Spreedly and PPRO have partnered to offer joint customers the ability to access a catalogue of LPM offerings via one connection to Spreedly’s Payments Orchestration platform. This includes LPMs such as Bancontact, BLIK, Boleto, Giropay, iDeal, Multibanco, OXXO, SEPA, Sofort, and Buy Now, Pay Later (BNPL) offered through Klarna, with more payment method additions planned. This allows digital businesses to offer the array of payment options that their end-customers demand instead of building and maintaining individual connections.
According to officials, Spreedly has grown through a focus on building integrations with a variety of gateways and payment service providers (PSPs). PPRO has been fostering the payments ecosystem by offering one access point to multiple payment methods. By blending these shared visions, the companies will be able to offer a comprehensive portfolio of payment methods and services available via one integration.
Digital payments methods are as diverse as the people that use them and so giving consumers access to the right payment method choice at the checkout is essential to a merchant’s sustainable growth. PPRO’s partnership with Spreedly means that merchants will be able to provide consumers with more choice to make purchases using their preferred way to pay around the globe.
In a recent report, Voice of the Enterprise: Customer Experience & Commerce, Merchant Study 2022, McKee found that, the top two payments initiatives that commerce technology decision-makers are pursuing in 2022 are expanding APM acceptance and improving their omnichannel payments strategy. As merchants pursue these goals and others, they often find that a single payment service cannot handle every requirement of their business. Therefore, it has become common practice to enlist multiple payment services to address specific business needs.
APMs have increased in popularity as financial technology companies and tech giants have entered the payments ecosystem, providing consumers with faster and more convenient ways to make purchases and send money to friends and family. In 2019, APMs accounted for nearly 55% of global ecommerce transactions.
Digital businesses need to enter new geographies, better support the needs of their customers and partners, and improve authorisation rates for transactions. Just as no single gateway is perfect for all payments needs, offering the right mix of local payment methods is important.
Agnostic Payments Orchestration is primarily focused on enabling, optimising, and analysing payments across multiple PSPs. Merchants and merchant aggregators that value independence and the flexibility to use whichever payment service is best for their particular needs tend to prefer this type of orchestration. It’s independent because the platform supports numerous PSPs, fraud tools, and other services, while remaining agnostic about which services the user leverages.
Independence is important because it allows a user to select the right mix of services from across the entire ecosystem. They aren’t forced into a walled garden of solutions that are approved by the orchestrator. Instead, a company can experiment with new vendors, or change up their mix if they are unhappy with the service provided by a particular vendor. Independence is also helpful because it provides a significant source of data and insight for companies. Agnostic orchestrators can, by their nature, gather authorisation rates, latency times, and other intelligence across payment services globally. That insight helps companies better choose which payment services they want to work with.
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