The way that shoppers pursue their chosen products has fundamentally changed over the past decade to two decades. An increasingly normalized digital shopping experience paired with a prevalence of online payment options has made it easier than ever to shop til you drop from the comfort of your own home.
The continued rate of growth in the digital shopping sector has made it more competitive than ever for businesses looking to establish themselves in the space. Whether selling automobile parts or simple creative services, a reliable payment processing system is of the utmost importance.
Daniel Shin is the founder and co-CEO of PortOne Global, a payment processing giant founded in Korea that has found explosive growth throughout the rest of the industry in recent years.
Shin took time out of his day to sit down with the team at the Business Review to showcase what has made him so successful while underscoring how his company aims to continue its growth trajectory in the future.
Founding a Company
Daniel Shin chose to establish PortOne after finding success with the business TicketMonster. It was during his time working at TicketMonster, or TMON for short that he came to realize the truly disconnected nature of Asia’s payment processing systems.
Shin said during an interview with the Business Review, “The Asian payment landscape is extremely fragmented, and I found it very difficult to manage a team of engineers to integrate all of the payment options.”
To address this issue, PortOne was established. Shin would say, “PortOne solves this problem by serving as a single API to connect all payments in Asia.”
The business began in Korea but was quick to expand as it served markets in Thailand, Indonesia, Vietnam, India, and Singapore. Shin said, “It’s exciting to see the growth in the early stages of the market development.”
Boosting the Benefits of Businesses
Daniel Shin understands that digital payment processing is here to stay and that businesses need to get on board before they run the risk of being left behind.
Shin said, “As an eCommerce business, you never want to lose out on potential customers. A key to improving conversion is to provide a payment method of the customer’s choosing.”
The adoption of PortOne Global by businesses allows them to provide interconnected payment processing options to their customers, all without overburdening their engineering team. Shin went on to emphasize, “It is important to save costs where possible. PortOne allows merchants to scale without having to scale engineering teams.”