PAYM8, a market leader in payment gateway services, has announced an expansion of its e-commerce offering. This action is a reaction to projections that the South African e-commerce industry would expand by 11.89% over the following five years, reaching a volume of US$9.97 billion (about R75 billion) by 2027.
As customers increasingly appreciate the convenience, time savings, and discounts provided by online purchasing, companies may profit from overhead reductions, data insights, and an increased client base. In light of this prevailing need, PAYM8 has developed an advanced solution that effectively enables a seamless and fortified payment procedure, tailored to accommodate a diverse array of industries, encompassing online commerce, financial services, insurance, and beyond.
“Consumers are seeking the utmost convenience in this digital era, and their journey often begins in the e-commerce space,” said PAYM8 CEO Andrew Springate. “Businesses looking to grow and acquire new customers must ensure they’re meeting consumers in this digital space as effortlessly as they would in a physical store.”
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Merchants can leverage user-friendly API calls
The e-commerce solution offered by PAYM8 presently encompasses a comprehensive range of products, encompassing esteemed financial services like VISA and MasterCard Debit and Credit cards. Additionally, it incorporates Electronic Funds Transfer (EFT) Debit solutions and expeditious Instant EFT functionality in collaboration with partners such as FNB’s PAYSHAP and CapitecPay.
Supported by a sophisticated Software-as-a-Service (SaaS) platform, this solution provides merchants with a single integration to a complete selection of e-commerce payment offerings. By leveraging the convenience of user-friendly API calls, merchants can effortlessly integrate the e-commerce functionality into their solutions. From instantaneous online payments to ongoing subscriptions, the adoption of a secure redirect approach guarantees rapid and easy access to transactions.
“Consumers today might start their shopping journey online, make an initial deposit, and then choose to complete the transaction in-store or at a collection point,” notes Springate. “These shouldn’t be separate experiences, but an integrated, unified one. This kind of approach will enable brands to differentiate and capture market share.”
An advantage to avoid inclusion of card details
Merchants also enjoy the benefits of expeditious payments, encompassing prompt settlement, irrevocability, and streamlined initiation, all culminating in enhanced payment successes. The utilization of an embedded hyperlink within an invoice and/or messages can also facilitate the initiation of payments.
For retailers, all of these e-commerce alternatives and solutions provide a low-friction integration approach. These measures prove to be particularly advantageous for individuals seeking to avoid the inclusion of card details on their web pages as a result of the restrictions imposed by the Payment Card Industry Data Security Standard (PCI-DSS).
Tokenization of cards is a new payment security feature.
The PAYM8 e-commerce system is also compatible with WordPress and WooCommerce add-ons. The AXIS platform uses artificial intelligence and machine learning to keep the platform and merchant information safe.
According to Springate, “integrating payments into the core offering enables a frictionless experience for retailers.” “With the right partner, payments become a by-product, allowing businesses to focus on delighting their customers. The more integrated the proposition, the more successful the offering.”