Modo Chief of Business Development, Donald Chapman, discusses the three key ways Modo helps enterprises lower their cost of payments acceptance.
Modo helps lower cost in three key ways. First is false declines, so we can help lower false decline rates. The second is routing to least-cost providers and choosing the best rail that makes the most sense for the business. And third is on an ongoing basis we help lower your operational costs. The sort of permanent cost of ownership for your payments stack is managed by Modo as opposed to entirely within in-house resources.
You have companies out in the world that are building amazing payments stacks. They hire literally hundreds of people from product, from technology, from financial perspectives to help manage what we refer to as the payments stack. And what Modo is doing is really enabling everybody to have that best in class capabilities that the Netflix, the Uber, the Amazon, the people who have truly invested and understand the importance of this part of their business. We're democratizing that access for everybody in the market.
Why should everybody have to go out and hire those teams across all those different skill sets in order to run this part of their business? What Modo's done is cloud-enabled that, made it click to deploy and now brought that to the market to share that access, share those capabilities, so that everybody can have best-in-class services when it comes to their payments operations.