Modo, the bank-grade fintech-as-a-service platform, announces their /Checkout™ product focused on simplifying the payment stack for ecommerce merchants. /Checkout increases basket size and the lifetime value of customers by expanding the number and type of payments options. /Checkout also enables merchants to see the total cost of payments on a transaction-by-transaction basis to facilitate reducing overhead operational cost.
Numerous studies and surveys have identified local, relevant, and convenient payment options as a critical success factor for converting checkouts into sales for online merchants. This is particularly challenging when considering the diversity of payment options around the world.
Today, merchants who are selling globally online are required to integrate with a multitude of payment service providers to gain access to the payment methods they need based on the regions where they’re doing business. Each region may have different rules and regulations around data exchange, different currencies they are exchanging, and a different set of local payment methods that their consumers want to use. After conducting the lengthy integrations to each new provider and payment method for the regions, merchants are left with a complex payments stack that creates a mess for customer experience, operations, settlement, reconciliation, and reporting. Additionally, deciphering how much was spent on a payment per transaction is increasingly difficult for the merchant. Modo’s /Checkout API solves for this friction and creates better visibility to their payment operations (“PayOps”).
With one connection to Modo’s /Checkout API, merchants are given the flexibility to work with multiple payment service providers, networks, and payment methods and the visibility to understand their total cost of payments on a transaction-by-transaction basis. The /Checkout dashboard gives merchants one view into their payments stack for the full lifecycle of a transaction from initiation to settlement and reconciliation to errors and chargebacks.
Some features of the /Checkout product include:
Assurance – Create customers for life with “soft decline” authorization routing
Connect – Access to payment providers and platforms around the globe with one click
Insights – Monitor performance in real time using the performance and notification hub
Manage – One view of exception, disputes, and fraud across all payment providers in the stack
“Payments are hard. But there’s no reason that every merchant has to figure it all out on their own, that’s super inefficient. With the internet making every online retailer a global company, we wanted to use the technology we’ve built for global banks and other titans of payments to solve for that complexity and eliminate friction,” says Bruce Parker, CEO of Modo.
They cunningly named their product /Checkout (pronounced slash checkout) so you could find it at www.modopayments.com/checkout. Check it out! (see what they did there?)
Modo is the bank-grade fintech-as-a-service platform that connects merchants to the market of payment services providers. A single connection to Modo’s API allows merchants to manage and optimize their various payment services – from alternate payment methods and eWallets to card processors and acquirers. As a technology solution, Modo reduces the friction that occurs in connections between payment systems, without entering the money flow. Merchants can accept more payment types from more providers with lower decline rates at a lower cost, while maintaining control of both their customer data and their checkout experience without all the usual payments complexity. Modo’s current market participants include 14 West, Klarna, FIS, Etihad Airways, Bank of America Merrill Lynch, and Deutsche Bank among others. Head to modopayments.com to learn more!