The payments industry is rapidly changing with support for digital wallets, mobile payments, different international payment options, and tighter security gathering momentum. For consumers, this offers greater choice and security in payment options. For merchants, payments have become an operationally complex process with multiple technologies and service providers underpinning every transaction, including merchant banks, payment gateways, issuing banks, payment processors, and fraud management tools. While payments may not be sexy, they are the linchpin of online business, and they’re only getting more important. In 2017, global retail eCommerce sales totaled $2.3 trillion, and by 2021 sales are on track to more than double to nearly $4.9 trillion.
Magento Payments was designed to address these challenges head on. Based on our experience with merchants and consumers around the world, Magento Payments helps improve conversions while reducing the operational complexities of running an online business.
Did you know that 66 percent of online retailers offer three or more online payment options? Magento Payments leverages the industry-leading technology of Braintree and PayPal to enable merchants to accept a wide variety of payment methods, including local and region-specific, to help increase conversions and remove the barriers to completing an online sale.
This all-in-one solution integrates Braintree Payments, PayPal Checkout, and Signifyd fraud protection technologies into Magento Commerce to streamline the payments and risk management process – directly from the Magento Admin panel. There are no third-party accounts to manage, no need for local or regional payments expertise, and no subscription costs.
Cash Flow Management
The Cash Flow Manager in Magento Payments automatically synchronizes payments and order details within the Magento Admin, providing full transparency on processed volumes, payment balance, and reporting on transaction level details for financial reconciliation. No more spreadsheets and manual reconciliation processes. No more switching between systems to get a comprehensive view of your financials. Magento Payments eliminates manual data mapping between systems and the potential errors that come with it, saving merchants time while improving financial reconciliation accuracy.
When forced to choose, shoppers prioritize security over convenience – particularly in light of recent data breaches. In fact, 73 percent of shoppers claim security is more important than convenience when shopping online. With Magento Payments, you get both. Magento Payments provides risk management capabilities backed by an industry-leading Fraud Guarantee that shifts liability away from the merchant. Magento Payments handles fraudulent chargebacks and dispute management. It also provides full transparency and financial reporting.
Magento Payments is easy to setup and configure so you can start taking payments in a matter of hours. Magento reduces operational complexity, improves the customers’ experience, and ultimately allows merchants to focus on what they do best…growing their business.
Magento Payments will be available in Q1 2019 through an easy self sign-up process.
Would you like to have exclusive access to Magento Payments before it’s released to the public? Our 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.