Shopify Ecosystem

Advancing The Future Of Brands Through State-Of-The Art Digital Payment Innovation

advancing-the-future-of-brands-through-state-of-the-art-digital-payment-innovation

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Online payments are complex, says Kate Parkinson, Commercial Partnerships Manager at global payments business Adyen. “To the consumer the process seems so simple, but there’s a lot happening behind the scenes when we pay in-person using cards or mobile phones, or when we click through checkouts online or in-App. The way consumers prefer to checkout and the infrastructure supporting those flows is constantly evolving.”

What Adyen, a valued Bold partner, has accomplished with its next-gen technology is to simplify that complex process. From an integration and growth perspective for merchants, the Amsterdam-based company offers a single point of connection for unlocking the latest innovations in payments, including access to 250 different payment methods shoppers use (cards, regional payment methods, Wallets, Buy Now Pay Later options, etc.) on a daily basis. Adyen’s unified payments infrastructure built entirely in-house offers added value products aimed at boosting payment authorization rates and mitigating shopper risk and fraud. 

Serving enterprise clients ranging from Microsoft to Spotify, Adyen has become a market leader by acting on a principle every business can practice: Thrive in a sector ripe for growth. 

Payment digitization in a new era of ecommerce

The global digital payment market size is expected to grow from $79.3 billion in 2020 to $154.1 billion by 2025, at a CAGR of 14.2%, as 2020 research forecasted.

Due to the pandemic necessitating more stores and industries to bolster their online offerings, a McKinsey report noted that “most large brands are grappling with the accelerated shift to ecommerce, which has created more pronounced payments digitization needs at the point of sale, including contactless payments, enhanced authorization, fraud and chargeback mitigation solutions, financing at point of sale, sub-merchant onboarding, and payments remittances.”

A future-proof solution to consumer payments can benefit brands in myriad ways, Parkinson explains. “Access to the requisite local payment methods globally, means brands can present a shopper’s preferred payment methods at checkout; in-store, online, in-App, or in a payment link” she says “and with a provider like Adyen that builds and houses this within one payments platform, a clear picture of transaction data comes together that allows us to boost successful authorizations, meaning additional revenue for brands.” 

Benchmarking the payment opportunity

She cites a key figure: Some enterprise clients using Adyen gained a 1.4% revenue uplift, and realized a 27% drop in chargebacks (a transaction made on an online store that is disputed by the buyer).

A win for Adyen mirrors what other businesses can table as benchmarks to reach within their field. “When we bring on a new brand we’re well-positioned to help them streamline payments processing and increase customer satisfaction by making their payments experience as seamless as possible across all channels; ecommerce, In-App, and In-Store,” notes Parkinson.

One of Adyen’s most recognized clients, Spotify, attests to how optimizing the checkout flow with Ayden has led them to tweak what their consumers experience. Spotify moved from a two-page checkout to a one-page checkout because they were able to leverage some of the technologies Adyen offered while still outsourcing most requirements related to PCI compliance.

“Seeing payments as a driver and enabler of growth has really helped us reach the fifty million plus paying subscribers that we have today,” says Andy Wiggan, head of payments, at Spotify. 

The partnership cultivated between Bold and Ayden has benefitted both businesses, but also the brands leveraging their technologies. Bold and Ayden are excited to partner with brands that seek to bring a fuller, deeper, richer experience to customers scouring for the most enticing subscription-based offerings. Adyen’s experience with subscription-modeled brands, such as Spotify, showcases their acumen in recognizing the ideal payments solution for the recurring-payment framework used by such brands.

“Like Adyen, Bold is focused on reducing churn at checkout and optimizing customer conversion,” says Parkinson. “In many ways, Adyen is focused on the same end goal—successfully moving a paying customer through a merchant’s checkout flow resulting in a successful transaction.”

This originally appeared on Bold Commerce and is made available here to cast a wider net of discovery.
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