them the visibility that they needed to reduce false declines and give their customers a more streamlined experience. Checkout.com was included in these, “The Checkout.com team made a great impression right away, they were transparent and shared their knowledge generously. They really understood our line of business and allowed us to progress the process at a pace that suited us. We could see straight away that they would be able to give us the insights that we needed to make the right optimizations” says Bohm.
Checkout.com’s ability to settle funds quickly and in a range of currencies was also a key advantage for Bohm and her team. “Our traders can deposit in up to nine currencies. As soon as they do, their funds are available immediately. So Checkout.com’s ability to settle T+1 and in a broad range of settlement currencies would prevent potential exposure we could face from a cash flow client money and FX perspective,” explains Bohm.
After an expedited yet extensive process, the decision for CMC Markets came down to a few key factors. “We were looking for a unified solution, which offered a processor, gateway, and acquiring all in one. And we wanted a provider with global coverage, who knew our industry and could demonstrate a top tier account management structure. Checkout.com ticked all those boxes.” adds Bohm.
Once CMC Markets had given Checkout.com the green light, the two teams worked in lockstep to ensure the integration deadline was met. “The Checkout.com team was good to their word and we were live before our previous platform went offline. The team was very reactive, knowledgeable, and personable — helping us quickly rectify any challenges we faced during the integration,” says Bohm.
Through Checkout.com’s unified API, CMC Markets now has one provider for their entire payments flow. “This unified solution has streamlined our operations and given us access to more APMs and products—including rapid customer payouts through both Visa and Mastercard’s rails. And we have a single point of contact, with whom we’ve built a strong relationship.”
Since partnering together, CMC Markets has wider access to more actionable data than ever before. “Now we have total visibility of our costs across all markets, in a single place thanks to Checkout’s reconciliation API.”
And it's not just more visibility into costs that have been introduced since working together. Bohm adds that CMC Markets can now effectively assess and improve their performance too. “We can now track our acceptance rate across all regions, and with the support of the Checkout.com team, we’ve already seen an uplift of 4% since going live. They’ve provided strategic recommendations and helped us better understand issuer preferences to boost our performance” Bohm explains.
The payments space is ever-evolving with new technologies arriving on the scene every day, as do the preferences of issuers and schemes. For a fast-paced business like CMC Markets, it’s important to have a partner available to give advice on the latest payment trends and has a good understanding of the card schemes. Checkout.com and CMC Markets are discussing how best to leverage network tokens to reduce scheme fees and further improve performance. As Colleen explains: “Checkout.com advised me that it would be beneficial to enable network tokens for certain markets. I really value these types of suggestions from the Checkout.com team as to how we can do things better and get value from the service.”
It’s been a great start to the partnership, with both sides excited to build long-term success together.
“We're extremely proud of the partnership we've established with CMC Markets,” explains Louis Taupin, Head of UK Sales at Checkout.com. “It’s great to see how our platform and industry knowledge has made a tangible impact on CMC Markets, especially in their time of need. It’s always extra exciting to support a fellow fintech and we look forward to working together for many years to come.”
Bohm shares Taupin’s optimism about the future. “We’re excited to continue working with Checkout.com and we see them as our long-term growth partner.” Bohm concludes “With their support, we’re confident we’ll be able to capitalize on new business opportunities, whenever and wherever they may arise—with the ability to switch on new regions, features and payment methods within our existing integration”
Find out how Checkout.com can help your organization to scale.
ne retail financial services. CMC Markets enables its clients to trade a broad range of financial instruments and pride themselves on quality support for their traders.
To provide clients with uninterrupted and seamless access to the platform, CMC Markets required a payments service provider with the technology and reach to facilitate their continued growth. And any partner that they work with needed to support its mission of an unrivaled customer offering—now and in the future.
In the world of online trading, even a second of downtime can have real financial consequences. CMC Markets knows this and has put its clients at the center of its decisions, so that they can make sure they are offering the best possible trading experience.
Having the right payments partner, with the technology to optimize the payment process and the transparency to give control over these optimizations is an important part of this mission. Therefore, when it was faced with the sunsetting of its payments provider, CMC Markets saw an opportunity to find a partner that could offer this.
“The payment space is evolving rapidly, with new opportunities and mandated changes. After completing our mandated changes, we were excited to focus on the new products coming into the market, when we were given end of life for our primary payment gateway. Re-prioritisation was then required, which also gave us an opportunity to review our payment stack and work with a provider with a more comprehensive proposition.” recalls Colleen Bohm, Head of Payments at CMC Markets.
CMC Markets’ previous set-up had multiple providers across the payments chain. In this multi-vendor set-up they had limited dedicated support and the data they were provided was often inconsistent. This resulted in reduced data and performance visibility, meaning they were losing valuable opportunities to optimize its operations. Recent data from Oxford Economics shows that these opportunities can amount to significant financial gain with $50.7 billion lost to false declines in the digital economy in 2022 alone.
Bohm had conversations with a number of vendors, to find the one that would give them the visibility that they needed to reduce false declines and give their customers a more streamlined experience. Checkout.com was included in these, “The Checkout.com team made a great impression right away, they were transparent and shared their knowledge generously. They really understood our line of business and allowed us to progress the process at a pace that suited us. We could see straight away that they would be able to give us the insights that we needed to make the right optimizations” says Bohm.
Checkout.com’s ability to settle funds quickly and in a range of currencies was also a key advantage for Bohm and her team. “Our traders can deposit in up to nine currencies. As soon as they do, their funds are available immediately. So Checkout.com’s ability to settle T+1 and in a broad range of settlement currencies would prevent potential exposure we could face from a cash flow client money and FX perspective,” explains Bohm.
After an expedited yet extensive process, the decision for CMC Markets came down to a few key factors. “We were looking for a unified solution, which offered a processor, gateway, and acquiring all in one. And we wanted a provider with global coverage, who knew our industry and could demonstrate a top tier account management structure. Checkout.com ticked all those boxes.” adds Bohm.
Once CMC Markets had given Checkout.com the green light, the two teams worked in lockstep to ensure the integration deadline was met. “The Checkout.com team was good to their word and we were live before our previous platform went offline. The team was very reactive, knowledgeable, and personable — helping us quickly rectify any challenges we faced during the integration,” says Bohm.
Through Checkout.com’s unified API, CMC Markets now has one provider for their entire payments flow. “This unified solution has streamlined our operations and given us access to more APMs and products—including rapid customer payouts through both Visa and Mastercard’s rails. And we have a single point of contact, with whom we’ve built a strong relationship.”
Since partnering together, CMC Markets has wider access to more actionable data than ever before. “Now we have total visibility of our costs across all markets, in a single place thanks to Checkout’s reconciliation API.”
And it's not just more visibility into costs that have been introduced since working together. Bohn adds that CMC Markets can now effectively assess and improve their performance too. “We can now track our acceptance rate across all regions, and with the support of the Checkout.com team, we’ve already seen an uplift of 4% since going live. They’ve provided strategic recommendations and helped us better understand issuer preferences to boost our performance” Bohn explains.
The payments space is ever-evolving with new technologies arriving on the scene every day, as do the preferences of issuers and schemes. For a fast-paced business like CMC Markets, it’s important to have a partner available to give advice on the latest payment trends and has a good understanding of the card schemes. Checkout.com and CMC Markets are discussing how best to leverage network tokens to reduce scheme fees and further improve performance. As Colleen explains: “Checkout.com advised me that it would be beneficial to enable network tokens for certain markets. I really value these types of suggestions from the Checkout.com team as to how we can do things better and get value from the service.”
It’s been a great start to the partnership, with both sides excited to build long-term success together.
“We're extremely proud of the partnership we've established with CMC Markets,” explains Louis Taupin, Head of UK Sales at Checkout.com. “It’s great to see how our platform and industry knowledge has made a tangible impact on CMC Markets, especially in their time of need. It’s always extra exciting to support a fellow fintech and we look forward to working together for many years to come.”
Bohm shares Taupin’s optimism about the future. “We’re excited to continue working with Checkout.com and we see them as our long-term growth partner.” Bohn concludes “With their support, we’re confident we’ll be able to capitalize on new business opportunities, whenever and wherever they may arise—with the ability to switch on new regions, features and payment methods within our existing integration”
Find out how Checkout.com can help your organization to scale.
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