Harnessing payments orchestration: new era of ecommerce efficiency

As the chief financial officer of the Brooks Running Australia, part of the Texas Peak group of companies Neelesh Mehta says when it comes to payment systems, the ability to manage payments from anywhere, have visibility over what’s happening and manage transaction costs is essential.

Texas Peak manages brands including Brooks Running in Oceania, a 110-year-old sports shoe retailer that is now one of the top running shoe brands and online portals.

Brooks Running, a 110-year-old retailer, is now one of the top running shoe brands and online portals. iStock

Brooks Running has evolved its payments infrastructure as technology has improved, always making sure customers can pay the way they want.

This is important, given a study by the Commonwealth Bank released in September 2023, Consumer Insights - Digital distinction: Attracting and retaining a new breed of customer, shows the vast majority (84 per cent) of retail and hospitality customers want a range of payment options.

According to the same study, more than a third of consumers want payment options that support a fast checkout process and flexible delivery choices.

Brooks Running, which banks with the Commonwealth Bank, has seen payments technology change over its life from basic systems to the advent of ecommerce, digital wallets and even tapping with devices such as smart watches.

“We have to be able to accept many different forms of payment, from many different places. Plus, our loyalty programs mean we need to track where payments come from,” says Mehta.

“The technology that underpins this has to be able to grow and scale with us.”

Technology is helping retailers to remain competitive and keep up with changing payment practices.

Karen Last, General Manager - Merchant Solutions, Commonwealth Bank says the way people pay has shifted, amid new buying habits and ways of paying.

“Millions of Australians now use digital wallets and other payment methods and people want more options, control and security at the checkout,” says Last.

“This is driving innovation and change in the underlying technologies businesses use to facilitate transactions. As a result, there is a relentless pressure on businesses to keep pace with technology as it improves.”

Smooth online experience

Payments orchestration is an important way for retailers to create a more efficient online shopping experience.

This involves a single, simple integration point that gives businesses a menu of payment methods and value-added services (such as fraud management) that can be easily switched on and off. These services can be managed in a convenient online portal that also generates rich analytics. Commonwealth Bank has used payments orchestration to integrate a menu of payment methods into one platform, PowerBoard.

This tool eliminates the need for retailers to manage a number of different software tools, saving time and reducing costs. PowerBoard provides a single management point and reduces technology maintenance requirements.

The platform allows the Commonwealth Bank to offer bank-grade security in online payments to customers. “The availability of 3DS 2.0 and Accertify for eligible merchants reduces the risk of fraud and provides a safer payment experience,” Last says.

Accertify provides fraud prevention software and 3DS 2.0 is a system used by banks and payment providers to make online transactions more secure.

Range of payment options

For customers, PowerBoard streamlines the payment process and gives them choice. It provides retailers with a consolidated view of their business and customers, which helps inform their decisions. Businesses use these insights to improve customer experience, such as personalising payment options.

“We are always introducing new features in the PowerBoard platform, which helps our customers to keep up with emerging payment trends,” says Last.

“Keeping businesses safe is our priority. That’s why we have a range of products, services, security features and education resources to help keep our business customers secure 24/7.”

Retailers may display the Commonwealth Bank logo at their checkout page to give their customers peace of mind their transaction is being facilitated by Australia’s largest financial institution.

As for the future, ecommerce is only going to become more seamless, personalised and secure for businesses and customers.

“As payment preferences evolve, so will PowerBoard and we’ll continue enhancing the different payment options and services businesses can access through the platform,” says Last.

“Our goal is for the solution to grow along with our customers and the broader ecommerce landscape.”

This article was originally published in The Australian Financial Review (Nine Publishing) on 10 April 2024.