Merchants can now accept Apple Pay, Google Pay, open-banking payments, as well as debit and credit cards through one integration, via a Hosted Checkout solution. Merchants will no longer need several service providers, and the solution facilitates the adoption of open banking while removing risks for merchants.
Although providing multiple payment methods is something that merchants have increasingly adopted, it typically requires integrations that are not only costly but also time-consuming.
“We believe that our Hosted Checkout solution solves a key challenge for merchants who want to deliver a variety of payment methods for their customers but are reluctant to undertake numerous time-consuming integrations,” Mark Johnson, Acquired.com’s Commercial Director, said in a prepared statement. “In particular, the ability to offer open-banking payments, a payment method that is yet to see widespread use in many sectors, alongside other payment methods and without the need for a separate integration is a game changer for forward-thinking merchants.”
Merchants Must Offer More Options for Checkout
Part of offering customers a seamless payment experience is to provide as many payment method options as possible. This will drive customer loyalty and revenue.
Since the pandemic, widely varied payment methods have entered the market and have seen a dramatic surge in adoption. Mobile as well as digital wallets have joined the ranks of such payment methods such as credit and debit cards. New payment methods offer speed and convenience and should be a mainstay offer for businesses looking to widen their customer base.
The onus is on businesses to listen and adapt to the evolving payment needs of customers, meeting them where they are. This is where personalization comes into play. Businesses should respect the method of payment a customer prefers. If a customer prefers to pay on a website versus paying via text, this method should be honored. The customer should not need to endure a bombardment of texts as a method of payment.
As with any digital payment method, the balance between security and friction is key. Consumers have shown a willingness to embrace authentication methods of security, but it should not significantly slow down the payment process.