Three-quarters of eCommerce businesses are still struggling to optimize their payments
2023年4月5日 - 10:00PM
Nuvei Corporation (“Nuvei” or the “Company”) (Nasdaq: NVEI) (TSX:
NVEI), the Canadian fintech company, has revealed that
three-quarters of eCommerce businesses (75%) say they need greater
levels of support to optimize their payments function due to a
reliance on an increasing number of payments providers.
This data is available in Nuvei’s latest whitepaper Payment
Orchestration: A practical guide to optimizing payment
performance. Nuvei partnered with Edgar, Dunn & Company
(EDC) to survey over 100 international businesses across a variety
of verticals that sell online to consumers.
Capitalizing on the benefits of the multi-vendor
model
In an increasingly complex landscape, more than half (54%) of
online businesses are now using at least six payment providers to
optimize their checkouts as they look to scale into new markets,
win new customers, and grow revenue. A third (33%) have direct
acquiring relationships with at least five banks.
The rise of this multi-vendor model is a direct result of
eCommerce businesses understanding that there is a real opportunity
to accelerate growth. Harnessing the power of best-in-class
payments technology in every market they operate, and for every
relevant payment method, is critical for businesses to optimize
their payments performance.
But businesses are also aware that a lack of coordination and
optimization of these complex set ups may have a negative impact on
their revenues as well, including permanently losing customers. The
research shows that 59% of businesses believe that customers who
have experienced a false decline will not give businesses a second
chance. It also shows that alternative payment methods are becoming
more important to eCommerce, with only 23% of online businesses’
checkouts now have three available payments methods or less.
Understanding Payment Orchestration
There is a clear role for payments orchestration in providing
the control online businesses need to effectively optimize their
backend payments flow. Without Payment Orchestration businesses are
unable to set specific and intricate rules for payments acceptance
to boost conversion and revenue, and they also do not have full
visibility of their performance with which to make informed
decisions.
This is evident in the whitepaper research. Businesses told
Nuvei they have a variety of specific motivations for implementing
a Payment Orchestration solution, including a reduction in the cost
of payment acceptance, greater efficiency internally, and a wider
acceptance of more payment methods. Many merchants intend to
optimize payment conversion with smart routing capabilities to
increase revenue.
Nuvei’s practical guide helps eCommerce businesses implement and
get maximum value from their Payment Orchestration Platform (POP).
When integrated effectively, Payment Orchestration can enable
businesses to improve their overall payment performance through
enhanced efficiency, security, flexibility, and scalability.
Nuvei Chair and CEO Philip Fayer commented on the research: “Our
mission is to connect our customers to their customers, wherever
they are and however way they want to pay. Offering an
industry-leading Payment Orchestration Platform is critical to
doing that successfully. It is clear from our research that more
and more businesses recognize the need for orchestration, but also
that many are still struggling to understand what this means in
practice. This whitepaper provides excellent insights into
implementing Payment Orchestration effectively.”
Peter Sidenius, Edgar, Dunn & Company CEO, added: “It is key
for businesses to manage payments efficiently as it is the last
step in the purchase process. Payments have become increasingly
complex, especially for businesses with various subsidiaries,
operating in multiple geographies, selling in different currencies
and offering different payment methods. Payment Orchestration is
considered by an increasing number of businesses as the solution to
retain control of their payment stack. It is a major driver to
generate additional revenue, optimize payment acceptance cost and
increase operational efficiency.”
Download Payment Orchestration: A practical guide to
optimizing payment performance here.
Methodology
Edgar, Dunn & Company conducted the research in Q4 2022 and
in early Q1 2023. This involved conducting primary and secondary
research, including the completion of in-depth interviews with
large multinational B2C businesses. A survey was also conducted at
the beginning of 2023. The survey has been administered online to
more than 100 international businesses that sell online to
consumers with a sample of respondents working in the finance,
payments or commercial fields. The questionnaire included a mix of
pre-qualifying information, multiple choices, and open-ended
questions regarding their experiences and views on the topic of
Payment Orchestration. All data was collected anonymously.
About Nuvei
Nuvei (Nasdaq: NVEI) (TSX: NVEI) is the Canadian fintech company
accelerating the business of clients around the world. Nuvei’s
modular, flexible and scalable technology allows leading companies
to accept next-gen payments, offer all payout options and benefit
from card issuing, banking, risk and fraud management services.
Connecting businesses to their customers in more than 200 markets,
with local acquiring in 45+ markets, 150 currencies and more than
600 alternative payment methods, Nuvei provides the technology and
insights for customers and partners to succeed locally and globally
with one integration.
For more information, visit www.nuvei.com
Alex Hammond
Nuvei
+447507604174
alex.hammond@nuvei.com
Investor Relations
Nuvei
IR@nuvei.com
Gregoire Toussaint
Edgar, Dunn & Company
gregoire.toussaint@edgardunn.com
Nuvei (NASDAQ:NVEI)
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