WLPayments is pleased to announce its addition of 7 new acquirers to its platform, keeping true to its acquirer-agnostic approach. These acquirers were integrated within 2 months, validating WLPayments’ method of planning in terms of hours and days rather than weeks and months.
How to make the best out of payment orchestration with the right payment partner
Even when working on a modern payment platform, expanding a business globally comes with many challenges. However, on a dated platform, these challenges could mean the end of your expansion. Issues such as high costs, extended timelines for integrations, insufficient insights, and difficulties complying with new rules and regulations may arise, not to mention the need for innovations like pay-by-link, split payments, or one-click payments. Therefore, working with the right PaaS (Platform-as-a-Service) provider that can help with payment orchestration is crucial, especially for large merchants operating in multiple domains and countries.
The reason behind this collaboration is that the Germany-based independent sales organisation, Deutsche Payment, was looking for a payment gateway partner as the company wanted to offer its clients a multi-acquirer setup, routing possibilities, and all other conversion boosting payment features, with effortless integrations. The company required new payment innovations, extensive reporting features, and intuitive interfaces in order to provide its merchants with scalable payments infrastructure.
Deutsche Payment and WL Payments are pleased to announce their partnership in combining Deutsche Payment’s ample expertise and WL Payments’ innovative technology to service the German market. The German independent sales organization, Deutsche Payment, was looking for a payment gateway partner as the company wanted to offer its clients a multi-acquirer setup as well as routing possibilities and all other conversion boosting payment features, with effortless integrations. Additionally, the company required new payment innovations, extensive reporting features and intuitive interfaces in order to provide its merchants with the most modern and scalable payments infrastructure.
Payment orchestration is a hot topic in digital payments and needless to say, it has become even more relevant during the COVID-19 pandemic. Essentially, a payment orchestration platform can help businesses scale faster, remove the complexities from their payments and optimize their payment flows. All of this sounds great, but naturally, most decision-makers want to know what problems does payment orchestration specifically solve, so I will discuss some of these issues below.
Social media shopping is a growing international trend with a huge potential for commerce. This has only been exaggerated by the COVID-19 crisis, with one global study reporting an increase in social media engagement of 61% over normal usage rates. Thus, payment service providers (PSPs) and other financial institutions should support their clients with social media payments, as the pandemic shutdown forced the future of social shopping to arrive on a much, much faster timeline.
The payments system is no stranger to regulations, but PSD2 (Payment Services Directive 2) is given additional importance due to its impact and a new generation’s expectations. However, in this new digital era, PSD2 is the key to fighting online fraud while boosting innovation with new payment services.
The major development of PSD2 is the introduction of new security measures like SCA (Strong Customer Authentication). 3DS2 technology is the solution specifically designed to comply with the SCA requirements and overcome the shortcomings of the original 3D Secure protocol, 3DS1. For this reason, it will also bring a wealth of benefits to both merchants and customers.
New Integrations boost Apple Pay options – many payment platforms are also working to integrate mobile payment options, especially as the COVID-19 pandemic drives more commerce online and makes transactions that require physical interaction inadvisable. Global payments platform WL Payments is integrating Apple Pay into its merchants payments offerings, for example, enabling its merchant clients’ customers to make one-click purchases using their smartphones, Apple Watches, iPads or computers.
Purchasing items on social media is a growing international trend with huge potential. During the COVID-19 crisis, 42% of people in an international Global Web Index survey reported spending a greater amount of time on the likes of Facebook and Instagram. And with social distancing continuing for months, that trend is likely to continue.
According to PayPal, around eight million Britons currently buy items through social platforms and less than a quarter of businesses sell through them. It’s an underappreciated way of trading that CMOs at PSPs, along with banks and other financial institutions, should help clients concentrate on much more.
WL Payments, the trusted white-labelled global payments platform that consolidates multiple features like transaction routing and reconciliation, brings its customers Apple Pay. Apple Pay is now part of WL Payments Hosted Payment Page, which provides one-click integration for online merchants using a WL Payments partner as their payments provider.
A record 33% of UK purchases took place online in May, according to the Office for National Statistics. Yet with average conversion rates at less than 3%, firms are still missing out on billions of potential income.
The likes of better, persuasive sales copy on websites can help firms profit more from the fast-rising interest in e-commerce in the post COVID-19 world. But CEOs and CMOs at PSPs and banks must ensure that their organisations are supplying clients and their customers with seamless checkout experiences. Payment platforms should be mobile-friendly and instantly offer an alternative payment method when the customer’s first choice did not work out. And of course it should send out second-chance emails if a customer has prematurely abandoned the payment page. Moreover, they should let customers use their native currency, if possible. However, if firms are to really compete, platforms also need to make heavy use of recent innovations.
The ecommerce market is on a powerful growth trajectory – one that has only been boosted by the ongoing COVID-19 pandemic forcing shoppers globally to stay at home. According to eMarketer, global ecommerce sales will hit $5 trillion next year, following a period of annual growth rates of over 20%.
The opportunity for banks and other payment businesses is enormous. Billions of dollars of fees are available for companies that can make international ecommerce as smooth and seamless as possible for their merchants. The trouble is that offering a truly international payments platform is challenging for any organisation, let alone an established bank or payments business with dated technology and a sprawling existing infrastructure and client base to manage.