Jose Fernando Velez interprets his rewards in the TR35 Colombia awards, as recognition of the work done in PagosOnline in the last 10 years. Until recently PayPal and MercadoPago led the e-commerce market, but in 2002 the present manager of PagosOnline came to change it. This Colombian Economist and his partner Martin Schrimpff had realized that there was demand for a service that would meet the best of both and add additional integrated services. Now this is a solid company that faces the two giants in the Latin American market.
PagosOnline presents several differences regarding PayPal, according to Velez: on one side, it offers alternative and local means of payment and follows a process “much more personalized” accompanying the customer to be integrated in the platform. On the other side, it integrates two modalities for processing payments; one is aimed to large enterprises and the other, is for customers and small enterprises. These along with other services tailored to a variety of clients, make PagosOnline be in an advantageous position towards competition. Another difference that Velez emphasizes concerning PayPal and MercadoPago, is that there are no requirements for registration of the purchase to make the payment.