Build a Better Payment Experience with IXOPAY

January 30, 2022 | News

The coronavirus pandemic has changed businesses forever. Remote work flexibility is considered an expectation, not a benefit. The value of commercial real estate and office space is plummeting. And card-not-present transactions are no longer just an added convenience for online shoppers – they’re the preferred method of payment for many.

You might be tired of hearing about the “new normal,” but it’s tough to argue with the numbers. The Global Digital Payments Market accounted for $5.44 trillion worth of transactions in 2020, according to a ResearchAndMarkets.com report.

Think that’s just a pandemic-driven anomaly? These payments are projected to more than double by 2026.

None of this should come as a surprise. You probably already understand the necessity of reliable digital payments. But you might be struggling to maximize their value in terms of capturing steady recurring revenue and creating positive payment experiences that generate loyal customers for years to come.

Especially if your business is a payment services provider or operates within the payments industry, the ability to offer secure, seamless, and profitable payment methods is essential for your success. Unfortunately, in such a crowded space, it can be difficult to find partners and technologies that will give your merchants the freedom and control they need to create their ideal payment ecosystems and checkout experiences.

Control Shouldn’t be a Premium Feature

 

Because payment processing is dominated by banks and large processors, PSPs can often suffer from processor lock-in – a common industry practice where processors limit your ability to migrate to or integrate with their competitors. They do this because they want you to use their services – and pay their invoices – exclusively.

We see it all the time. Take Acima, for example. This Utah-based leasing company was feeling the pain of processor restrictions. They were entirely reliant upon a single processor, its uptime, and its suite of ancillary services and technologies. They had all of their eggs in one basket, and the basket wanted them to pay to get their eggs back.

“We had a partner that wanted to charge us over one hundred thousand dollars to move our cards to a different processor,” Acima Credit VP of Engineering Ryan Christensen said. “That’s when we realized we needed to remove the handcuffs and find a partner who would allow us to vault independently and provide the ability for us to onboard new card processors instantaneously.”

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They’re not alone. Tennessee-based Pay N Seconds didn’t like being under the thumb of their processors or gateways, either. They wanted to be able to control who their processors were and what they could do with their payment tokens.

“We got stuck a few times where we needed to move tokens, and it was a bit of a challenge because a lot of them are processor- or gateway-specific,” said Pay N Seconds Chief Information Officer Theron Hatch. “So if you wanted to move gateways, you’d be challenged to recreate any saved payment methods you had.”

The Solution: Accept, Secure, and Transact with IXOPAY

That’s the beauty of working with IXOPAY. PSPs can leverage IXOPAY to easily create a secure, independent cloud token environment for their merchants. This enables merchants to integrate with their desired landscape of payment partners and technologies to create their ideal payment process. No longer are they at the mercy of the banks and processors that don’t play well with others.

Additionally, IXOPAY offers payment-enhancing features such as Account Updater, 3-D Secure, Network Tokenization, and fraud prevention. Plus, we provide industry-leading data protection for payments and can help minimize the cost and complexity of PCI compliance. So you can enjoy a reliable, flexible foundation for building your perfect payments stack.

To learn more about how we help PSPs, visit our platform below or contact us directly. Our experts would love to speak with you to understand your unique use case so we can work closely with your team to design your ideal solution.

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