“In today’s fast-paced business world, organizations are demanding the flexibility and extensibility of their commerce platform to support business growth and deliver seamless experiences to their customers,” said Amit Ahuja, vice president, Experience Cloud Product and Strategy, Adobe. “We are very pleased that we can expand our already stable out-of-the-box commerce feature set with Payment Services. The payment services will help merchants using Adobe Commerce to stay competitive and be successful in the digital first economy. ”
“As e-commerce continues to grow as a share of total retail sales, merchants are looking for tools to easily manage the front-end functions and back-end operations of their digital marketplaces,” said Jordan Jewell, research manager, digital Commerce and Enterprise Applications at IDC. “With the addition of Payment Services, Adobe is well positioned to assert itself in the leading role as a platform provider. This means that retailer’s requirements can be met in one place and processes can be optimized. ”
Many benefits of Adobe’s new payment services
Adobe Commerce payment services provide merchants with the following benefits:
Easy acceptance and processing of payment types: Payment Services allows Adobe merchants to accept popular payment methods such as credit and debit cards, PayPal and Venmo in order to offer their customers the best shopping experience. In addition, merchants can also offer PayPal Pay Later solutions in their shop. According to the Adobe Digital Economy Index The use of “Buy Now, Pay Later” services increased by 88 percent in the first half of 2021 compared to 2019. The integration of the payment services into other payment methods such as Apple Pay and Google Pay is in preparation.
Fully integrated payment experience: Payment Services is a fully integrated merchant experience with all payment and transaction information easily accessible to the Adobe Commerce Admin. Merchants no longer have to deal with multiple logins and disjointed user experiences for their payment processing. This includes exporting and importing reports from various systems in order to reconcile, analyze and review sales information.
Competitive processing fees: Merchants have access to cheap and competitive prices for transactions with tiered tariffs based on payment volume.
Advanced financial reporting capabilities: Payment Services offers comprehensive reporting options that give merchants a clear overview of orders and payments in their store. This also includes details about payment volume, payment balance and transaction level reports for financial reconciliation. With these insights, retailers can better manage their business. They can also identify anomalies in order placement and post-sale processes more efficiently. In addition, dealers can see the entire order flow from order placement to billing in a single dashboard.
Constantly and reliably up to date: Because payment services are developed and supported by Adobe, merchants always have access to up-to-date, secure and stable services. Plus, when you update to the latest version of Adobe Commerce, you don’t have to deal with expansion compatibility issues.
Partnership between Adobe and PayPal in digital payments
With PayPal, Adobe has brought one of the market leaders in the field of digital payments to its side. The partnership enables Adobe to leverage PayPal’s ongoing investments in payments innovations. This includes the support of transactions with cryptocurrencies or local payment methods. The payment services are for merchants who Adobe Commerce will be available in the US in the fourth quarter of 2021. The function will also be available for Magento Open Source. Availability for additional countries, including Canada, Australia and Western Europe, is planned for 2022. (sg)