Becoming a truly global payment service provider
The ecommerce market is diversifying, and as more consumers opt to shop online, it has become essential for payment service providers to offer alternative payment methods (APMs) to suit their customers.
According to global payment gateway solution provider PAY.ON, APMs could account for nearly 60 percent of all ecommerce transactions by 2017, with the growth of cross-border ecommerce adding to the complexity.
Planet Payment, a leading provider of payment processing solutions, was cognisant of this shifting ecommerce landscape, but found that despite offering a strong multi-currency pricing solution, it no longer had the underlying gateway technology to serve an increasingly global client base.
Paul Levine, president of Planet Payment Solutions, said: “Supporting our merchants’ alternative payment needs as they expanded into new markets was a roadblock for Planet Payment. Often, it was too difficult to justify the first integration to a local payment method.”
In this case study, PAY.ON explains how it helped Planet Payment start winning merchants again – including some of the US and Canada’s largest e-retailers – by working with the company to upgrade its technological capabilities, including integrating like-for-like settlement in more currencies, and introducing the tech to take their end-to-end China UnionPay acquiring and processing solution global.
Levine continued: “Now we can negotiate a commercial arrangement with a local payment provider and enable technical connectivity with the flip of a switch, allowing us to give better payment support to our merchants.”