| | Payment & Financing Services

Simply be paid with Collecting Service: How e-commerce benefits from consolidated incoming payments

While Christmas may be over, Christmas business is by no means finished. The period of returns and chargebacks is upon us. Overall, we have experienced an unprecedented super peak season, also fueled by COVID-19. This is reason enough for merchants to prepare themselves and their shopping systems for the future – and this also goes for the payment methods they offer.

For 2021, merchants can assume that more and more business will take place online. This is what the figures for the last year indicate: Black Friday and business in the run-up to Christmas have generated enormous revenues. That’s primarily thanks to those consumers who shopped online for the first time – as shown by the ongoing study series “AfterPay Insights”. As part of this series, our sister company AfterPay has been analyzing purchase behavior in online commerce since the start of the coronavirus pandemic. I am convinced that these shopping peaks will continue to grow in the future.

In light of these developments, online merchants are well-advised to make sure their shops and platforms are equipped to remain stable in future even during super peak seasons. This also applies to seamless payment methods. We have developed another offer, Collecting Service, to provide flexible, highly effective support in this area.

The complex world of payment methods
Covering international payment methods in shopping systems can be technically difficult and takes a lot of negotiation on contracts and billing modalities. This world resembles a patchwork quilt: PayPal is popular in Germany, while most online shoppers in the USA use Apple Pay and credit cards. The more countries are to be connected to the shopping system, the trickier it gets. That’s why when it comes to this highly diverse payment landscape, many merchants face a fundamental decision: in-house solutions or outsourcing? The former is typically no easy task, neither for small store operators nor for international players. This is where strong local partners, who are highly familiar with the typical payment conditions and preferences in each country, make all the difference.

Collecting Service:  No pain, but plenty of gains for merchants
Collective Service consolidates payment methods and processes for shop operators. In other words, it takes care of payment processing via an interface, a contract, and coordinated payment flows into the merchants’ account. The range encompasses the country-specific payment heroes worldwide. At present, we can support more than 100 different payment types. Here, we cooperate with PPRO, the leading specialist for cross-border electronic payments.

This collaboration provides a huge relief for merchants when it comes to international billing. They don’t need to bother with the technical and contractual details; instead, they can focus completely on their core business. The payment processes run smoothly, which plays a critical role for a positive customer journey and keeps the dropout rate low. Rather than lots of different technical interfaces with many different providers, shops only need a single interface, a contract, and a settlement agreement. Customers of our Aqount platform can also benefit from Collecting Service using the existing integration.

For me, it’s clear: With the Collecting Service, we are able to provide key support to many merchants and partners who have already reached their capacity limits during the current super peak season – with the usual consequences of delays in payment and logistics processes to losses in returns handling. Black Friday combined with the coronavirus pandemic have revealed the potential hiding in online commerce. Merchants need to take action now to exploit this potential in the future.

Want to learn more about Collecting Service? Get in touch and book me in for a call!

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