US-based fintech Modo has announced the launch of their product /Checkout that is aimed at simplifying the payment stack for the e-commerce merchants.

According to Modo, /Checkout increases basket size and the lifetime value of customers by expanding the number and type of payments options and enables merchants to see the total cost of payments on a transaction-by-transaction basis to facilitate reducing overhead operational cost. The merchants are given the flexibility to work with multiple payment service providers, networks, and payment methods and the visibility to understand their total cost of payments on a transaction-by-transaction basis. The /Checkout dashboard gives merchants one view into their payments stack for the full lifecycle of a transaction from initiation to settlement and reconciliation to errors and chargebacks.

“Payments are hard. But there’s no reason that every merchant has to figure it all out on their own, that’s super inefficient. With the internet making every online retailer a global company, we wanted to use the technology we’ve built for global banks and other titans of payments to solve for that complexity and eliminate friction,” says Bruce Parker, CEO of Modo.

Modo is a bank-grade fintech-as-a-service platform that connects merchants to the market of payment services providers. Modo’s API allows merchants to manage and optimize their various payment services – from alternate payment methods and eWallets to card processors and acquirers.

by Megha Bhattacharya
Market Analyst at IBS Intelligence