Alternative Payment Solutions for eCom Growth with Mason Lin, CEO of Yuansfer

Mason Lin, CEO of Yuansfer, joins The eCom Ops Podcast to discuss touch-less and borderless alternative payments solutions for eCom growth, how automating payment wallets can bridge the gap between customers and merchants, and common mistakes of fintech and payments providers.

Key Facts

  • Mason Lin’s LinkedIn
  • Yuansfer’s website
  • Mason is the CEO of Yuansfer
  • Yuansfer provides alternative payment solutions like PayPal, Venmo, Alipay, WeChat Pay, and KAKO Pay to merchants. It already has 2,000 retailers utilizing the platform to increase existing sales and attract new customers.
  • Mason is also the Former CEO of DangData
  • Mason holds a Bachelor’s degree in Finance and Financial Management Services from Baruch College

 

Key Takeaways 

  • Mason started his professional career at Sumitomo Mitsui Banking Corporation as a finance intern and worked there until 2011 
  • In 2014, Mason joined DangData as the CEO and made his move to Yuansfer in 2017. Currently, Mason works at Yuansfer as the CEO.
  • Yuansfer operates in Canada and Europe and aims to provide a seamless check-out experience for in-store and online customers so merchants can engage globally with consumers using their preferred alternative payment option.
  • [3:45][16:09:13] Mason believes that Yuansfer’s operational presence in Canada, the USA, and Europe and its QR scan based-wallet acceptance in both Canada and USA help them stand out amidst the competition. Yuansfer’s wallet service currently has 2 Billion global users.
  • [6:34][16:12:02] Mason advises that new, existing, or expanding companies in the financial services industry should:
    • Firstly, hold a license to offer payment services 
    • Secondly, be compliant with global regulators
    • Thirdly, learn the technical expertise to integrate wallets
    • Lastly, build connections and trust with your customers
  • Mason shares that Yuansfer aims to make sure that customers get a better, more secure payment experience so the payments system benefits the merchant with higher conversion rates
  • [8:31][16:13:59] Mason believes that QR scanning for payments provides consistency between online and in-store payments. It enables merchants to use the same alternative payment solutions like PayPal, Venmo, etc., for both in-store and online customers. This ultimately bridges the gap between payment methods
  • [10:13][16:15:41] Mason shares two competitive advantages that Yuansfer has over the competition:
    • Yuansfer was the first-ever platform to support QR Code based-wallet payments years ago. They had the first mover’s advantage.
    • Yuansfer’s team is well-versed in the QR component 
  • These advantages equipped Yuansfer with an insight into the future. Yuansfer partnered with PayPal to become the first to support QR payments in-store in the United States and other countries of the world.
  • [11:33][16:17:02] Mason explains his strategy to expand Yuansfer further into the payment service industry.
  • He shares that Yuansfer invites merchants to become channel partners, and further cold sales initiatives are planned and marketed amongst channel partners. Any such sales initiatives must offer incentives for all stakeholders involved.
  • [13:06][16:8:34] Mason shares that Yuansfer’s offering for the channel and strategic partners include:
    • Increasing the capacity of the partners by offering technologically advanced solutions which have enriched marketplace experience
    • Enabling the partners to stay engaged with the customer amidst the changing needs of alternative payment options, especially after COVID.
    • Yuansfer’s easily downloadable plug-ins and browser-based extension for consistent payments services 
    • Enhancing consumers’ experiences through engaging and customized check-out options 
    • Saving additional global transaction fee of up to 70%
  • [14:23][16:19:51] Mason believes that eCom merchants need to have the willingness to learn and provide additional value to their partners.
  • [15:26][16:20:53] Mason shares the common mistakes that existing payment service providers make. These mistakes include non-compliance, and a lack of risk management.
  • [19:30][16:25:00] Mason shares some additional features of Yuansfer:
    • You can download the extension from the marketplace and just plug and play 
    • Yuansfer provides customized solutions, where you can build your own shopper journey 
    • The solution can be integrated in a few hours, and through the SDKs (software development kits), the process could be developed even in minutes.

No.1 eCom Ops hack

“Retaining the customers through alternative payment solutions.” Mason shares that alternative payments can provide ease to the customers during check out, which decreases the abandoned carts by 60-70%. Consumers can also be tracked if they leave the purchase at the payments options window. Here you can look into your alternatives payments section and offer other payment options to the consumers. 

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