What are Enterprise Payment Hubs?
Enterprise Payment hubs are becoming a popular solution for e-commerce merchants seeking to combat growing fragmentation and complexity in today’s payments ecosystem. A payment hub, also referred to as a payment orchestration layer or enterprise payments architecture, is a flexible and consolidated platform that manages and controls payment operations end-to-end. Under the hood, a payment hub features all the automation software systems and services that coordinate and manage the activities involved in authorizing, processing, and optimizing payments.
The great thing about a payments hub is that it consolidates lots of different payment-related activities into one place and enables integration with multiple systems and channels. With the right payments hub, merchants have the opportunity to build a smarter, customized and best-in-class payments architecture that can ease payment management, support global growth, and drive efficiencies with advanced optimization in today’s more global, complex, and fragmented payments ecosystem.
Key Features of an Enterprise Payment Hub
A new way to manage your payments
Built for a time when e-commerce was far less complicated, today’s fragmented payment stacks, designed with a segmented siloed approach, are getting harder to manage and fast reaching a breaking point.
After years of getting loaded up with different functionalities, components, and elements, payment stacks have turned into a patchwork of tangled and interlinked software systems that are more of a liability than an asset.
Fragmented payment infrastructures are turning simple payment-related tasks like reconciling deposits into time-consuming and error-prone processes. Straight forward activities involved in a request for a refund are now becoming more difficult.
It can be a real struggle to establish where an original transaction was processed as there are several records to search. Maintenance has become complicated and grown into a continuous drain on resources as well, as has the integration of new providers and payment methods.
Enterprises and hypergrowth merchants need to keep up with a market which is becoming more segmented and diverse by the minute, thus the need for a centralized platform to manage it all becomes paramount. Thanks to their ability to consolidate everything into one system, today's payment hubs give merchant the ease of managing their payments more efficiently and easier than ever before.
Rapid integrations that support global growth
Continuously adding new providers and payment methods is a necessity for hyper-growth merchants branching into new markets, even though fragmented payment infrastructures make extending your payment network far more complicated than it needs to be. Payment hubs, with an emphasis on open payment platforms, enable connectivity to multiple payment providers by easy integration via a single API.
ZOOZ’s payment hub, for instance, provides an agnostic payment infrastructure that removes the cumbersome, inefficiencyand costly processes associated with provider integration. With ZOOZ, merchants are able to integrate and manage new providers quickly and easily via one API, with minimal effort on their side - something which is normally a real pain for merchants.
Advanced payment optimization tools to boost profits
With an ever-increasing number of providers and growing global transaction volumes, it’s essential to have a way to control your exposure to provider declined transactions, which leads to lost sales. It’s also critical to have the ability to optimize transaction flows to avoid expensive fees that take a chunk out of profits.
In contrast to fragmented legacy payment architectures, which provide static routing connections that are hard to change, ZOOZ’s payment hub allows for dynamic transaction routing to enable advanced payment optimization for efficiency and cost-effectiveness. With ZOOZ, you can choose from a large variety of different filters to set routing rules according to your business preference - e.g. transaction amount, location, type of transaction and more. The tools also enable you to easily route transactions to local payment providers to maximize acceptance rate and minimize fees. You’ll be able to save more on international transaction fees simply by prioritizing providers which cost less, and improve your overall approval rates by saving rejected transactions thanks to our instant retry tool.
Enhanced data analytics for more informed decision making
Fragmented payment infrastructures with siloed record-keeping systems that lack basic levels of interoperability make it extremely difficult to extract quality insights. With data siloed in isolation, you lack the actionable data to make critical business decisions. There’s no way for you to see the bigger picture or get a comprehensive cross-provider view of all your payments- activities, which makes it much harder to understand what areas require optimization. What’s more, fragmentation makes reporting far more cumbersome as payment teams are forced to jump between multiple platforms to collect data and generate reports.
ZOOZ gives you access to an easy to use, real-time, and consolidated analytics dashboard that delivers in-depth insights into your entire operations. More sophisticated analytics means you’ll be better able to optimize your payments and understand which areas need to be focused on to increase revenue. Reporting becomes far more powerful as well, with added capabilities to create cross provider reports based on business needs, compare payment service provider performance, segment transaction reporting by business unit, and use more detailed data sets to build custom reports!
Further readings on the subject can be found here.
Enterprise Payment Hub
When merchants experience hyper-growth, and need to deal with an expanding global operation, with dozens of payment providers, growing transaction volumes, and exploding transaction fees - the need for a solid foundation that enables pain-free management & administration of a payment operation becomes invaluable, therefore an enterprise payment hub becomes a necessity, not a luxury. ZOOZ’s enterprise payment hub eliminates the inefficiencies caused by fragmented software systems by offering a more intelligent and unified platform that simplifies the management and control of your global payment operations. Whether optimizing payments, testing your transaction flows, conducting in-depth analysis and reporting, or adding a new payment provider, ZOOZ’s enterprise payment hub is designed to equip merchants with a solution that'll make payments management efficient and pain-free, and allow merchants to focus on the most important thing - their growth.
Build your enterprise on a solid foundation with ZOOZ
A successful global e-commerce business requires a strong foundation. To build your enterprise on a fragmented and complex payment infrastructure is kind of like building a skyscraper on the sand. It may be possible to construct a few levels, but the higher the building reaches, the more unstable it will get, until one day it’s just going to topple over.
ZOOZ’s enterprise payment hub provides a solid ‘concrete’ foundation so that you can handle rising payment volumes, tougher customer demands, and cater to an ever-growing number of payment methods. To learn more about the benefits ZOOZ’s advanced payments hub provides make sure to contact us today.