In the face of the increasing demands of deliveries, Fiserv Inc., a known technology solutions provider, for financial services and payments has introduced an innovative solution “Carat“. This new offering enables large scale retailers, grocery stores and restaurants to streamline their delivery operations reduce costs and regain control over their customers delivery experience.
Image source: Carat
Businesses utilizing Carat by Fiserv can easily connect their online commerce activities with more than 40 delivery providers through a simple integration process. This feature simplifies the process of managing parties involved in settlements while also enhancing customer loyalty through improved customer experiences. By leveraging split settlement options provided by Carat and utilizing Bringgs platform, for delivery overview and management businesses can seamlessly integrate last mile delivery, fulfillment processes and returns efficiently.
Carat By Fiserv – An Overview
In response to the surging demand for online delivery, Fiserv, Inc. has launched a cutting-edge solution – Carat. Carat is Fiserv’s global commerce operating system designed to cater to large merchants and enterprises. It’s the enterprise counterpart to Clover, Fiserv’s point-of-sale system for small businesses. At its core, Fiserv Carat focuses on payment processing. However, it goes beyond that, offering a wide array of services and tools related to data, analytics, and alternative payment methods.
Image source: Carat
This new offering is designed to empower enterprise retailers, grocers, and restaurants, in streamlining delivery operations, reducing expenses, and reclaiming authority over their customers’ delivery experience.
Through the innovative, improved delivery solution, businesses utilizing the Fiserv Carat commerce platform can effortlessly link their online commerce activities to over 40 diverse delivery providers, all via a single integration. They can access features that streamline multi-party settlement processes, fostering customer loyalty by maintaining influential control over customer journeys. The integration of split settlement capabilities from Carat and a delivery management platform from Bringg aids businesses in effectively consolidating last-mile options of delivery, returns, and fulfillment.
According to Casey Klyszeiko, the VP and Head of eCommerce (Global), at Fiserv the rapid expansion of delivery has opened up exciting digital opportunities for businesses. However, it also comes with challenges that need to be navigated. Klyszeiko highlighted the importance of their seamless delivery system, which allows businesses to save costs and regain control, over customer relationships. This ultimately leads to brand loyalty.
How Fiserv Carat Can Help Businesses?
Image source: Fiserv
Through a unified API integration, Carat platform enables businesses to:
Streamline Delivery:
By accessing a diverse range of delivery services for over 40 third parties, the system orchestrates route optimization across different providers based on customized business rules. These rules dynamically consider delivery times, costs, and customer choice, balancing fees and delivery speed effectively.
Customer Journeys:
Integrating seamless delivery into your current ecommerce setup empowers your business to reclaim ownership of the entire customer journey. With this integration, you can accept delivery orders directly from your consumer-dedicated apps or website.
You’ll have the capability to process payments using your gift card system, retain access to valuable customer order data, and enable customers to enjoy the benefits of your loyalty programs and promotional offers while making a purchase.
Efficient Split Settlement:
Through single authorization transactions, the platform effectively oversees settlements on behalf of the business, navigating a complex value chain that involves merchants, franchises, tips to drivers, delivery providers, and service fees. It ensures proper management of refunds initiated by consumers.
This solution easily handles split settlements in varying amounts across different payment types, doing away with the typical thirty-day invoicing duration often linked with multiple-party settlements. This capability allows businesses to receive payments more swiftly and reduce risks linked with fraud and inflation.
Fiserv is the original fintech, and Head of Carat and Global eCommerce Casey Klyszeiko shares why with @tsgpayments in an interview detailing his time at Fiserv and what’s on the horizon for Carat. See his insights here: https://t.co/jjnNKu6RxQ pic.twitter.com/cdFb8X6N0b
— Fiserv (@Fiserv) October 16, 2023
To understand Carat’s direction, it’s crucial to note that it’s not just about attracting new clients. Casey Klyszeiko emphasizes that Carat is equally aiming to flourish the existing client base. The Inspire Brands expansion is a testament to this approach. Fiserv recently have expanded their Inspire Brands partnership, a restaurant portfolio giant that includes Sonic, Baskin-Robbins, and Dunkin’. This expansion integrates in-app, online commerce, and in-store for more restaurant brands of Inspire, underscoring Carat’s commitment to growing with its clients.
Diversity in Verticals
Carat’s strength lies in its diversity. It caters to a broad spectrum of industries, from petroleum and quick-service restaurants to government, retail, e-commerce, and B2B. This wide reach includes the world’s biggest names and clients looking to expand. Casey Klyszeiko believes in going beyond just processing payments. Carat helps customers transition toward multichannel experiences, exploring fresh methods of payment, and venturing into new businesses.
Clover, Fiserv’s which is merchant business unit for small businesses, is often seen as the primary option due to its longer history. However, Casey Klyszeiko notes that both Clover and Carat are essential to Fiserv’s ecosystem. They function as operating systems, providing unified entry points for businesses of various sizes. They share knowledge and insights, creating a symbiotic relationship.
The Competitive Landscape
Carat faces formidable competition from industry heavyweights like Stripe, Adyen, PayPal’s Braintree, and FIS’s Worldpay. However, Carat’s approach is unique. It operates as the modular ecosystem, allowing clients to pick and choose components based on their specific needs. The focus is on serving the customer and integrating the solutions they require. In essence, Carat competes and collaborates with various players in the current market, emphasizing the importance of partnerships.
Carat’s Vision for the Future
When asked about CEO of Fiserv Frank Bisignano‘s assertion that in coming year or so, Carat will dominate the existing market, Casey Klyszeiko expressed confidence in achieving this goal. The key is simplicity and unification. Customers crave easy access points, orchestration, and real-time, fast, data analysis. Carat’s focus is on delivering what customers need and adapting to the evolving market landscape.
Carat understands that customer preferences are ever-evolving. Whether it’s online transactions, in-store experiences, or payments via various methods, Carat provides the infrastructure for businesses to adapt. This adaptability is exemplified through partnerships like Instacart, which now accepts online EBT payments, meeting the needs of millions of Americans who rely on government assistance programs.
Trust is paramount – Customers want to engage with brands they trust, not just with their data but also in terms of platform reliability and a company’s mission. Carat addresses these concerns by delivering advanced security, fraud prevention, and optimization tools.
Can Carat Be The New Face Of Payments And Digital Commerce?
The demand for the Carat operating system continues to soar as digital commerce experiences unprecedented growth. While the shift to online shopping was underway prior to the pandemic, recent events accelerated the need for diverse purchasing options, leading to an increased reliance on cross-channel digital solutions, contactless payment experiences, and innovative ecommerce offerings.
Here’s what Carat is doing right:
Enhancing Unified Experiences
Carat is dedicated to assisting merchants in providing unparalleled experiences for their end customers. The focus is on creating unified experiences, as these experiences serve as the new measure of customer loyalty. It involves ensuring that the customer journey remains consistent across various devices, channels, and locations, meeting them at their preferred points of engagement. Carat is wholly dedicated to facilitating the experience business.
Seamless Choice
Given the ongoing evolution of consumer preferences, providing more useful and easy options have become crucial. Whether it involves online transactions, in-store purchases, or interactions on social platforms, along with the flexibility to pay using different methods like BNPL, bank transfers, or cards, it is essential for merchants to be equipped to accommodate these preferences. Carat offers the necessary infrastructure for merchants to facilitate transactions seamlessly, anywhere, and at any time, using a range of payment methods.
About Fiserv
Established in 1984 and based in Brookfield, Wisconsin, Fiserv, Inc. is a prominent American multinational company that specializes in delivering cutting-edge financial technology services to various clients within the financial services industry. Fiserv’s comprehensive omnichannel commerce solutions are designed to enable businesses to tap into unexplored markets and expand globally, transcending geographical boundaries, currencies, and traditional mindsets.
Image source: Fiserv
Merchant Deposits by Fiserv presents a streamlined, web-based solution that can be swiftly and cost-effectively implemented. This innovative service facilitates remote deposit capture (RDC), catering to the specific requirements of your business clientele. Moreover, Fiserv holds a prestigious position as a member of the Fortune 500 and S&P 500.
About Bringg
As the leading name in the delivery management platform industry, Bringg caters to a global clientele of over 800 customers. Their comprehensive services encompass the streamlined coordination of last-mile delivery, order fulfillment, and returns, empowering businesses to optimize their delivery capabilities, cut down on expenses, and offer personalized customer experiences.
With an open SaaS platform and a robust network featuring more than 250 delivery providers, Bringg facilitates a diverse range of delivery options for enterprises, allowing them to leverage internal drivers or external delivery services, such as third-party logistics, crowdsourced fleets, independent gig drivers, and carriers, to meet their customers’ delivery needs efficiently.
Conclusion
Carat by Finserve, is a worldwide ecommerce platform, it is the central hub for managing payments and fostering experiences for major global enterprises. Through Carat, renowned brands can streamline their commerce operations, enhance transaction efficiency, and explore innovative methods to connect with their customer base.
Frequently Asked Questions
Q: What is a Carat account?
Carat simplifies the process of paying your customers by offering various payout options through a single integration, ensuring secure and instant disbursement of payouts.
Q: Which types of users and organizations do Carat collaborate with?
Carat collaborates with a diverse range of users and organization types, including Mid-Size Businesses, Small Businesses, Enterprises, Freelancers, Nonprofits, Governments, and Startups.
Q: Which languages does Carat support within its product?
Carat supports the English language within its product.
Q: What types of support options does Carat provide?
Carat offers support during business hours and through online channels.
