ArcartaPay was specifically designed for dealers and allows them to accept bank transfers and card payments from clients anywhere in the world through a system that uses security systems, fraud and security checks to flag up undesirable customers almost instantly.
In each transaction, the seller sends a link to the potential client. The client then enters basic details for an initial check through a secure, dealer-branded gateway. Next, the dealer reviews payment. If any problems arise from an initial check, the potential buyer will go through a second stage of identification. Payment is processed only with the dealer’s consent.
It aims to give confidence both to the seller as well as the buyer, as the dealer must go through the validation process when signing up to the subscription service. Following revelations that invoice scams topped £100m in 2018, ArcartaPay aims to offer technology that is both secure and easy to use.
Technologist and service designer Tom Noon, co-founder of ArcartaPay told ATG that the technology represents “a fundamental shift in the way we do business. No longer are we reacting to fraud. Instead a business can take a proactive approach. Dealers can look at the bigger picture and make a judgement based on information they didn’t have before.”
He developed the technology after meeting dealer Peter Petrou at Masterpiece two years ago. The two started talking about how the internet had changed dealing, particularly the loss of human contact in many cases, as well as rising instances of fraud and cybercrime.
The service launched late last year after around 12 months of development and was among the presentations at the LAPADA conference in February.
“Non face-to-face transactions are an opportunity for fraudsters and a natural blindspot for businesses,” Noon added. “These checks take only two or three minutes; no software is required, and they can be used on any device. It can be used remotely and at fairs so the dealer can sell something right away.”
Hancocks, Trinity House and Kevin Page Oriental Art are among the users listed on the ArcartaPay website.