New offering offers merchants unmatched control of their payments to avoid payment service provider lock-in, improve payment transaction success rates, and lower transaction fees
Very Good Security (VGS), the modern standard for digital data security, compliance, and custodianship, announced the release of a suite of products to optimize payment acceptance, approvals, and costs in any payments ecosystem. Collectively known as VGS Payment Optimization, the suite allows businesses to customize their payments ecosystem across multiple gateways, payment service providers (PSPs), and 3rd party APIs from a single platform. With VGS Payment Optimization, businesses are now also able to expand globally by supporting local PSPs and payment methods.
“Merchants’ preference for utilizing a multi-provider approach to payment processing is increasing”
Merchants have traditionally been dependent on specific payment service providers to process their payments. However, PSP vendor lock-in meant merchants had very little control over authorization rates, processor or gateway outages, disruptions from platform migrations, and transaction fees. Today, merchants, payment facilitators, and SaaS companies can use VGS Payment Optimization to abstract and customize their payments ecosystem across multiple gateways, PSPs, and third party APIs from a single, low-code platform, and gain greater flexibility and control over their payment strategy to overcome the challenges created by PSP vendor lock-in.
“Merchants’ preference for utilizing a multi-provider approach to payment processing is increasing,” said Jordan McKee, analyst with 451 Research. “Utilizing multiple payment providers gives merchants more flexibility to craft a payments strategy that meets the specific needs and requirements of their business.”
Offered as a convenient software-as-a-service, the VGS Payment Optimization suite is built on top of the secure VGS Vault and includes Payment Orchestration, Card Account Lifecycle Management (CALM), and Universal Checkout features. The suite allows customers to secure their payment data, customize logic to control when, where, and how payment transactions are routed with built-in failover, maintain updated card-on-file data, and maximize payment method acceptance. Universal across all PSPs, the suite enables customers to own and consolidate payments data across platforms and offer a tailored checkout in less than an hour — all while helping secure their data and meet compliance requirements.
“VGS Payment Optimization with Universal Checkout has given us extensive flexibility in who we process with. It provides a well-designed, best-in-class checkout experience while allowing us to process the transaction with any of the 120+ supported processors,” said Matt Doka, co-founder and CTO of Fivestars.
With VGS Payment Optimization, merchants are able to reduce customer attrition by up to 30% and deliver an improved customer experience by increasing card authorization rates by up to 3%. Merchants and payment facilitators are able to get a 360-degree view of their customers and deliver an omnichannel customer experience. Further, merchants can reduce redundant fees they may be paying across multiple PSPs, eliminate operational and development costs associated with PCI overhead and support their payments strategy, while being enabled to optimize their payments outcomes based on risk, approval rates, or costs.
“Whether your business is growing vertically, horizontally, or globally, VGS Payment Optimization is a force multiplier regardless of whether you’re working with a single PSP or multiple PSPs,” said VGS co-founder and CEO Mahmoud Abdelkader. “The Payment Optimization suite saves you time and developer resources, increasing your bottom line and freeing you up to focus on your core business.”
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