Composable commerce firm Elastic Path rolled out its Elastic Path Payments program on Thursday (March 10), a solution that offers better processes for complex checkouts.
According to a press release emailed to PYMNTS, this development comes as more brands are looking into modern payments solutions to go with their commerce solutions. However, it can be difficult to navigate multiple vendors, so Elastic Path Payments instead offers a single, pre-integrated solution.
Per the release, research from analyst firm IDC found that customers of Stripe, which powers Elastic Path, see benefits to their bottom line with 6.7% revenue increases. The Elastic Path Payments solution aims to provide customers with those same revenue-generating customer experiences.
Some of the program’s benefits include seamless online checkout, with many new languages and currencies involved, and fraud management, which will cut down on false positives with credible transactions. There’s also network-wide acceptance, which cuts down on declines from network issues or unrecognized cards by using “automated re-tries and credentials updates.”
The service also powers global brands, offering payment acceptance in hundreds of countries and better security standards. Additionally, it offers unified reporting through a centralized dashboard and payment methods for various business models.
“Elastic Path Payments builds on our commitment to remove the barriers of embracing a Composable Commerce approach, regardless of a brand’s digital maturity,” Harry Chemko, co-founder and chief strategy officer at Elastic Path, said in the release. “Now eCommerce teams are able to more easily power engaging customer experiences that increase revenue, conversion, and loyalty.”
In February, PYMNTS wrote that Elastic Path raised $60 million in a growth financing round from BlackRock-managed funds and accounts. Existing investors also joined the round, which was led by Sageview Capital.
Elastic Path CEO Jamus Driscoll said this would help digital become more integral to the business environment.
“As digital moves from a channel to the heart of the enterprise, brands demand more: More speed. More control. More flexibility,” Driscoll said. “And our strong growth is clear evidence that we are meeting that demand with a product that enables brands to manage the complexities of their business.”