Yelo Brings the Power of Cevnn Gateway for Your Business
Two digital enthusiasts Peter Thiel and Max Levchin, found an affordable approach for digital payments with Confinity in 1998, which later became the famous PayPal. Since then, there have been many innovations in payment gateways. Every eCommerce business or even an on-demand delivery service relies on a payment gateway for secure and enhanced digital payments.
Payment gateways are an inevitable integration for any online business, and that is why there is a massive demand for such solutions. The payment gateway market is growing at a Compound Annual Growth Rate (CAGR) of 12.5% and will reach $86.90 billion during the forecast period of 2017-2025.
Digital payments are not restricted to debit cards and credit cards anymore. Now, there have been innovations like cryptocurrencies that are gaining momentum in terms of digital currency.
So, it was a step towards the future of enhanced digital payments for a platform like Yelo when they decided to integrate one of the biggest payment gateways, Cevnn. But, before we look at how online marketplaces and businesses can benefit from Yelo’s integration of Cevnn, let’s understand payment gateways in numbers.
Payment Gateways in Demand
- Digital wallets/mobile wallets dominate the online payments market with a 44.5% share.
- Online marketplace sales will surge and dominate with a 60% market share by 2023.
- The market share for digital wallets will reach up to 50% by the end of 2024.
- The total transaction value for the Digital Payments segment will reach $6,685,102 million by the end of 2021.
- Total transaction value will grow at an annual growth rate of 12%, which will result in revenues of $10,520,219 million by 2025.
The market for payment gateways is massive, and Cevnn Payments is a significant player. While some payment gateways offer dedicated APIs or Application Programming Interface for integrations, others allow you to build custom APIs.
So, does Cevnn Payments offer such services?
Let’s understand what it is and how Yelo leveraged it.
What are Cevnn Payments?
Cevnn Payments is a fin-tech firm that offers online payment solutions through reliable tools and services. It enables direct payments from the bank at the checkout of any online business. The backend of Cevnn is built on a SOC 2-compliant company called Plaid, which is a subsidiary of the famous VISA organisation.
At the checkout page of your business, the Cevnn extension allows your website to redirect the users to the “Cevnn Payments Checkout page.” Here, through tokenisation technology, all the essential data is captured, and sensitive information is encrypted. Cevnn Payments has passed SOC 2 audit and has been one of the most secure payment gateways for businesses to use for their online payment feature.
The payment gateway helps organisations increase checkout conversion rates and reduce cart abandonment rates. It allows firms to reduce customer churn rate by decreasing the number of declined credit card payments. With its suite of several payment options, you can reach consumers who don’t have access to credit cards.
Cevnn Payments has been at the forefront of advanced payment gateways, and it charges 2.9% + 30 cents per transaction which is quite competitive. The payment gateway is quite popular in the US and Canada and offers multi-currency conversions for usage worldwide.
Yelo decided to offer its clients the ease of online payments by integrating Cevnn. But, before we discuss its benefit, let’s have a brief idea about the Yelo platform.
What is Yelo?
Yelo is a platform for businesses and enterprises to build a custom online marketplace. It helps companies create the entire tech stack for their online marketplace without spending too much on developing individual features.
Yelo handles anything from store management, delivery service, and even online payments for your online marketplace platform. So, you can focus on the core business logic rather than wasting time on figuring out how to build the tech stack. The platform boasts clients like McDonald’s, Swiggy, JSW steel, DeliveryHero, Burger King, Honestbee, Pizzahut, and even Jugnoo, the ride-hailing sensation.
With Cevnn, Yelo enables its client to offer a superior user experience, especially during the checkout process. So, let’s discover some benefits which every Yelo client can experience with the integration of Cevnn.
Benefits of Cevnn Payments Integration into Yelo
1. Swift Checkout
Higher checkout times always hurt businesses. When 18% of customers leave your business due to a slower checkout process, having faster transactions does make a difference. Cevnn payments enables faster checkout as there are no payment gateway redirections.
Yelo enables many organisations with custom checkout pages with no restrictions on creating an account or sign up needs. Apart from the customisations, the saved cards feature makes the entire process swift, plus the extension of Cevnn Payments API makes the whole experience smoother.
2. Secure Payments
When it comes to secure payments, eCommerce businesses and on-demand firms rely heavily on payment gateway security. Yelo understands the importance of secure transactions, and Cevnn Payment integration is a step towards adding more protection for its clients.
One significant benefit that every Yelo client will have is SOC 2 compliance. Issuance of SOC 2 compliance by the American Institute of Certified Public Accountants (AICPA) is a certification of security across organisations.
Cevnn Payments is certified for SOC 2 compliance, which means the customer’s data will be highly secure even in a catastrophic malware attack. Apart from data security, the payment gateway will enable high-end encryptions for every sensitive data captured during the transaction, making it one of the most secure online payment processes.
3. Pricing Transparency
One of the most significant reasons for customers leaving your business can be a lack of transparency in pricing. The addition of taxes and other charges should be visible to consumers, so they can estimate the total payment they need to make.
Yelo already offers automation in price estimation through auto-addition of taxes at the checkout, bringing transparency for your consumers. With the added features of Cevnn Payments like tokenisation, Yelo now offers better computations of pricing and secure checkout.
4. Checkout Conversions
Having Yelo can lead higher checkout conversion rates due to more payment options powered through Cevnn Payments. The integration will help online marketplace platforms reduce cart abandonment rates as consumers will have multiple payment options, and signups or other hidden costs are decreased.
With a reliable payment gateway API, the entire checkout experience will be enhanced, allowing the organisations to improve their services. Even for delivery charges, Yelo’s dynamic delivery charge feature will be helpful for many online marketplace platforms.
Apart from faster checkouts, the addition of promo codes, discounts, and other offers will also be much easier with the integration of Cevnn Payments. Online marketplace platforms can also leverage a solution like Yelo for additional features like route optimisations, navigational maps, customisable product listings, etc.
The integration of Cevnn Payments into tech-stack solutions offered by Yelo will empower many online marketplace platforms to enhance their UX. The technical know-how of a tech partner like JungleWorks, and a robust payment gateway like Cevnn Payments will be excellent for your business. So, what are you waiting for? Turn the tables around with this fantastic partnership. Get in touch for more details or comment below for further information regarding the Yelo platform.