Germany-based commerce platform commercetools has launched its commercetools Payment Hub, aiming to provide enterprises with “full control” over their payment strategies.
This offering is claimed to offer potential cost savings by removing “premium fees” linked to bundled payment models.
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Besides, commercetools has deepened its alliance with Stripe, positioning the financial infrastructure platform as the inaugural global payment service provider to integrate with Payment Hub.
The payment hub is said to allow businesses to negotiate directly with leading payment service providers, in contrast to commerce platforms that require merchants to use proprietary payment systems and extract a percentage of gross merchandise value, the release stated.
It features “pre-built” integrations and a simplified setup process, facilitating the implementation of payment solutions for businesses.
Through commercetools Connect, the platform provides pre-integrated solutions and configuration options, enabling enterprises to potentially lower payment processing costs by avoiding the transaction fees.
The new platform allows enterprises to selectively activate or deactivate payment service providers, thereby ensuring full control over their payment strategy.
Businesses can accept cross-border transactions, multiple currencies, and diverse payment methods.
Commercetools has indicated that additional integrations are expected to be introduced soon.
Enterprises now have the option to configure and manage payment gateways directly within the Merchant Center or through the Solution Hub.
commercetools chief product officer Shiri Mosenzon Erez said: “Enterprises shouldn’t have to sacrifice revenue for convenience. commercetools Payment Hub makes sure that enterprises get the best payment partnerships on their terms — without hidden fees, vendor lock-in, or inflated transaction costs. Most commerce platforms build their business on payment fees. We don’t. We focus on delivering the best commerce software and innovations, taking the complexity out of payments so our customers can focus on driving their business forward.”
Stripe global alliances and channels lead Terry Wise stated: “commercetools has demonstrated their ability to create powerful and highly customised composable commerce experiences for some of the largest companies in the world. With this new integration, commercetools users will be able to build robust payments experiences out of the box, in a fraction of the time it previously required.”
