When it comes to making online and digital payments, modern consumers have a seemingly unlimited number of choices. Thanks to the emergence of tokenization in recent years, their payment credentials are also more secure than ever. For merchants, however, this abundance of choice is a double-edged sword.
While providing a wide range of payment options at checkout can positively influence conversions, accommodating such diverse payment preferences is not without its headaches and challenges. One major hurdle is that many merchants use tokens that are tied specifically to their chosen payment service provider (PSP). For large merchants, especially those operating across different regions where payment preferences may vary, dealing with multiple PSPs individually is impractical. A more universal solution is required.
Gr4vy is a cloud-based Infrastructure-as-a-Service (IaaS) company that aims to remove these barriers for merchants and simplify payment processing. Their unified API utilizes network tokenization to facilitate integration with more than 100 PSPs around the world, helping merchants manage, optimize, and scale their payment services in an easy-to-use interface. “We want to reduce complexity and empower our customers to own and act on their payment strategy,” says Zubin Vandrevala.
Tune in to the podcast to hear Mark and Zubin strip back the details of network tokenization and how Gr4vy is making payments easier for merchants.
