XY Retail, a leading provider of omnichannel retail solutions, today announced the launch of its Payment Virtualization Service, a new offering enabling retailers to leverage the flexibility of payment virtualization with the additional ability to integrate with a wide variety of payment processors through the XY Retail platform to deliver better customer experiences.
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Payment virtualization simplifies and modernizes the process of handling payments. Instead of relying on traditional, separate systems for in-store and online transactions, XY Retail combines them into a unified, digital platform, thanks to API-driven development. This approach enhances efficiency, reduces complexities, and provides a more cohesive way for businesses to handle their payment processes in today’s interconnected retail landscape.
In a recent survey of 100 luxury brand stores across 11 countries, XY Retail found that 65% of luxury retail brand transactions in 2023 used a payment processor. Moreover the average amount of those transactions was 60% higher than transactions made with other payment methods. Year-to-date, XY Retail has processed more than 300,000 transactions globally year-to-date, totaling over $190 million.
XY Retail’s Payment Virtualization Service empowers retailers to explore strategic options in optimizing processing charges with different providers, fostering efficiency and cost-effectiveness. Now, retail brands can offer their customers more payment choices to enhance the overall shopping experience, optimize conversions, and eliminate locked-in payment processing.
This new offering enables:
- Omni-channel consistency of payment options, whether online or offline.
- Efficient management of multiple payment types, making it easier for retailers to handle diverse transactions.
- Seamless integration with any payment processor in a short amount of time for quick expansion to new markets.
- Complete payment virtualization, thus eliminating locked-in payment processing.
- Regular software and technology updates made to stay current with industry standards ensure continued payment processing efficiency without incurring significant additional costs.
“With payment virtualization, we’ve empowered luxury retail brands with the autonomy to always choose the preferred payment processors that best serve their customers,” said Susan Jeffers, CEO and founder of XY Retail. “This strategic flexibility empowers seamless global expansion and customer experiences worldwide, underscoring our commitment to providing innovative solutions that set retailers up for success.”
About XY Retail:
XY Retail is the only headless unified commerce platform and POS built from the ground up for retail brands that want to streamline their omnichannel operations, foster meaningful customer relationships, and redefine the in-store experience for consumers and store associates. Luxury brands worldwide have adopted XY Retail’s API-driven, mobile-first cloud platform to modernize their stores and manage their entire global retail operations – from data decisioning, stock management, and order management to hyper-personalized clienteling and merchandising experiences. The platform also boosts commerce by enabling retailers to fulfill online orders up to 300 percent faster. XY Retail is headquartered in New York and Milan and operates in over 23 countries. The company is backed by Stage 1 Ventures and Monta Vista Capital.
Learn more at www.xyretail.com.
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