Elastic Path Payments Q&A with Harry Chemko
We are excited to announce Elastic Path Payments, powered by Stripe, a new addition to the Elastic Path product offering. As more and more digitally-driven brands embrace a Composable Commerce approach, we are thrilled to share that this announcement reduces the complexity of multi-vendor solutioning by pre-integrating payments.
In addition, Elastic Path Payments empowers brands with best-in-class, feature-rich payments functionality to support complex checkout processes, across touchpoints. We sat down with Elastic Path co-founder & Chief Strategy Officer Harry Chemko to learn more about Elastic Path Payments. See what he had to say below.
Q: What is Elastic Path Payments?
Q: Why Does This Matter for Digitally-Driven Brands?
A: I think there are two key areas of impact that Elastic Path Payments will have on the how brands manage digital commerce.
First, Elastic Path Payments gives brands access to the cutting-edge, API-first payments technology that they need to power seamless online checkout experiences. Features like fraud management, network-wide acceptance, support for global brands and best-in-class security ensure that brands meet customer expectations and hit growth targets.
And, second, simplifying Composable Commerce. At Elastic Path we are seeing more and more interest for a Composable Commerce approach. While we are thrilled to see this momentum, we still hear that managing multiple vendors can feel complicated. To that end, we know that two-thirds of companies prefer a single payments solution over multiple best-of-breed vendors. By pre-integrating payments technology into Elastic Path, this offering eliminates the need to manage yet another vendor.
Q: What Are the Benefits of Choosing Elastic Path Payments instead of Managing Payments Technology Separately from a Commerce Platform?
A: Beyond the integrated commerce and payments technology, and simplification of solution management that we just talked about, Elastic Path Payments puts customer success above all else. Unlike other Composable Commerce vendors that leave brands to manage a multi-vendor solution on their own, we focus on becoming a trusted partner in their Composable Commerce journey.
One of the ways we emphasize this is with a dedicated customer success manager from Elastic Path who shares a deep knowledge of all facets of a business and can offer guidance, support, and advocate for a customer to technology partners.
From a functionality standpoint, Elastic Path Payments includes key features that enable brands to hit revenue goals. For example, automated retry logic and credential updates increase payment acceptance rates and, seamless online checkouts increase conversion rates.
Q: How Does This Make it Easier for Brands to Embrace Composable Commerce?
Q: What Are the Current Trends in the Market on Payments Offerings? How Are These Addressed?
A: Two key trends that come to mind are:
1. Brands expanding into new multiple business models, geographies, and Alternate Payment Methods.
In today’s world, it's crucial to give customers the payment options they would like to use, which can significantly increase conversion rates and average order values.
Interested in Learning More About Elastic Path Payments?
Simplify Composable solutions with integrated, feature-rich payments technology that powers revenue-generating experiences across customer touchpoints & business models (B2C, B2B, B2B2C), all from a single commerce platform.Go to Elastic Path Payments
2. B2B2C brands, those that operate franchise or distribution models, looking to digitally transform.
With the addition of Elastic Path Payments, Elastic Path customers can manage all business models, geographies, and payments methods with built-in payments technology. In contrast, other commerce platforms often require multiple instances or different products with numerous integrations of payments solutions to operate each model and accommodate the complexity and specific needs of each one.
Q: You Mentioned a Few Features but Can You Tell us More About the Included Feature Set in Elastic Path Payments?
A: Absolutely, I like to bucket the feature set into three groups that mirror the three significant stages of the checkout funnel.
At the first stage of the funnel, you have features that support a seamless online checkout. This includes support for over 25 languages, 135 currencies, and the ability to dynamically show the payment methods most likely to improve conversion. Together these features can provide up to a 46% increase in sales after enabling local payment methods.
To address the second stage of the checkout funnel, you have features related to fraud detection. Fraud detection is important to organizations as missed fraud can be very costly to brands. But, on the other hand, brands also don’t want to accidentally decline good transactions as we know this also leads to lost profits. In fact, every year businesses lose an estimated 3% of their revenue due to false declines.
Since Stripe, the underlying technology of Elastic Path Payments,, has seen 90% of all the credit cards that are in use in the United States, if there is an issue with a particular credit card, there is a very good chance the network has seen it before and will accurately flag or not flag a transaction. This results in decreased false positives, increased checkout conversions, and a better customer experience overall.
At the third stage of the checkout funnel you have features like network acceptance, which improves authorization rates, reliability and processing performance through a direct integration with card networks.
In addition, to features related to the three stages of the checkout funnel, Elastic Path Payments also provides best-in-class security and a centralized dashboard for real time reporting.