- How are payment strategies in e-commerce evolving?
- How can businesses offer a closed-loop, single vendor approach and an open-loop, multi-acquiring strategy at the same time?
- What are the benefits of payment orchestration?
- Beyond conversion rate gains, cost reduction, and payment optimisation, what more should businesses be looking for?
- Why is it important to target the right level of institution when experimenting with new payment models?
The e-commerce boom and acceleration of online transactions has led to customers demanding omnichannel convenience and an efficient user experience. Acquirers, issuers and merchants alike are now forced to digitise processes, or risk being disintermediated.
Further, businesses continue to struggle to accept the multitude of payment methods out there, from debit cards to credit cards to all modes of electronic payments, transactions are not as seamless as they could be. Expanding payment processing services globally should not be as challenging as it is.
Closed-loop payment methods – single company usage – and open-loop payment methods – traditional personal banking and credit cards – are accepted by organisations and provide more convenient customer experiences, however, more needs to be done.
As well as meeting the needs of their customers, digitalisation can help organisations keep pace with the rise in online activity, increasing the need for payment orchestration. Payment orchestration can be viewed as a sophisticated solution for achieving incremental gains in complex, multi-market environments.
Alongside this, payment orchestration, where the authorisation, processing and optimisation of payments is automated and linked to an enterprise view of business operations, is a relevant model today because it can lead to faster time to market of new services, and in turn, faster time to revenue. This model can also allow merchants to process both open-loop and closed-loop payments in similar ways, authenticating and verifying at the same time.
Sign up for this Finextra webinar, hosted in association with ACI Worldwide, to join our panel of industry experts who will discuss how payment strategies in e-commerce are evolving.
Related Video: The Modernization of Payments and What It Means for the Global Economy
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