TNS tops 100 alternative payment methods

Transaction Network Services, a provider of managed network and payment solutions, said its payment orchestration platform now supports more than 100 alternative payment methods alongside traditional card schemes. This is especially beneficial for businesses in unattended environments, such as parking and self-service, where as many as 15 to 18 percent of consumers transact business, according to surveys commissioned by the Reston, Va.-based company.

Consumer demand for digital wallets, QR-based payment experiences, pay-by-link, buy bow pay later services and local payment schemes continues to grow. As payment journeys span in-person, mobile, and online experiences, businesses need the flexibility to support a broader range of payment methods through a single platform.

TNS said in a statement that the latest batch of capabilities build on its existing payments platform and aims to help businesses rapidly enable and accept new payment methods without adding unnecessary complexity.

Handling payment method diversity

Payment preferences vary significantly by market, demographic use cases, and payment method. This is especially notable in unattended sectors, creating a significant challenge for businesses to respond to growing consumer expectations without adding new payment relationships, integrations or operational overhead.

"Payment method diversity is one of the biggest challenges a business faces when expanding across markets and it becomes particularly acute in unattended environments where there is no opportunity to offer an alternative at the point of failure," said David Hore, senior director, payments product portfolio, TNS payments market.

"In parking, self-service and similar environments, a consumer whose preferred payment method is not accepted may abandon the transaction entirely, making payment method coverage a direct driver of revenue protection," added Michael Johnson, global managing director, TNS payments markets.

Eliminating network grunt work

TNS addresses the challenge through a single managed platform connection for traditional and newer payment schemes, without the need for building new integrations or managing additional payment provider relationships, the company explained. TNS handles the connections, compliance and processing behind the scenes, enabling its customers to focus on serving their businesses.

"By supporting more than 100 alternative payment methods through a single platform connection, we are giving businesses the coverage they need to accept any payment, anywhere, without adding complexity to their operations," Johnson said

"Our platform removes that complexity, giving businesses a single connection to the payment methods their customers want to use, wherever they are in the world," Hore added.

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