Introducing Magento Payments
eCommerce is a relatively new industry but has been growing exponentially each year. An increasing number of merchants are shifting their attention to the online marketplace and have begun allocating resources to gain market share. Yet, one of the main issues associated with selling online is the collection of payments and storing the data thereafter.
The two processes of payment collection for online selling versus traditional brick and mortar settings vary greatly. Both transactions may occur instantly but online processing requires a few extra steps.
Many merchants have to implement multiple third-party technology providers to control payment processing for their online business. Often, these services are quite costly but are necessary due to the complex nature of the processes.
As online retailers expand, alternative payment options have been explored and introduced to improve overall business. Digital wallets, mobile payments, different international payment options, and tighter security are all desirable options to offer to consumers shopping online.
Magento recognized how the payment process landscape was changing and decided it was time to develop their own. They designed Magento Payments to solve issues attached with third-party solutions, to increase conversions, and to allow the Adobe/ Magento product offerings to be as holistic as possible.
The majority of online retailers offer three or more payment options to their consumers. Offering multiple options benefits the consumer giving them many ways to pay and bring in funds. In theory, offering multiple payment options should bring in more revenue. However, managing various payments systems increases overhead and requires resources to run smoothly. Magento Payments provides a solution for both sides of the transaction: merchant and consumer.
Magento Payments should not be viewed as a single payment option but rather an “all-in-one” solution. Magento Payments integrates three leading solutions into one fluid process. Magento Payments allows merchants to accept a wide breadth of payment methods, including local or region-specific, to help increase conversions and reduce the inherent barriers to completing an online sale.
With Magento Payments there are no additional third-party accounts to manage, no need for local or regional payments expertise, and no subscription costs.
Magento Payments shifts liability away from the merchant by providing risk management capabilities. This system is backed by an industry-leading Fraud Guarantee.
Magento Payments handles fraudulent chargebacks and dispute management. It also provides holistic and easy to understand financial reporting.
In today’s world of online shopping, consumers choose security over convenience.
Magento Payments introduced a system that automatically synchronizing payments, details, and funds directly within the Magento Admin Panel. This technology is called The Cash Flow Manager and allows for instant data on sales volumes, balances, and other transaction details increasing transparency overall.
Manual processing is eliminated opening up other resources for the merchant. Using one system that is fully integrated eliminates manual data mapping between systems and the potential errors that come with it.
Magento Payments is easy to configure allowing for payments to be processed within hours of set up. Magento reduces operational complexity, improves the customers’ experience, and ultimately allows merchants to focus on what they do best…growing their business.
Although Magento Payments is not currently available, Magento has announced it will roll out in 2019.
Would you like to have exclusive access to Magento Payments before it’s released to the public? The Early Access Program is still open. If you would like to participate and your business is based in the United States, please send an email to firstname.lastname@example.org.