Oracle extends payment methods for retailers

  • January 17, 2023
  • Steve Rogerson

Oracle has introduced a payment cloud service that lets retailers accept all major payment options without unexpected costs or long-term contracts to give shoppers a choice in how they pay.

The return to in-store shopping has brought retailers a host of unexpected payment processing fees and complexity. To help combat this, Texas-based Oracle has extended its retail cloud platform to include a payments cloud service.

With this, US retailers can now accept the latest in contactless payment options, including debit and credit cards and Apple, Google and Samsung Pay, without hidden fees and unpredictable costs. This is all with transparent, fixed-fee rate pricing with no long-term contract lock-in or monthly minimum requirements.

“Retailers have long been at the mercy of a payment ecosystem with high and unpredictable fees,” said Mike Webster, senior vice president of Oracle Retail. “Today we are extending our retail cloud platform to bring more stable payment to processing to market for a fraction of the cost. Now, retailers have a single provider to manage their in-store operations, from staffing and inventory management, through to customer engagement and transaction processing.”

The variability of payment processing costs by provider and card type, coupled with unpredictable system stability and service fees, make it hard for retailers to estimate processing costs in their financial planning. Oracle’s service provides a fixed rate pricing model that helps retailers anticipate exactly how much they will pay for every transaction, regardless of payment method used. There are no additional service or convenience fees or monthly minimums.

And as the service runs on Oracle Cloud Infrastructure (OCI), it has security standards and end-to-end encryption, and is PCI and DSS compliant. When integrated with the firm’s Retail Xstore Point-of-Service and Micros hardware, it provides retailers with a complete platform for payment acceptance through to processing.

SymphonyAI is to offer its products on Oracle Cloud Infrastructure using services including Oracle Exadata Database Service, GPU-accelerated compute and performance monitoring. Starting with SymphonyAI’s retail and CPG vertical offerings, customers can now transition to the cloud to shorten technology deployment time and help ensure better real-time services with scalability and reduced costs.