Magento announced they will be launching magento payments next year and this got me thinking. They say there is no subscription fee that is going to be great for the smaller companies but what about the larger ones. We need to find out what the fees are compared to authorize.net and paypal pro before we can recommend it to our clients.
Benefits of using Magento Payments
Here are some of the important benefits of Magento Payments that have already raised the eyeballs.
- Better Conversions
It uses PayPal and Braintree to make it easy for merchants to accept different types of payment methods. Magento Payments has combined Braintree Payments, PayPal Checkout, and Signifyd fraud protection technologies to provide consumers with the best of everything under one name.
- Management of Cash Flow
Magento Payments comes with Cash Flow Manager that synchronizes order details and payments automatically within the Magento Admin. When this is released I will be investigating more details on this to relay. Currently most of our clients use authorize.net that automatically process the order and records the funds. I am unclear what the benefit is just now of this.
- Fraud Guarantee
They are going to handle the charge back cases and fraudulent charges. Leaving more questions. How will this all be handled.
Overall for clients that are having fraud issues this looks like a good option. It seems like they collect data from all their partners/merchants if one receives a fraud alert then that card will be declined with any of the participating merchants. This collaborative approach could work well for everyone involved. As magento developers I hope it will be a cost-effective option for our clients.
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