Adobe is making payment services available for Adobe Commerce, its end-to-end commerce application for B2B, D2C and hybrid use cases. By integrating payment services to their digital storefronts, Adobe merchants of all sizes will soon have access to a robust, secure, and integrated payment solution.
The service can be managed from their Adobe Commerce Admin. Instead of having to do the work of integrating with third-party payment providers. Payment services for Adobe Commerce will be available to Adobe Commerce merchants by the end of the year
“In today’s rapidly changing business environment, organisations demand flexibility and extensibility in their commerce platform. To sustain growth and deliver seamless experiences for customers,” said Amit Ahuja, VP, Experience Cloud Product and Strategy at Adobe. “With the addition of payment services, we’re thrilled to expand on our already robust out-of-the-box commerce feature set. This will help Adobe Commerce merchants compete effectively and win in the digital first economy.”
“eCommerce continues to take a growing share of total retail sales. Merchants are looking for tools that allow them to easily handle front-end capabilities and back-end operations of their digital storefronts.” said Jordan Jewell, research manager, digital commerce and enterprise applications at IDC. “By adding payment capabilities to their platform, Adobe is well-positioned to maintain leadership as a platform provider that can fulfil all of the merchants’ needs in one place and help them streamline operations.”
Merchant benefits of payment services for Adobe Commerce will include:
Easily Accept and Process Payment Methods
With Payment Services, merchants will be able to accept popular payment methods, including credit and debit cards, PayPal and Venmo. This is expected to deliver the best checkout experience for their customers. In addition, merchants will also be able to offer PayPal pay later solutions in their storefront. Adobe Digital Economy Index says, buy now, pay later services in the first-half of 2021 grew 88% compared to 2019.
Additional integrations with other payment methods, such as Apple Pay and Google Pay are forthcoming.
Fully-Integrated Payment Experience
Payment Services will be a fully-integrated experience for merchants in which all payment and transaction data will be readily accessible within the Adobe Commerce Admin. Merchants will no longer have to contend with multiple logins and other disjointed user experiences for their payment processing. This includes exporting and importing reports from multiple systems to reconcile, analyse, and verify sales information.
Competitive Processing Fees
Merchants will have access to convenient and competitive pricing for transactions with tiered rates based on processing volume.
Advanced Financial Reporting Capability
Payment Services will offer comprehensive reporting capabilities to provide merchants with a clear view of their store’s orders and payments. This includes details about processed volume, payment balance and transaction-level reporting for financial reconciliation. Merchants can better run their business and spot anomalies in order placements and post-sales flows more efficiently. In addition, merchants will be able to see the complete order flow from when an order is placed. All the way to settlement in a single dashboard.
Always Up-to-Date and Secure
As Payment Services will be developed and supported by Adobe, merchants will always have access to services that are up-to-date, safe, and stable. Merchants won’t have to deal with third-party payment processor extension compatibility issues when updating to newer version of Adobe Commerce.
The new payment services will be available to Adobe Commerce merchants in the US in the fourth quarter of 2021. The feature will also be accessible to merchants on Magento Open Source. The service is expected to be rolled out to Canada, Australia and Western Europe in 2022.
Enterprise Times: What this means for business?
Its a bit surprising that it has taken Adobe so long to develop its payment service. eCommerce is expected to become the dominant form of commerce in the decades. Brands, online merchants and retailers will need the tools that seamlessly connects the front end needs of consumers. With the functional requirements of their back-office operations. Hence Adobe’s announcement comfortably fills that gap. The company has partnered with PayPal, an established leader in the digital payment space, as the processing partner for Payment Services. In the future, the partnership will allow Adobe to leverage PayPal’s ongoing investment in payment innovations. This includes support for cryptocurrency transactions and local payment methods.