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In 2024, consumer demand for instant and alternative payment methods will be higher than ever.
Providing consumers with payment options is rapidly becoming the norm, with merchants leveraging payment automation and innovative payment systems to streamline processes and shorten invoice-to-cash times. is needed.
We speak to Patricia Partelow, managing director of financial services consulting at Ernst & Young (EY). He says the need for change is driven by demographics “including age, geography and socio-economic factors.”
In fact, a recent EY study revealed that Gen Z is leading the way among their generations in adopting digital payment methods. In particular, Gen Z is up to three times more likely to use alternative payment methods such as contactless payments, payment apps, buy now, pay later, and in-game currencies.
EY: How merchants can meet consumer payment needs
But how are merchants responding to these changing payment needs? Partelow says: “Our solution for enabling merchants to offer their customers the largest and most relevant payment method choices possible is simple: Payment Orchestration Platform (POP).
“POP provides a solution that integrates and integrates multiple payment service providers (PSPs) and the various alternative and local payment methods they offer.
“These orchestration solutions provide integrated connectivity to multiple service providers (processors, acquirers, value-added service providers, etc.) through a single connectivity/orchestration layer.”
Additionally, an orchestration integration software layer simplifies front-end and back-end integration between a merchant’s website or in-store point of sale (POS) and multiple PSPs, allowing multiple It gives you control over functionality,” adds Partelow. .
“Employing an orchestration layer offers many benefits to sellers. It is selectable and configurable, giving you the ability to customize your solution suite a la carte to your needs. payment methods become more widely accepted and expand geographic reach.
“Overall, merchants can benefit from smart routing of transactions, optimizing multiple factors such as cost and approval performance based on priorities.”
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