In today's digital society, services are just as important as products.
In fact, a study by Avangate found that 63 percent of U.S. adults currently use at least one online service (e.g. Pandora or Spotify) a day with more than 50 percent of those adults paying for the service.
With such a demand for services, Avangate has dubbed this "The New Services Economy". With new companies seemingly popping up everyday, Avangate has announced the release of their Digital Commerce solution.
What Avangate is offering with this solution is to essentially be the back-end payment support for companies. If companies employ Avangate, they will handle everything related to the customer payment part of the operation. From processing payment transactions to auto updating a customer's credit card information, Avangate offers to take care of it all for companies with their solution.
"For any individual company that is putting an online site together, having to wire it for payments yourself...it's work" Mike Ni SVP and CMO of marketing and products at Avangate. "And to start getting bank accounts and every country and getting by different payment methods - these are all things that take time, and time to manage and reconcile over time. So, we handle multiple payment methods as part of the platform."