NuORDER Teams With Spreedly on Payments Vaulting
Open payments platform Spreedly has launched a partnership with B2B commerce company NuORDER by Lightspeed.
The partnership is designed to leverage “advanced payments vaulting solutions” to secure customer data during wholesale transactions, according to a Wednesday (May 22) blog post.
NuORDER’s B2B platform powers wholesale buying and selling, letting brands create a wholesale website where retail buyers can browse products, plan assortments, and carry out purchases in real time.
Already a longtime customer of Spreedly, NuORDER has now expanded that relationship to offer platform users access to Spreedly’s new Advanced Vault, expected to increase transaction success rates, lower the cost of managing the vault, and improve the wholesale buying experience.
“For platforms like NuORDER, which support the unique payment needs of over 3,000 brands, leveraging an open payments platform offers the ability to not only meet today’s needs but also prepare their payments stack to adjust as those needs evolve,” said Joe Meuse, vice president of product at Spreedly.
He added that the partnership was “a wonderful example of a long-time Spreedly customer continuing to grow and add more value for global customers.”
PYMNTS spoke with Meuse earlier this year about the way vaulting can keep card details safe for subscription businesses.
Vaulting credit and debit cards can safeguard sensitive data and store the card data in what Meuse said is “an agnostic way so that you can use them through whatever payment channels are most effective for that particular customer.”
Vaulting can make sure that card details are kept up to date through digital means, are actively managed and updated whenever cards are replaced, and have robust fraud defenses in place through tokenization.
In addition, Meuse noted that vaulting occurs in a data-rich environment, adding that transparency is one of the chief benefits that are passed along to the consumer.
“[Merchants] want to provide clarity on just what that payment is for, so there are no unnecessary problems or chargebacks later,” he said.
PYMNTS also spoke with Meuse more recently about the rapid, on-going growth in digital payments and the complications and cost that comes with it.
“There’s a lot of complexity behind the scene as merchants solve new problems and make investments to support that modernization,” Meuse said during a recent “What’s Next in Payments” interview.
Keeping on top of consumers’ changing tastes means investing in both hardware and software, he added.
“It’s not cheap to do digital payments,” Meuse said, pointing out that merchant processing costs are a substantial part of the expense of payments acceptance.
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