Lifetrack Medical Systems is a heath tech company in the medical imaging space, whose key software product is tailored for radiologists within the healthcare sector. Established in 2012 by Dr Eric Schulze, an American radiologist residing in Manila, the company transitioned its corporate headquarters to Singapore in 2019.
Since the relocation, Lifetrack has demonstrated remarkable business growth, establishing a global presence with clients across almost every continent, and is poised for future growth. Working with Payoneer, they were able to effectively – and securely – navigate the challenges of global business.
SMEhorizon speaks with Raymond Lim, CFO and Commercial Director at Lifetrack Medical Systems, on his company’s expansion and how Payoneer has facilitated its business goals. Nagesh Devata, SVP of APAC, Payoneer also weighs in on the ever-growing concern of security in the payments sector, and how businesses can safeguard themselves and their clients while pursuing expansion and growth.
Drivers for utilizing FinTech platforms
Lim explains some of the challenges and goals that led his company to onboard Payoneer. Initially, this was driven by a desire to diversify their platforms to mitigate potential risks. “We adopted a strategic approach and onboarded Payoneer with the 80/20 rule, designating 20% of our transactions to the platform,” he shares.
Diversification paid off: Lim recalls that when an existing provider encountered unforeseen bank clearance challenges in India and other regions, resulting in a temporary freeze on their funds, they were able to resolve the issue through transitioning a significant portion of our client transactions to Payoneer, effectively resolving the issue and ensuring seamless financial operations.
All in all, FinTech platforms have proven effective for Lifetrack. Lim explains that as their global clientele base predominantly engages in international transfers, leveraging such platforms simplifies payments process, circumventing the complexities and high costs of traditional banking channels.
Another service Lifetrack has leveraged is Payoneer’s USD transaction debit card. Lim shares that they faced a hurdle in obtaining a US debit card. Payoneer’s USD-denominated card allowed them to overcome this, further optimising their payment processes and contributing to their operational success and expansion.
Ensuring security
While new cross border commerce brings many promises, it also increases risks. Devata observes that Payoneer “expects cybercriminals to increasingly target B2B payments, particularly those that adopt instant payment platforms.
“On top of that, expanding internationally introduces more barriers to preventing fraud because each jurisdiction has their own data security and anti-fraud requirements.”
While these can seem like a hurdle to businesses looking to expand, they are also a source of security. Lim shares that “operating in Singapore necessitates undergoing a comprehensive audit required by the Monetary Authority of Singapore (MAS), ensuring a high level of scrutiny.
“In essence, the robust regulatory framework in place provided assurance that our financial transactions and data were well-protected.”
Devata advises that “selecting a reputable and reliable payment processor is the first step in ensuring safe global money transfer. During the selection process, SMBs should look for processors that provide up-to-date payment processing systems via regular security audits.
“Conducting regular security updates with vulnerability assessments and audits is vital to ensure the payment processing software is up to date for maximum efficacy.
Finding locally regulated and compliant providers who have a comprehensive understanding of local regulations and compliance requirements is also a must. “In addition to this, SMBs should partner with payment processors that already offer robust MFA, encryption, tokenization and comply with anti-money laundering laws and the Payment Card Industry Data Security Standard (PCI DSS), which ensures cardholder data protection through a secure network and strong access control measures,” continues Devata.
“An experienced processor who understands currency exchange rates and fees will also help to streamline international payments, making global transactions more efficient and secure.”
Other technological advances can also help. Devata says that “Looking towards a not-so-distant future, now is the time for SMBs to realise the necessity in leveraging technology such as adopting machine learning (ML) and artificial intelligence (AI) to detect and prevent fraudulent activities in real time.
“As fraudsters use increasingly sophisticated methods that often go unnoticed, AI and ML act as our secondary gatekeepers.”
Lastly, “Security training and education can make the online transacting experience a lot more stress-free for both SMBs and customers. End-to-end encryption (E2EE) can be employed for point-of-sale (POS) and online payments. This ensures transaction data is only accessible between the sender and a legitimate recipient, protecting each party from potential scams.”
Finding partners suited to unique needs
Based on his company’s positive experience,
Lim’s advice to other SMEs is to find those that best suits their needs. “For example, Payoneer’s user interface and app usage are intuitive and easy to navigate. The simplicity and efficiency of Payoneer’s platform have resonated with us, making it a preferred choice for our financial transactions.”
“The second thing”, he continues, “is to diversify your payment processing among multiple platforms in order to safeguard the funding sources. Implementing the 80/20 rule, where the majority of transactions flow through one primary vendor while allocating a smaller portion to alternative platforms, can help mitigate risks and provide flexibility.
“By spreading transactions across different platforms, SMEs can minimize dependence on a single provider and proactively manage potential disruptions or issues that may arise.”
