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ASOS agrees new payments partnership

By Retail Technology | Thursday November 5 2020

Online fashion retailer ASOS has sealed a new partnership for payments across its major European markets

ASOS has worked with APEXX to create its new Payments Orchestration Layer to coordinate and manage authorisation, processing and optimisation of transactions.

With more than 60% of ASOS’ sales now generated from international markets, optimising international payments is increasingly important.

APEXX helps clients increase cross-border revenues and maximise payments authorisation rates through local processing, as well as reducing costs of acceptance through their intelligent transaction routing engine, ultimately benefitting consumers as well as retailers.

It identifies and partners with dozens of local banks to avoid cross-border fees and attract cheaper domestic rates from the different global payment Schemes, like Visa and Mastercard.

Consumer acceptance

These local banks also grant APEXX and its customers access to local payment Schemes such as Carte Bancaire in France, China UnionPay, and the Russian Mir Scheme, which further helps to reduce cost and improve consumer acceptance rates.

The partnership will begin with APEXX processing payments, including cards and Alternative Payment Methods, for ASOS customers across several major European markets, before supporting ASOS in more international geographies at a later date.

The aim is to deliver a significant uptick in ecommerce acceptance rates and diminution of costs as a result of using APEXX’s strategically placed payment partners.

 

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