Avangate Release Fall 14 Version of Digital Commerce Solution
Avangate, a digital commerce solutions provider, has added more than 200 new features in the Fall '14 release of its Commerce Solution for Service Providers.
The Fall '14 release of the Avangate Commerce Solution includes features designed to help companies move beyond the payment transaction and increase long-term customer revenue and retention.
Two additions to Avangate's solutions line-up include the following:
- Revenue Recovery Tools (RRT): An add-on that improves conversion and retention for recurring revenues lost due to passive churn and limitations of working with just a limited set of processors. RRT brings together extended credit account updaters, retry logic, gateway failure/intelligent payment routing, as well as bundled advanced third-party tools leveraging direct bank integrations and big data analysis. Typical recovery has averaged 20% of lost orders with early adopters recovering more than 40 percent of churned revenues.
- Growth Edition: A new package designed for both start-ups and innovative divisions of larger companies seeking an alternative to traditional payment providers as they launch and grow new recurring revenue streams. Growth Edition is a turnkey solution that includes both a full commerce solution and merchant account to get started selling online within days, all without the hassle of setting up individual merchant accounts, integrating to low level APIs, or managing integration with third party subscription billing or online marketing, testing/promotion tools.
Some additional features of the Fall Release include the following:
- Partner and reseller portals;
- Expanded developer tools: REST-based APIs, testing/log monitoring/commerce lifecycle management tools;
- Advanced customization of customer portals and partner portals, self-service testing suite;
- Salesforce.com Adapter;
- Extended recurring and currency support for purchase order automation;
- Infrastructure optimization with distributed architecture;
- Expanded outsourced operations and automation for financial reconciliation, chargeback, and processor management, refund handling, and compliance updates;
- Expanded recurring global payments: SEPA EU Direct Debit for France, Spain, Belgium;
- Enhanced marketing tools with upselling, lead and dunning management, Google Analytics integration, affiliate segmentation, and reporting
"Today, we are seeing the digitization of products into services—what we are calling the new services economy—and it's spawning the next generation of software and online services companies that are redefining commerce. For these new service providers and vendors, the ability to truly monetize their offerings is no longer about point payment transactions with the customer, but rather being able to interact, service, and expand the relationship with the customer from the discovery, trial, and add-on and retention phases, all of which are potential opportunities to make purchasing decisions. Our focus has been about serving these innovators who are launching new products or services and looking to build long-term customer lifetime value and recurring revenue streams," said Carl Theobald, CEO at Avangate, in a statement.
"In this new services economy, companies need to be able to rapidly create new products and service offerings, offer new subscription, freemium or usage models, and do so in weeks, not months. Service providers are required to rethink their packaging and pricing for conversion; how to enable their Web site, call center, resellers, as well as connected devices to service, retain, and upsell their customers. Our latest release of the Avangate Commerce Solution arms software and online services companies with over 200 new enhancements to get to market faster across any customer touch point, to move to recurring revenue models easily, and to sell more, globally," said Michael Ni, chief marketing officer and senior vice president of marketing and products at Avangate, in a statement.