December 19, 2015
A newly released white paper highlights the growing trend of payments platforms, validating the strategic approach of payment tech provider Zooz. Historically, enterprises never had much control over payments or merchant acquiring. They were typically connected to and serviced by a single processor, states Andrei Charniauski, Head of Europe for IDC Financial Insights. As the payment industry develops, it is essential to disintermediate this simplistic value chain by adding a new layer — between the retailer and the merchant acquirer. This layer should work for the benefit of the enterprise, but it doesn't have to be owned by it. It should play a key role in helping the firm to gain control over the payment chain and extract the value of data.
The paper goes on to highlight the business benefits of the modern payments platform, which include:
- Multiple acquiring: In today’s age of global commerce, relying on a single merchant acquiring bank can result in steep international credit card fees and inflated decline rates. An acquirer-agnostic payments platform is able to avoid these pitfalls by routing each payment to the most appropriate acquirer for that transaction.
- Data generation: Businesses that accept payments sit on a gold mine of insights from customer transactions. The ability to collect, extract, understand and use this data enables them to improve business strategy, create more personalized customer experiences, and stand out from the competition.
- An integrated omni-channel solution: To maximize any targeted customer engagement, it is essential to obtain an integrated view of customers across all touchpoints and channels of engagement. Past omni-channel solutions were simply cut-and-paste combinations of different, fragmented technologies.
Payments are emerging as a crucial platform for businesses of all sizes and sectors, said Oren Levy, CEO of Zooz. By making it possible to integrate with other systems and build supporting ecosystems for linking software and data, payments platforms enable the mining of data/customer insights, as well as omni-channel capabilities and ongoing innovation.
Zooz provides a payments platform designed to help merchants maximize their payments performance. It offers the flexibility to connect with multiple financial institutions, seamlessly integrate acquirers, e-wallets, alternative payment methods, fraud management and other third-party services, and intelligently route transactions through the entire payment process. Zooz consolidates and analyzes all payment data to provide valuable information to merchants, enabling them to personalize customer experiences online and in-store. It is the partner of choice for any business seeking to extend reach, reduce decline rates, increase revenues, maintain strong customer relationships and meet the challenges of the dynamic global market. For further information please visit.
Authored by Andrei Charniauski, Head of Europe for IDC Financial Insights, PaymentPlatform: Enabling Enterprise Transformation through Actionable Data can be downloaded here