PAYM8 is expanding its High in Demand E-Commerce platform

Global Courant
Picture: Insurance Chat

One of the biggest tech and financial gateway service providers, PAYM8, has made an announcement that it is expanding its e-commerce offering.

This is taking place a response to the South African e-commerce market’s projected growth of 11.89% in the next five years, reaching a market volume of US$9.97 billion, roughly R75 billion, by 2027.

Businesses are able to reap benefits such as overhead savings, data insights, and an expanded customer base as consumers increasingly value the convenience, time savings, and discounts offered by online shopping.

As a recognition to the demand, PAYM8’s enhanced solution facilitates a streamlined and secure payment process, which caters to different sectors, including online retail, finance, insurance, and more.

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Andrew Springate who is the PAYM8 CEO, said consumers are seeking the utmost convenience in this digital era, and their journey often begins in the e-commerce space. “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.” – he added.

The e-commerce platform by PAYM8 currently includes a product set featuring both VISA and MasterCard Debit and Credit cards, EFT Debit solutions & Instant EFT with partners such as FNB’s PAYSHAP & CapitecPay. Underpinned by an intelligent SaaS platform it offers merchants a single integration to a whole boutique of e-commerce payment products.

Merchants are able to integrate the e-commerce functionality into their solutions with the use of user-friendly API calls. The secure redirect methodology ensures that a customer has access to quick and efficient transactions across a wide variety of use cases, from immediate online payments to recurring subscriptions.

“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.”

Merchants will also be gaining from the benefits of instant payments which include instantaneous settlement, irrevocability and simple initiation all leading to higher payment successes. The ability to utilise an embedded hyperlink in an invoice and/or messages can also assist with initiating payments.

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These e-commerce options and solutions are especially beneficial to those wanting to avoid capturing card details on their web pages due to PCI-DSS restrictions.

Another added feature is that card tokenization feature that enhances security in card payments. In addition, PAYM8’s e-commerce solution interfaces into WordPress and WooCommerce plug-ins.

Its AI and M2M learning-based AXIS platform is hosted in a secure environment, safeguarding both the platform and merchant data.

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“Embedding payments into the core offering facilitates a low-friction experience for retailers,” said Springate. “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.”