The welcome return to in-store shopping has also brought retailers a host of unexpected payment processing fees and complexity. To help combat this challenge, Oracle has extended its comprehensive retail cloud platform to include the Oracle Retail Payments Cloud Service.
With the solution, US retailers can now accept the latest in contactless payment options, including debit/credit cards and Apple, Google, and Samsung Pay, without the hidden fees and unpredictable costs that erode the bottom line. This is all with transparent, fixed-fee rate pricing with no long-term contract lock-in or monthly minimum requirements.
“Retailers have long been at the mercy of a payment ecosystem with high and unpredictable fees,” said Mike Webster, senior vice president and general manager of Oracle Retail. “Today we are extending our retail cloud platform to bring a more stable ‘payment to processing’ solution to market for a fraction of the cost. Now, retailers have a single provider to manage their in-store operations, from staffing and inventory management, through to customer engagement and transaction processing.”
One stop shop for payments through to processing
The variability of payment processing costs by provider and card type, coupled with unpredictable system stability and service fees, make it hard for retailers to estimate processing costs in their financial planning. Oracle Retail Payment Cloud Service provides a fixed rate and competitive pricing model that enables retailers to anticipate exactly how much they will pay for every transaction – regardless of payment method used. There are no additional service or convenience fees or monthly minimums.
And as the service runs on Oracle Cloud Infrastructure (OCI), it has high security standards, end-to-end encryption, and is PCI/DSS compliant. When integrated with Oracle Retail Xstore Point-of-Service (POS) and Oracle MICROS hardware, it provides retailers with a complete platform for payment acceptance through to processing.
