We are happy to announce today our Winter ‘19 product release of the enriched Monetization platform and new introduced API 6.0 and 2Pay.js library, which enhances merchants’ capabilities for subscription retention, ordering engines, customization, and increase of conversions, across distribution channels, while also introducing additional payments methods to our portfolio.
The latest release brings more flexibility and customization options to the Avangate Monetization Platform and introduces upgrades in security and compliance systems. API 6.0 allows full customization of payments flow, catalogue and subscriptions management with a secure PCI-compliant option across channels and touchpoints. It also reduces the complexity of the PCI DSS validation process for merchants to qualify for the easiest form (SAQ-A).
Read on to discover details on the new features of our leading all-in-one monetization platform.
Enable Frictionless Payments – Enriched Payment Capabilities with API 6.0
Fully customize payments forms without touching customers’ payment data – 2Pay.js
In 2019, security breaches related to credit card data have increased significantly, with almost 5,000 eCommerce websites being compromised on average each month. The 2Checkout 2Pay.js was built with security and compliance in mind and maintains a seamless approach for integrating this capability into your online business. With 2Pay.js, the card data is collected by the 2Checkout system, then tokenized and stored in a secure environment while leveraging one of the strongest encryption algorithms.
Enjoy full checkout ownership without touching customers’ sensitive data, with a simplified PCI DSS validation process.
Ensure inventory profits – SKU Management
Discover new and improved product management features that come with 2Checkout’s Winter Release ‘19. With the introduction of the SKU management via API, you’ll have better control over your product catalog and prices. By automating the entire process, the time and effort for implementing SKU changes will be reduced along with possible human errors.
Engineer your business for new markets – Local Payment Methods via API
To help you increase conversion and authorization rates in APAC, we’ve implemented UnionPay and Konbini in the new version of the 2Checkout API.
UnionPay grew by 28.8% year-on-year to USD 14.95 trillion, as referenced by the latest transaction data from the start of this year, which attests to this payment option’s growing popularity among Chinese consumers.
Konbini is a local cash-based payment method in Japan that allows consumers to order goods and services online and pay for them over the counter in a convenience store.
Since it’s a cash-based payment method, it does not involve any kind of credit card data to be entered/handled, it only accepts cash money to be paid by the shopper. By offering support for Konbini, 2Checkout gives merchants who sell in Japan access to both online and offline payment methods, resulting in higher conversion and authorization rates.
Improve Authorization and Conversion Rates – Enhanced ordering engines with embedded compliance
Brazil: a growing opportunity at your fingertips – Local Processing and Boleto Bancario in Brazil for 2Sell and 2Subscribe (and ConvertPlus)
Brazil has become the largest eCommerce market in LATAM with a valuation of USD 28 billion in 2018. With almost 40 million active online shoppers and an Average Order Value (AOV) of $96, accepting payments from Brazilian markets is a must. With extended payment coverage, you’ll be able to accept payments from the largest online market in Latin America and increase authorization and conversion rates.
Launched in 1993 and regulated by the Central Bank of Brazil, Boleto Bancário generates 3.7 billion transactions per year and accounts for 25% of all online payment transactions in the Latin American country. Available in the platform for the past eight years for merchants using the Merchant of Record model, Boleto Bancário is now accessible to clients on the Payment Service Provider model as well.
Boleto Flash is a unique solution for the Brazilian market with a responsive layout suitable for any device. Already available for merchants using the Merchant of Record model, we’ve added this payment method on the Payment Service Provider model to enable every business to reach more customers, increase conversion and authorization rates in Brazil.
Adhere to new global regulations – Europe’s PSD2 and GDPR, California’s Consumer Privacy Act, and UK’s Brexit
PSD2 and GDPR
The Payment Services Directive 2 (PSD2) has taken effect in the entire European Union in the local legislation, requiring Strong Customer Authentication (SCA) for payments made by EU shoppers. Your business has nothing to worry about in terms of payment security, as there will be no changes to the integration from your side. The sophisticated authentication logic will be maintained by 2Checkout to help you stay compliant with regulations.
We work directly with all the involved parties to reconcile and represent you, leveraging exemption rules and the latest 3D Secure 2 (3DS2) technology to protect your business from declined payments and low conversion rates.
Regarding compliance, the new 2Checkout product updates preserve GDPR compliance for data that merchants collect on our systems. Advocacy for privacy is in our brand’s DNA and compliance with the EU’s GDPR, in terms and technology, has been in force since May 25, 2018, when the regulation came in effect. 2Checkout’s Winter Release ‘19 guarantees continuity for the security of payment processing and fully adheres to the latest updates within the payment industry and EU regulations.
3D Secure 2.0
2Checkout’s API-driven highly optimized checkout is built using the latest technologies, minimizing customer’s input during the payment process. It will empower you to understand and reduce friction with proper communication, as well as manage customer drop-offs.
3DS 2.0 is the new standard introduced by EMVCo and the major credit card schemes. It brings a new approach to authentication and, unlike its previous version, is mobile-friendly and able to display a responsive design easily adjustable to any mobile device.
California’s Consumer Privacy Act and UK’s Brexit
2Checkout remains compliant with the latest industry regulations. Specifically, for the US market, where the California Consumer Privacy Act (CCPA) is expected to take effect in January 2020, 2Checkout is following and implementing the latest compliance updates and directions coming from the State of California Attorney General’s Office. Similarly, 2Checkout is monitoring Brexit developments and implications on tax management and will publish compliance actions as soon as final guidelines become available.
Maximize conversions with quick hosted ordering experiences – Inline Cart Performance Upgrade
Your customer’s shopping cart experience can make or break a sale, which is why each new 2Checkout release comes with optimized features for your cart. Starting today, you can benefit from improved loading time for the InLine checkout ordering engine. Faster loading time for the InLine cart offers your customers an enhanced shopping experience and helps you increase conversion rates with no additional effort on your part.
The cart has been designed following the latest user experience and conversion optimization best practices, with a simple and straightforward interface. Most importantly, it enables you to receive payments without redirecting your customers to a third-party checkout, as it happens with traditionally hosted shopping carts.
Explore New Ways to Improve your Customer Retention
Decrease voluntary churn – Pause Automated Billing
Your customers will be able to set a pause period for their subscription as an alternative to canceling it, allowing them to temporarily reduce costs or pause services.
This functionality will help you decrease voluntary churn, gather valuable insights on why customers might want to discontinue their subscriptions and reduce marketing costs to win them back.
Diverse partner scenarios – Generate multiple subscriptions in bulk or by unit
2Checkout’s Winter Release ‘19 provides additional capabilities for vendors to work with different partnership models. We aim to offer flexibility to merchants that want to sell large quantities of subscriptions—and the responsibility of distribution—to a partner.
We support bulk subscription generation, but also individual management of subscriptions for partners that represent acquisition channels for the merchant. The second option can bring customers via the partner but keep the relationship and renewal process with the merchant.
At 2Checkout, all development efforts start with the objective of helping our merchants scale. As we’ve seen in this roundup, our Winter Release ‘19 introduces new platform features that positively impact your bottom line and KPIs.
Our efforts to deliver on our vision to maximize the value of every digital buyer and subscriber worldwide for the growth of our partners is paramount to us. Stay ahead of the curve and be relevant on global markets with 2Checkout and the Avangate Monetization Platform.
If you’re curious to find out more about the benefits and the how-to’s behind the 2Checkout Winter Release ‘19, join our webinar on December 12 to learn all about our latest releases, straight from our Product Managers.