PaymentsJournal

Executive Spotlight Series With Anna Kuzmina CCO, Yandex.Money

Anna, what is the primary goal of a proper payment service provider today?

Convenient, safe, and fast payments are a necessary component of a proper payment service, but nowadays even that is not enough. It’s very important for various businesses to always analyze their results and apply that in competent promotion. Thus, the primary goal of our payment service provider Yandex.Checkout today is to provide advanced payment and marketing technologies to companies of all sizes. Recently, we’ve announced the launch of a new tech platform which is aimed at achieving this goal.

Could you elaborate on the new technological platform?

 With Yandex.Checkout new technological platform companies can now connect to online payment acceptance faster, use Cost Per Action Marketing to increase sales, and receive key business analytics. The basis of the Yandex.Checkout’s technological platform is the new API. Thanks to it, merchants can accept payments from bank cards, from e-wallets, via direct carrier billing, via online banking, and using other popular methods. The API also allows for using Yandex.Checkout’s special functions—for example, bank cards linking, payment hold, refunds, online sales register support. The activation process happens in a “one window” mode, according to a single technical protocol.

From your point of view, what are the new tech platform components of success aside from convenient online payments?

Yandex.Checkout has introduced Cost Per Action Marketing, a new tool to help online stores and other services attract new customers and increase sales. Once you upload an offer to Yandex.Checkout—for example, a gift for a purchase or a discount on goods—it will be shown to the user after they pay via Yandex.Checkout at any other online marketplace. Yandex.Checkout shows targeted offers to users depending on their personal preferences, using technology based on machine learning. The store pays a fee to Yandex.Checkout, but only if the buyer visits their website and uses the offer. There are no fees for any buyer returns after that.

What does business analytics bring to the table?

Yandex.Checkout partners can access payment statistics for any period from their Merchant Profile: total revenue, sales, average receipt, and refund amounts. This data can be used for basic accounting management, evaluation of marketing campaigns effectiveness and the quality of suppliers.

How does the new technological platform help your clients?

Thanks to a single technical protocol, the activation time has been reduced by 1.5 times for payments, and threefold for special functions. So, it does considerably save time and resources for those who would like to activate all the features of Yandex.Checkout, and also brings in additional profit. Cost Per Action Marketing help attracting new buyers, while analytical tools help quickly and accurately assessing the effectiveness of the company’s marketing decisions. Test results are showing that the offer system helps small online stores increase sales by an average of 20%.

Overall, why are online payments so crucial for companies?

Some companies often lose customers precisely because they can’t offer them a quick and convenient way to pay. We understand that, and we’ve been actively working to increase our partners’ sales. The updated Yandex.Checkout Merchant Profile, for instance, allows merchants to bill customers using any convenient method—by email, via text messages, or via messengers. So, now an online store’s manager can send the invoice by text message right in the middle of a phone conversation with the client—or do it in a messenger, without leaving the chat with the buyer. Our service for sending invoices by email, via text messages, or via messengers allows companies to successfully sell products and services even if they don’t have a website.