• Alessio Damonti, Deputy CEO at Axerve


• 28.04.2022 11:45 am
#payments

Today, there are still barriers in the payments space for retailers that want to offer a frictionless and risk-free buying experience to their customers. However, thanks to new technologies, merchants can utilise solutions able to reduce the number of failed payment transactions and increase their sales in a process that it not just easier for them but also the end customer.

During the recent Payments Leaders’ Summit in London, I was able to share with other European payments leaders’ valuable insights on the world of Ecommerce, payment processing and choice in service providers. Online transactions and Ecommerce have increased in complexity over the years and this trend has accelerated in the wake of the introduction of PSD2. Those processing digital and card payments must now respond to an increased number of requests coming from anywhere, and in any currency from across the globe. Nowadays with all the players involved in the payments flow and the increase of tools managing different transactions, this can quickly become expensive and difficult to manage and integrate. For this reason, Axerve, Italy-based payments hub, part of Fabrick Fintech ecosystem, developed Payment Orchestra^TM, a seamless payment solution designed to increase ease of doing business for merchants and end-customers alike by managing the interoperability between all transaction processes and simplifying payments configuration by leveraging Axerve’s proprietary software architecture.

More and more, managing numerous payment platforms or methods force merchants to relocate precious investments in this activity with a toll on efficiency as well as shifting their focus away from their core business as merchants and retailers. Platforms for orchestrating payments across Europe and worldwide enable merchants and retailers to accept as many providers, payments methods, and acquirers as they want, without them having to heavily invest in the payment’s infrastructure themselves.

The solution provided by Axerve’s Payment Orchestra^TM allows businesses to orchestrate multiple international Ecommerce payments through a single platform in a quick and secure way. Its multi-solution integration system gives businesses the possibility to automatically switch payments to the best performing provider at the time of purchase, resulting in industry-leading quick reaction times.

Thanks to the technology behind payments’ orchestration, it is possible for merchants to not only have access to a number of different payment service providers (PSPs) and methods, but to effectively manage payments and automatically redirect transactions to the best performing PSP for that specific transaction, saving on fees, resources, while increasing the overall authorization rate.

In the world of Ecommerce, payment processing and choice in service providers and payment infrastructure plays a pivotal role at check-out. As a result, the modern retailer must equip themselves with all possible solutions to simplify the acceptance of payments, with the aim of reducing cart abandonment rates and increasing the possibility of sale if they wish to remain competitive and deliver customer-friendly payments.

Therefore, in order for merchants to maintain high customer experience and cart conversion, it is essential that payment is as frictionless and immediate as possible, while still being transparent and above all safe and compliant with relevant PSD2 regulations. For instance, while the use of two-factor authentication or SCA mandated by PSD2 has added friction, with the right solutions merchants need not miss out on transactions

For more information on Axerve’s Payment Orchestra^TM, please visit: https://www.axerve.com/en/payment-orchestra