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Adobe Doubles Down on Fintech Innovation with Payment Services for Adobe Commerce

Adobe

Adobe announced the upcoming availability of Payment Services for Adobe Commerce, the industry’s leading end-to-end commerce application for B2B, D2C, and hybrid use cases. By integrating Payment Services to their digital storefronts, Adobe merchants of all sizes will soon have access to a robust, secure, and integrated payment solution that can easily be managed from their Adobe Commerce Admin, instead of having to do the work of integrating with third-party payment providers. Payment Services for Adobe Commerce will be powered by the PayPal Commerce Platform and available to Adobe merchants by the end of the year.

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Adobe’s Fintech Solution Expands on Existing Out-of-box Adobe Commerce Features

“In today’s fast-moving digital economy, organizations demand flexibility and extensibility in their commerce platform to sustain business growth and deliver seamless experiences for their customers,” said Amit Ahuja, vice president, Adobe Experience Cloud Product and Strategy at Adobe.

Amit Ahuja added, “With the addition of Payment Services, we’re thrilled to expand on our already robust out-of-the-box commerce feature set to help Adobe Commerce merchants compete effectively and win in the digital-first economy.”

Merchant benefits of Payment Services for Adobe Commerce will include:

Easily Accept and Process Payment Methods

With Payment Services, Adobe merchants will be able to accept popular payment methods, including credit and debit cards, PayPal, and Venmo to deliver the best checkout experience for their customers. In addition, merchants will also be able to offer PayPal pay later solutions in their storefront. According to Adobe Digital Economy Index, the use of buy now, pay later (BNPL) services in the first half of 2021 grew 88% compared to 2019 levels.

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Fully Integrated Payment Experience

Payment Services will be a fully integrated experience for merchants in which all payment and transaction data will be readily accessible within the Adobe Commerce Admin. Merchants will no longer have to contend with multiple logins and other disjointed user experiences for their payment processing, such as exporting and importing reports from multiple systems to reconcile, analyze, and verify sales information.

Competitive Processing Fees

Merchants will have access to convenient and competitive pricing for transactions with tiered rates based on processing volume.

Advanced Financial Reporting Capability

Payment Services will offer comprehensive reporting capabilities to provide merchants with a clear view of their store’s orders and payments, including details about processed volume, payment balance, and transaction-level reporting for financial reconciliation. With this reporting, merchants will be able to better run their business and spot anomalies in order placements and post-sales flows more efficiently. In addition, merchants will be able to see the complete order flow from when an order is placed, all the way to settlement in a single dashboard.

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Always Up-to-Date and Secure

As Payment Services will be developed and supported by Adobe, merchants will always have access to services that are up-to-date, safe, and stable. Merchants won’t have to deal with third-party payment processor extension compatibility issues when updating to the latest version of Adobe Commerce.

By utilizing the PayPal Commerce Platform, Adobe merchants will be able to accept current payment methods – such as PayPal and Venmo – as well as leverage PayPal’s ongoing investment in payment innovations such as support for cryptocurrency transactions and local payment methods in the future.

“As digital commerce represents a growing share of all transactions, merchants are looking for tools that enable them to drive front-end capabilities and back-end operations of their digital storefronts. Payments is one of those key capabilities that we saw grow in importance over the past 18 months,” said Jordan Jewell, research director, digital commerce at IDC. “With payment capabilities now in its product portfolio, Adobe is better-positioned to support its merchants as a platform provider that can streamline commerce operations across the customer journey.”

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[To share your insights with us, please write to sghosh@martechseries.com]

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