PPRO have today announced a partnership with one of the largest independent payment service providers (PSPs), Pay360 to enable them to offer merchants over 140 alternative payment methods (APMs), via a single integration.
Initially focused on Europe, New Zealand and Australia, the partnership will see eight new payment methods go live this autumn, to be followed by further releases of popular APMs operating in China and South America later in 2018. The first APMs to be included are eps, iDEAL, giropay, Przelewy 24, Sofort, Bancontact and Trustpay, which predominantly operate in Europe, and Poli, which operates in New Zealand and Australia.
APMs – including real-time bank transfers, cash-enabled payments and direct debits – are preferred to card-based methods of payment in many parts of the world. Merchants considering an international payments strategy need to understand that a failure to provide APMs can impact sales, with consumers more likely to end transactions if their preferred payment option is not available.
Offering APMs not only improves the customer experience by offering more ways to pay, they also reduce the likelihood of a customer abandoning a purchase. This in turn increases the chances of a successful payment, improving payment conversions and ultimately increasing sales. Offering a mix of payment options that are in line with country preferences is therefore crucial to maximising sales.
For Pay360’s existing merchants, the new range of APMs can be easily added to their existing payments journey, ensuring consumers in different territories can pay for goods and services using their preferred payment method. Better still, merchants can use their existing reporting tools to reconcile payments made via APMs alongside their card payments.
Simon Black, CEO, PPRO, said: “As the world moves closer to becoming a cashless society, consumers will expect ever more options in the way they choose to pay. The partnership will provide both Pay360’s merchants and their customers with a wide variety of payment methods and make customer journeys much easier.”
Stephen Ferry, managing director, Pay360, said: “Integrating with individual APMs can be time consuming and expensive. Our partnership with PPRO means we can offer our merchants quick and easy access to multiple global payment methods.
“This presents numerous benefits to merchants when considering an international payments strategy, such as faster speed to market, lower costs and a higher number of successful payment transactions. And for end-users, payment journeys will become more familiar, quicker and far more hassle-free.”