Nochex is the UK’s leading independent online payment method. Established in 1999 and taking payments since 2001, the company has earned itself a proud reputation for helping online entrepreneurs to grow from start-up right up to successful merchant.
Early in the twenty-first century Nochex specialised in being the primary UK-based alternative payment choice on eBay, competing successfully with the likes of PayPal, Worldpay and other nascent internet payment options.
Nochex had established itself as the number one UK-based independent payment option on eBay. Competing on equal terms with all, many eBay sellers preferred to use Nochex because of its superior merchant support, lower charges, and greater empathy.
Dispute with eBay
However, in 2006 eBay, which had acquired PayPal in 2003, made the sudden but commercially predictable decision to no longer allow sellers on eBay to use Nochex. In the immediate aftermath of the decision, many eBay sellers closed their Nochex accounts and place all their business with PayPal. Many of these merchants were extremely reluctant to take this step, but with their livelihoods at stake, this was an entirely understandable decision to take.
Nochex was subsequently able to overturn eBay’s decision, but much damage had already been done, and as a result of inertia, many former Nochex account holders were slow to return. Thereafter, eBay continued its campaign against Nochex making it increasingly difficult for eBay sellers to use Nochex as a payment option.
However, to this day Nochex remains an acceptable payment method on eBay and many thousands of merchants have continued to use our service on eBay in preference to PayPal.
A new beginning
During 2006 Nochex set about developing a new and complimentary business model that addressed the needs of internet retailers selling through their own website and shopping cart.
Nochex developed a unique merchant account service that enabled retailers to accept payments without having to obtain a merchant account from a bank. Nochex provided the simplest and fastest way for these trailblazing merchants to get paid.
In 2007 the founders of Nochex launched Axcess, a complementary Independent Sales Organisation formed specifically to provide a migration path for larger Nochex merchants that needed to spread their acquiring over a number of UK and international acquirers.
Nochex continued to work with a loyal band of internet merchants in order to redesign the Nochex offering to address the needs of the internet merchant. The primary new source of business remained reputation: referrals from existing account holders accounted for, more than half of all new account holders and this trend continues to the present day.
A growing reputation
In 2011, Nochex successfully launched an innovative new partner scheme designed to reward those people who regularly referred new business. The scheme continues to the present day, paying out to thousands of partners regularly each month.
In the same year the company was identified as having one of the busiest financial services websites based in the UK.
Following a consultation with internet retailers, in 2012, Nochex introduced the UK Trader account. The concept was the same as for the merchant account, but the new account addressed the concerns of some retailers with additional security barriers.
In 2013, Nochex launched a marketplace designed to promote great offers available from both established and new merchants. The principle was simple; as one of the busiest websites operating in our market, Nochex had a great opportunity to showcase fantastic deals for its shoppers.
In addition to supporting Visa and MasterCard brands, Nochex also entered into a collaborative agreement with global card scheme American Express to support payments using their cards.
Nochex was also one of the first payment methods to make its payment facilities ready for the growing rise of mobile payments. Nochex merchants did not need to make any changes to their own shopping facilities; all the changes were made on Nochex own flexible platform.
In to the future
Late in 2013, Nochex was chosen both by Visa and by MasterCard to spearhead the launch of their respective electronic wallet services, MasterPass. In choosing Nochex, the two card schemes identified Nochex’ close relationships with merchant account holders as a clear advantage in terms of getting their new wallets quickly to market and to achieve a fast take-up.
These days Nochex continues to strive for excellence, particularly in terms of the relationship with merchants and online shoppers. We regularly monitor their opinions in order to ensure that our service continues to meet and exceed their expectations. We remain a highly sensitive organisation, tuned to the voice of our customers and are committed to maintaining that close customer relationship, with both our customers and our strategic partners.