Transaction Network Services Debuts Payment Platform

Payments infrastructure provider Transaction Network Services (TNS) has launched payment and network solution Complete Commerce.

As the company noted in a Tuesday (April 16) news release, enterprises need to deliver user-friendly, reliable and secure payments experiences while also juggling evolving consumer behavior, regulatory demands and technology modernization.

“Complete Commerce helps solve this payment complexity by leveraging a single supplier relationship and reducing total cost of ownership (TCO) across the enterprise’s technology environment,” the release said.

John Tait, global managing director of TNS Payments Market, added that the tool offers a “PCI DSS certified, fully managed service for payments and network connectivity,” that lets businesses accept virtually any payment method, online or in-person “with TNS’ range of terminals — unattended, at the pump or in-store.”

“In addition, our secure connectivity product suite enables enterprises to connect payment devices, retail sites and cloud environments to TNS’ carrier agnostic, global, private network,” Tait said.

The solution leverages TNS’ Accept, Connect and Orchestrate payment portfolios, as well as the company’s global footprint, the release said.

Research by PYMNTS Intelligence has shown that 50% of consumers consider the ease of a merchant’s checkout process when picking where they want to shop.

“This suggests that businesses need to prioritize streamlining their checkout processes to attract more customers and improve their competitiveness in the online market,” PYMNTS wrote earlier this year. “Ensuring a smooth, hassle-free checkout experience can enhance customer satisfaction and potentially lead, in turn, to increased sales and customer loyalty.”

Meanwhile, data from “How Preferred Payment Availability Can Reduce Cart Abandonment,” a collaboration between PYMNTS Intelligence and Adobe, found that 70% of shoppers consider the availability of their preferred payment method very or extremely influential when choosing which online merchant to do business with.

PYMNTS also explored the concept of payments orchestration in a recent interview with Andy McHale, senior director of product and market strategy at Spreedly.

Orchestration, he said, gives platforms options for the types of merchants that can be onboarded, the geographic regions that can be included, and the types of payment methods that can be offered, such as digital wallets, credit cards and direct bank account payments.

It also lets complex transactions to take place, McHale added, offering the example of an online travel agency provide platform for airline, hotel and rental car reservations.

“There can be independent sub-merchants behind a single transaction on the back end” when a consumer transacts, he said. The orchestration platform sends the transaction to the appropriate merchant, while the consumer pays just once with their chosen payment method.