With years of profound industry experience in delivering integrated financial solutions, Opus is driving the shift towards omnicommerce and integrated payment solutions. Through expert consultancy, Opus is enabling merchant acquirers to differentiate their offerings by innovating rapidly, improving payment performance, and achieving a faster time to market.
Key Challenges Faced by Merchant Acquirers and Payment Service Providers
Lack of adaptability due to legacy systems that cannot leverage the full range of features offered by modern payment applications
Inability to keep pace with the changing trends in the industry, such as delivering payment as a service (PaaS)
Slow time-to-market for new products and services
Difficulty to compete with non-traditional payment players, such as Square, PayPal, Apple, and Intuit, that offer alternate payment options, eliminating the need for merchant accounts
Increase in card fraud due to card-not-present (CNP) transactions
Failure to customize the local offerings to include region-specific payment methods
Lack of technology to handle multi-currency transactions for the growing global merchant user base
With an increase in the number of SMBs opting for e-commerce, spending on payment services is expected to surge. This trend has intensified competition with a range of innovative fintech solutions. To capture a larger share of this growing market, merchant acquirers need a highly flexible acquiring system that can adapt to the dynamic changes in the industry. With a deep understanding of the payment domain, Opus offers expert consulting to merchant acquirers on their journey to embrace the latest trends and stay ahead of the competition. As an authorized Stripe partner, Opus provides support in upgrading legacy technology systems, optimizing performance and channels, and integrating value-added services.
Our merchant acquisition solutions include
Building robust and modern PayFac solutions that enable seamless workflows for merchant on-boarding, merchant management, centralized and decentralized merchant settlement support, billing, fraud management, data analysis, and reporting
Consulting services by in-house Stripe-certified payment professionals for integration with other Stripe payment products
Deploying payment gateway services on the cloud and enabling acquirers to use them as a payment-as-a-service (PaaS) offering
Developing extendible solutions using microservices that can interact easily with the existing core system and external gateways
Providing a global standard in security and compliance with PCI DSS version 3.2.1-certified solutions
Enabling fraud protection with VISA and MasterCard certified 3D secure support and tokenization service
Opus optimizes onboarding, compliance, and solutioning for merchant acquirers
Enables a marketplace approach for integrating customer offerings through APIs and microservices
Provides easy integration with leading CRMs for merchant onboarding and ongoing support
Allows merchant-specific configurations and MCC code-based Customized product offerings
Prevents revenue leakage and write-offs with a secure cloud-based infrastructure that allows real-time data ingestion and faster reconciliation
Faster time to market with easy integration of the latest payment trends while complying with the regulatory mandates recommended by payment networks
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READ NEWSLETTERVIEW ALLFrequently asked questions
A merchant acquiring bank, or merchant acquirer, is a financial institution that allows businesses to accept payments through credit card, debit card, or online channels. An acquirer offers these services in association with a card network or scheme, such as Visa or Mastercard.
A merchant acquirer is a critical cog in the payment processing chain. In the payment process, the acquirer authenticates the transaction information with the card issuer. The acquiring bank also reconciles all the payments and transfers the amount to the merchant’s bank account.
Beyond the payment process, a merchant acquirer onboards new retailers, underwrites terms for the payment process, deploys card terminals, manages requests related to chargebacks, facilitates disputes, and ensures fraud prevention.
A bank can play the role of a merchant acquirer; however, not every bank does so. To be an acquirer, a bank has to be a member of the card schemes, such as Visa and Mastercard. They can be direct members of the scheme or through a merchant acquiring platform. An acquiring bank should be licensed by card schemes to open merchant accounts for its business users.
A merchant acquirer records the transaction information from card-based sales accepted by the merchant or retailer. The acquirer sends this information to the respective card issuers through card schemes or networks. The card issuer debits the cardholder’s account and sends a confirmation to the acquiring bank, which in turn credits the merchant account of the retailer. The payment data is reconciled, and the amount is credited to the retailer’s nominated bank account after necessary deductions as per the agreed terms.
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