New Oracle Payment Cloud Service Gives Retailers Greater Transparency and Pricing Flexibility

Rhea-AI Summary

Oracle has launched the Oracle Retail Payments Cloud Service, enabling US retailers to accept contactless payment options without hidden fees or long-term contracts. This service features transparent, fixed-rate pricing, eliminating unpredictable costs associated with payment processing. Retailers can now manage in-store operations efficiently while ensuring security with PCI/DSS compliance and end-to-end encryption, as it runs on Oracle Cloud Infrastructure. This innovation aims to enhance financial planning for retailers by providing a predictable cost structure for all transactions.

Positive

• Launch of Oracle Retail Payments Cloud Service enhances payment processing options for US retailers.
• Transparent, fixed-rate pricing eliminates hidden fees, aiding financial predictability for retailers.
• Service offers high security standards, end-to-end encryption, and PCI/DSS compliance.

Negative

• None.

Retail brands can now accept all major payment options to give shoppers a choice in how they pay without the unexpected costs or long-term contracts

AUSTIN, Texas, Jan. 12, 2023 /PRNewswire/ -- The welcome return to in-store shopping has also brought retailers a host of unexpected payment processing fees and complexity. To help combat this challenge, Oracle today extended its comprehensive retail cloud platform to include the Oracle Retail Payments Cloud Service. With the solution, US retailers can now accept the latest in contactless payment options, including debit/credit cards and Apple, Google, and Samsung Pay, without the hidden fees and unpredictable costs that erode the bottom line. 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 and general manager of Oracle Retail. "Today we are extending our retail cloud platform to bring a more stable 'payment to processing' solution 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."

One stop shop for payments through to 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 Retail Payment Cloud Service provides a fixed rate and competitive pricing model that enables retailers to 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 high security standards, end-to-end encryption, and is PCI/DSS compliant. When integrated with Oracle Retail Xstore Point-of-Service (POS) and Oracle MICROS hardware, it provides retailers with a complete platform for payment acceptance through to processing.

See the new Oracle Retail Payments Cloud Service and Oracle's complete platform for modern retail in action at the National Retail Federation (NRF) show on January 15 – 17, 2023 in New York at booth #5121 or join our virtual session on January 31 by registering at: https://www.oracle.com/industries/retail/zoom-zone/.

About Oracle
Oracle offers integrated suites of applications plus secure, autonomous infrastructure in the Oracle Cloud. For more information about Oracle (NYSE: ORCL), please visit us at www.oracle.com.

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SOURCE Oracle

FAQ

What is the Oracle Retail Payments Cloud Service?

The Oracle Retail Payments Cloud Service allows US retailers to accept various contactless payment options without hidden fees and provides fixed-rate pricing.

When was the Oracle Retail Payments Cloud Service launched?

The Oracle Retail Payments Cloud Service was launched on January 12, 2023.

How does the Oracle Retail Payments Cloud Service improve financial planning for retailers?

It offers predictable fixed-rate pricing, eliminating unexpected payment processing costs and allowing retailers to better estimate expenses.

What security features does the Oracle Retail Payments Cloud Service include?

The service runs on Oracle Cloud Infrastructure, ensuring high security standards, end-to-end encryption, and PCI/DSS compliance.

Where can retailers see the Oracle Retail Payments Cloud Service in action?

Retailers can see the service at the National Retail Federation show from January 15-17, 2023, in New York.