Our fearless leader, Bruce Parker, spoke with PYMNTS about how Modo is changing the payments game through interoperability. Modo’s payments utility enables interoperability between systems and allows payment systems to exchange payments data without having to make any changes to their existing infrastructure. Read more about it in this excerpt from PYMNTS’s interview with Bruce.
There are a lot of different ways to pay for things. That’s not news to PYMNTS or its readers — but now, people in the analyst, vendor and client worlds are starting to cotton on to just how many methods are encompassed by “a lot,” and they’re realizing that trying to support them all is an endless race where they can never get ahead.
At least, they can’t get ahead if they’re relying on tech integrations to enable each and every new payment method. But according to FinTech startup Modo, it’s time to stop thinking about new payment methods in terms of integrations, and time to start marking them interoperable instead.
What’s the difference? Modo CEO and Co-Founder Bruce Parker said that in terms of the final result, there isn’t one.
“It’s not the same technical issues, but it’s the same functional outcome,” Parker said.
He explained that most companies realize they should be offering as many payment options as possible; this is a big differentiator, according to PYMNTS’ Checkout Conversion Index. If major companies aren’t doing it, Parker surmised it’s because they haven’t gone through with the integration yet.
That’s often due to the cost and complexity of doing a full integration. Parker said checkouts are complex, and it takes a lot of work to make changes or add new methods. Merchants want to know how they can add new functionality without creating integration challenges or consumer friction.
Read the full article on PYMNTS.