In the ever-evolving realm of financial technology, stories of unwavering determination, resilience, and game-changing innovation stand tall, and Gala Technology's journey embodies just that. Enduring three years of intense investment, research, and development, and four years of trading totaling seven years of persistent perseverance, this visionary company, spearheaded by the tenacious entrepreneur Jason Mace, has reached the pinnacle of success. Their crowning achievement? The groundbreaking SOTpay, a payment technology that has reshaped the very essence of card-not-present (CNP) transactions. Let us embark on an enthralling journey, where challenges became stepping stones to innovation, ultimately revolutionizing the electronic payments landscape.
Gala Technology's transformation began with Jason Mace's quest for a solution to mitigate telephone fraud risk. After facing challenges in his own business due to fraudulent transactions, Mace embarked on a mission to develop a system that could combat the staggering £618 million worth of CNP fraud in the UK. With determination and a vision for secure transactions, he laid the foundation for SOTpay, the pay-by-link solution that would change the game.
In 2012, Gala Tent, Gala Technology's sister company and the UK's largest marquee and gazebo manufacturer, faced significant issues with processing CNP payments. The traditional process involved customers providing sensitive card information over the phone, leading to compliance concerns with PCI DSS. Additionally, chargebacks resulting from fraud were a growing problem, causing substantial financial losses for the company.
The consequences of fraud-induced chargebacks hit Gala Tent hard, resulting in substantial losses and customer dissatisfaction. Efforts to implement additional security measures through manual checks proved insufficient against increasingly sophisticated fraudsters. It was clear that a more innovative and robust solution was needed to safeguard revenue and protect customers.
Faced with the lack of existing solutions, Jason Mace and Gala Technology's dedicated team set out to create a revolutionary pay-by-link solution - SOTpay. By eliminating the need for handling sensitive card information, SOTpay drastically eliminated the risk of fraud and chargebacks. The success of this pioneering technology earned Gala Technology prestigious industry awards and recognition, including the "Best International Card-Not-Present Solution" for four consecutive years.
Gala Technology's commitment to excellence and continuous innovation didn't go unnoticed. They received accolades for "Payments Innovation of the Year" and "Security Innovation of the Year," further solidifying their position as a trailblazer in the payment industry. Their impact on payment security was even recognised by the Payment Card Industry (PCI) Council, which revised its guidance to endorse the digital approach championed by Gala Technology.
Jason Mace's journey to develop SOTpay exemplifies the power of determination and the potential to transform challenges into opportunities. By addressing the security and fraud challenges faced by Gala Tent, Gala Technology has reshaped the landscape of CNP payments. With a commitment to pioneering secure and seamless payment experiences, Gala Technology continues to lead the evolution of card-not-present transactions, ensuring a safer and more efficient future for electronic payments.
· Transactions Protected: 2.5 Million +
· Merchants Onboarded: 1200 +
· Revenue Protected from Fraud: £3 Billion+
· Countries Served: 30+
Follow Gala Technology for the latest updates and be a part of the transformation in electronic payments. Safeguard your business against fraud and join thousands of merchants already benefiting from SOTpay's game-changing technology.
Learn more about SOTpay click here
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