Globalisation, digitalisation, and automation are moving forward at warp speed, bringing e-commerce to a new level. Online businesses sell their products and services worldwide, regardless of borders, time differences, and preferred payment options for billing. The digital payments sector is keeping pace with the transformation and offers cloud-based payment management software and automation tools to ensure frictionless payment processes and transaction processing all over the world.
There are three main powerhouses that help money reach its payees: payment platforms or gateways, payment processors, and merchant accounts. Orchestrating the whole payment process might be challenging — customers use credit and debit cards, different currencies, including digital ones, and other billing options. A payment management system allows for monitoring business with several storefronts and managing its payment information and financial flows via a single access point.