US fintech Modo announce new e-commerce merchant product

Modo, a bank-grade fintech-as-a-service platform, has announced their ‘/Checkout’ product focused on simplifying the payment stack for ecommerce merchants.

/Checkout increases basket size and the lifetime value of customers by expanding the number and type of payments options.

The platform also enables merchants to see the total cost of payments on a transaction-by-transaction basis to facilitate reducing overhead operational cost.

Merchants who are selling or intend to sell globally online are required to integrate with a multitude of payment service providers to gain access to the payment methods they need based on the regions where they’re doing business.

The Dallas based firm recognised the complexity of the payment sector and developed the /Checkout API in a bid help solve issues faced by merchants and to create better visibility for their payment operations.

Bruce Parker, CEO of Modo, said: “Payments are hard. But there’s no reason that every merchant has to figure it all out on their own, that’s super inefficient.

“With the internet making every online retailer a global company, we wanted to use the technology we’ve built for global banks and other titans of payments to solve for that complexity and eliminate friction.”

Modo’s /Checkout API works with one single connection and aims to provide merchants the flexibility to work with multiple payment service providers, networks, and payment methods.

In addition, Modo say their platform will provide the opportunity for merchants to understand their total cost of payments on a transaction-by-transaction basis.

The /Checkout dashboard can also reveal the full lifecycle of a transaction from initiation to settlement and reconciliation to errors and chargebacks.

Modo recently announced the acquisition of 14 West Administrative Services as a client.

14 West is the business services arm for The Agora Companies, a global network for more than 30 media and marketing companies.

Daryl Berver, COO for 14 West, spoke highly on Modo’s capabilities and technology.

He commented: “Their product enables us to focus on the core values of 14 West – to innovate and perpetually improve the customer experience.

“Modo is thinking about how payments will be done 30 years from now – not how they have been done for the past 30 years.”