Avangate Launches Ecommerce Solution for the New Services Economy

June 10, 2024 by
Avangate Launches Ecommerce Solution for the New Services Economy

In the Internet age, payments are becoming more than just about moving money from point A to point B.

For enterprises and service providers, there are new economies where payments must not only scale to size, but there must be ways to facilitate customer engagement.

Avangate, a leading digital commerce provider, is expanding its services to provide an all-in-one solution for enterprises offering online services – and it’s not just payments.

According to Carl Theobald, CEO at Avangate, online services are “the next trillion dollar market being accelerated by the explosion of cloud computing and mobility.”

This is what Avangate calls, “The New Services Economy.”

In Avangate’s New Services Economy survey of Internet consumers, 63 percent of US adults use at least one online service, with 50 percent paying for them.

The most important findings conclude that consumers would be more likely to pay for these services if they had access to free trials, better customer support, and the ability to customize their subscription settings.

Mike Ni, CMO at Avangate, says that building out commerce platforms targeting customers of online services often produces “commerce hairballs.”

For example, Avangate found HP spending thousands of man hours building out both the front and back ends of their B2B software platforms.

Theobald shared a story regarding their relationship with HP Software. HP had their own payment gateway, so bringing the platform live, creating support for subscription and recurring billing, and enabling payments was not an issue.

The “commerce hairball,” was the issue of bringing that software platform to scale. As a global company, HP had an imperative to bring those same services to as many markets as possible.

Avangate took the reins and pitched that they could bring HP’s next service to “over a hundred countries, in under 30 days,” and succeeded.

Building upon this experience, Avangate is now releasing what it calls “the first digital commerce solution for the New Services Economy.”

By providing the infrastructure and logic necessary for service providers large and small, Avangate aims to solve the three critical issues of scale, speed, and customer engagement.

This includes a suite of tools that tackles cart abandonment, secure filing of customer payment details, fraud management and global payment processing capabilities by utilizing the safety and security of the cloud.

Avangate’s platform also supports a call center module, along with subscription management, and analytics.

Avangate will be more than just a payment service provider, but a platform that provides commerce and monetization, with resources for businesses to engage existing and new customers around the world, in a very short time frame.

These new offerings underscore the payments industry at large and the need for payment providers to do more than their namesake, to provide not only payments for businesses, but valuable tools to grow and to retain business.

Find the infographic accompanying the New Services Economy survey below:

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