Corefy

What is Corefy

Corefy is a payment orchestration platform designed for online businesses and financial institutions. Its main purpose is to connect and manage various payment providers and acquirers through a single integration. This allows companies to control their entire payment infrastructure from one central hub. Corefy provides tools to process payments, manage payouts, and optimize transaction flows to improve success rates and reduce costs. The platform was founded in 2018 and is headquartered in London, United Kingdom. It aims to simplify the complexity of global payments, enabling businesses to scale more easily by offering a wide range of payment methods and currencies to their customers worldwide.

Corefy Features

Corefy offers a comprehensive set of features to manage the entire payment lifecycle. Here are some of its key capabilities:

• Payment Routing: Automatically directs transactions to the best-performing payment provider based on rules you set, such as cost, currency, or acceptance rate. This helps increase successful payments.
• Cascading: If a payment fails with one provider, it is automatically retried with another provider in a predefined sequence. This helps recover potentially lost sales.
• Global Integrations: Connect to over 500 payment service providers (PSPs) and acquirers globally. This allows businesses to easily accept local payment methods in different regions.
• Unified Dashboard: A single interface to monitor all transactions, manage providers, and view detailed analytics and reports. This gives a clear overview of payment performance.
• Payout Management: Facilitates mass payouts to partners, suppliers, or customers across the globe using various payment methods.
• Customizable Checkout: Design and host payment pages that match your brand's look and feel. This provides a consistent user experience for customers.
• Security and Compliance: The platform is PCI DSS Level 1 certified and GDPR compliant, ensuring that all transaction data is handled securely.
• Multi-Currency Support: Process payments and make payouts in over 200 currencies and cryptocurrencies, which is essential for international businesses.

Corefy Pricing Plans

Corefy uses a custom pricing model tailored to the specific needs of each business. There are no public pricing tiers listed on their website. The cost is typically based on factors such as transaction volume, the number of payment providers connected, the specific features required, and the level of support needed. To get a price quote, interested businesses must contact the Corefy sales team for a consultation. This approach is common for enterprise-level platforms, as it allows them to create a solution that fits the client's scale and operational requirements.

Corefy Free Plan

Corefy does not offer a free plan. It is an enterprise-grade platform designed for businesses with significant transaction volumes. However, they offer a personalized demo of the platform. During the demo, their team demonstrates how the features can address your specific business challenges and help you understand the potential return on investment before making a commitment.

How to use Corefy

Getting started with Corefy involves a few key steps to integrate and configure the platform for your business:

1. Initial Consultation: The first step is to contact Corefy's team. You will discuss your business needs, current payment challenges, and goals. They will propose a tailored solution.
2. Integration: Once you agree to a plan, your development team will integrate Corefy into your website or application using their API. The Corefy team provides documentation and support during this process.
3. Connect Payment Providers: In the Corefy dashboard, you can connect your existing payment provider accounts or choose new ones from their extensive list of integrated partners.
4. Configure Rules: Set up your payment logic. This includes creating rules for smart routing (e.g., send all transactions from Europe to Provider A) and cascading (e.g., if Provider A fails, try Provider B).
5. Customize Checkout: Use their tools to create a branded checkout page that your customers will see when they make a payment.
6. Go Live and Monitor: After testing, you can start processing live transactions. Use the dashboard to monitor performance, track success rates, and analyze data to further optimize your payment setup.

Pros and Cons of Corefy

Pros:

• Centralized Control: Manage all your payment providers and transactions from a single platform, which saves time and reduces complexity.
• Increased Approval Rates: Smart routing and cascading features significantly improve the chances of a transaction being successful.
• Global Reach: Easily expand into new markets by offering local payment methods and currencies without needing separate integrations for each.
• Reduced Technical Overhead: A single integration with Corefy replaces the need to maintain multiple, separate integrations with different payment providers.
• Robust Analytics: Provides valuable insights into payment performance, helping businesses make data-driven decisions.

Cons:

• No Transparent Pricing: The need to contact sales for a quote can be a barrier for businesses that prefer straightforward pricing.
• Complex for Small Businesses: The platform is powerful and feature-rich, which might be overly complex and not cost-effective for very small businesses or startups with low transaction volumes.
• Requires Technical Integration: While it simplifies payments in the long run, the initial setup requires developer resources to integrate the API.

Corefy integrations

Corefy is built to be a central hub and integrates with a vast network of over 500 payment partners. This includes:

• Payment Service Providers (PSPs): Connect with major international and regional PSPs like Stripe, Adyen, Braintree, and Worldpay.
• Acquiring Banks: Direct integrations with numerous acquiring banks around the world.
• Alternative Payment Methods (APMs): Support for e-wallets (like PayPal, Skrill), bank transfers, buy-now-pay-later services, and local payment schemes.
• Cryptocurrency Processors: Integrations with providers that facilitate cryptocurrency payments.

The platform's architecture allows businesses to add or switch between these integrations without additional development work, all managed from the Corefy dashboard.

Corefy Alternatives

Here are some alternatives to Corefy in the payment orchestration market:

• Spreedly: A strong competitor that also focuses on connecting to multiple payment gateways through a single API. Spreedly is well-known for its secure card vaulting capabilities.
• Primer: A newer platform that offers a no-code workflow editor, making it easier for non-technical users to build and manage complex payment flows. It is known for its user-friendly interface.
• IXOPAY: A highly configurable payment orchestration platform that can be used as a white-label solution. It is suitable for large enterprises that need a high degree of customization.
• Payoneer: While known for its cross-border payout services, Payoneer also offers payment acceptance and orchestration features, particularly for marketplaces and international businesses.

Corefy API

Yes, Corefy provides a comprehensive API for developers. The entire platform is API-driven, allowing businesses to integrate payment processing, payout management, and other features directly into their systems. Access to the API documentation and keys is provided to clients during the onboarding process. Developers can use the API to initiate payments, create customers, manage subscriptions, and pull transaction data.

Here is a generic example of what an API call to create a payment might look like using cURL:

curl -X POST https://api.corefy.com/v1/payments \
  -H "Content-Type: application/json" \
  -H "Authorization: Bearer YOUR_API_KEY" \
  -d '{
    "amount": 1000,
    "currency": "USD",
    "payment_method": "card",
    "customer_id": "cus_12345",
    "description": "Order #5542"
  }'

To get your API key, you must sign up as a Corefy client. The keys will be available in your account dashboard under the developer or API settings section.

Corefy Affiliate program

Corefy offers a Partner Program rather than a traditional affiliate program. This program is designed for businesses such as payment service providers, development agencies, consulting firms, and financial institutions that can refer clients to Corefy. The benefits and commission structure for partners are typically customized based on the nature of the partnership and the volume of referrals. To join, you need to visit the 'Company' or 'Partners' section on the Corefy website and fill out an application form. Their partnership team will then contact you to discuss the details of a potential collaboration.