Following this announcement, the new solution was developed in order to streamline payment processes across a diverse spectrum of several global payment methods. The comprehensive and secure B2B payment platform is expected to encompass a trio of essential services. This will include Payment Gateway, Surcharge Management, and Interchange Fee Optimizer, which will be integrated in order to optimise financial efficiency.
HighRadius will continue to focus on meeting the needs, preferences, and demands of customers in the ever-evolving market, while also prioritising the process of remaining compliant with the regulatory requirements and laws of the industry.
As payments represent a critical part of a customer’s overall digital experience, HighRadius is set to continue to focus on reducing credit card processing costs through the use of PCI-compliant payment solutions across all digital channels. The B2B payment platform is expected to optimise HighRadius’ overall payment gateway to a standalone solution that supports over 150 currencies around the world, from various digital commerce channels such as E-Commerce and Order Management platforms.
As an example, firms usually pay the processor a 1.5-3% interchange fee at the moment of accepting payment through credit cards. The fee depends on the type of data that is sent to the processor, which varies depending on the card provider as well. The Interchange Fee Optimiser module is expected to automatically populate any missing data, adhere to pre-configured rules, as well as ensure the attainment of lower interchange fees.
Included in the new solution is a Surcharge management module introduced by the company, which was developed in order to address the practice of surcharging. This process represents a legally permissible means of passing a portion of the overall processing fee to the buyer. The module operates in real-time, and it is set to offer firms the possibility to validate surcharge applicability and securely pass on interchange fees to buyers. In addition, the new service also aligns with regional regulations, which can differ on a state or province level, as well as among various card brands.
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