Introducing Magento Payments
- Nidhi Arora
- 5 years
The e-commerce industry has evolved tremendously over the last decade. Developers, as well as retailers, are leaving no stone unturned to make online shopping more convenient, offer multiple secure ways to submit payments, and deliver a great experience to customers. Even payment processing has changed, and many e-commerce portals are allowing customers to pay for their purchases through mobile payments, digital wallets, and international payment options.
For sellers, integrating multiple payment options means a complex process of functioning on different technologies. It requires service providers to support every transaction, including merchant banks, payment gateways, issuing banks, payment processors, and fraud management tools. No matter how intricate it is, the dynamic nature of payment processing will always be imperative for e-commerce businesses.
To counter these challenges and make everything related to or surrounding payments less complicated, Magento has introduced Magento Payments. After looking for feedback from worldwide sellers and customers, Magento Payments is designed to improve conversions while reducing the operational complexities of running an online business. Magento Payments will be available in the Q1 of 2019; however, an Early Access Program is giving many exclusive access of Magento Payments before it is released to the public.
How Magento Payments Will Improve Conversions
Magento Payments makes use of the technology behind Braintree and PayPal to allow sellers to offer different payment options, including local and region-specific, thereby increasing conversions and suppressing the hurdles that pop up while completing an online sale.
Better Cash Flow Management
A highly productive feature integrated within Magento Payments is the Cash Flow Manager. The Cash Flow Manager 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. This eliminates manual data mapping between systems and the potential errors that come with it.
After so many data breaches within the last few years, buyers tend to prefer security over convenience while shopping online. The risk management capabilities of Magento Payments is backed by an industry-leading Fraud Guarantee that does not put any liability on the seller. Fraudulent chargebacks, dispute management, complete transparency, and comprehensive financial reporting are the USPs of Magento Payments.
Just a couple of hours after Magento Payments is integrated, a seller can start taking payments. Magento brings ease in operations, enhances buyer’s experiences, and helps sellers focus on growing their business.
This is what Magento has recently said. We will have to wait and see how it helps e-commerce businesses after it is launched and implemented on every Adobe Commerce (magento commerce) platform.
( News source: https://magento.com/blog/magento-news/magento-introduces-magento-payments )