Embedded payments company NMI enhanced its integration with Shopify.
The updated offering ensures NMI’s independent sales organization (ISO) partners, software providers and payment professionals can offer their merchants an integrated payment experience that aligns with Shopify’s latest requirements, according to a Tuesday (June 11) press release.
“Designed for partners looking to enhance their merchant offerings, the latest Shopify integration is built for business continuity, introduces advanced security features, streamlines business processes and simplifies the merchant experience,” the release said. “This integration reinforces NMI’s commitment to innovation and support in the ever-evolving eCommerce landscape, driving growth for its partners and ensuring their merchants are well-equipped to succeed.”
Among the benefits are data insights and management, greater operational efficiency, and enhanced security and fraud prevention, per the release.
“Adhering to the latest security standards, this integration significantly reduces the risk of fraudulent transactions, protecting revenue and building customer trust,” the release said.
This comes as fraud is costing merchants $429 billion per year, according to estimates from payments firm Adyen.
The PYMNTS Intelligence report “Fraud Management in Online Transactions” found that 95% of merchants have already begun enhancing their anti-fraud capabilities, or they are planning to start soon. Forty-one percent of companies have already taken steps to improve their anti-fraud toolkits, while 54% plan to do so this year.
Meanwhile, Shopify said last month it is embracing the opportunity to use its point-of-sale system to bring more digital capabilities into the in-store journey.
“We’re going to be able to migrate more and more functionality to point of sale, and so over time, the attach rate and some of the opportunities overall are going to increase,” Shopify Chief Financial Officer Jeff Hoffmeister said during an earnings call. “The point of sale, the retail piece, for us is primarily a payments piece.”
The PYMNTS Intelligence report “2024 Global Digital Shopping Index: The Rise of the Click-and-Mortar™ Shopper and What It Means for Merchants” found that consumers want to engage with the physical store during their shopping journeys as more than 7 in 10 consumers prefer to visit stores at some point.
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