Mar 19, 2023

Revolutionizing Finance - Online Payment Management System


n 1996, Microsoft co-founder and billionaire Bill Gates made a controversial comment, saying that he wanted every home to have a computer so people could easily access knowledge[ref]. At the time, this statement might have seemed like a far-fetched dream, but today it has become a reality. In fact, the internet has become an essential utility of our everyday lives, and it is hard to imagine a world without computers anymore. Similarly, imagining a corporation without a digital payment management facility seems impossible in this day and age. By 2023, we have realized that corporations can collapse any day by something like the Covid-19 pandemic, which would restrict physical reach to financial institutions. Therefore, a revolutionary online payment gateway management system just like ourselves is necessary.

Similarly, the need for reliable payment gateway management system has become increasingly important in today's digital world. With the rise of e-payments and the industry of e-commerce, businesses need a safe and secure way to manage their finances and accept payments from customers worldwide.

Just as Bill Gates envisioned a personal computer on every desk, businesses today need an online payment management system (OPMS) that enables and empowers merchants with safe money transactions, direct deposits, and control over their bank accounts, without exposing them to risks, in a unified dashboard with multiple gateways.

The mammoth growth of fintech companies, the introduction of new payment gateways and features like MasterCard and VISA, e-wallets by large telcos and banks, and big corporations like Apple and Google (Apple Pay and Google Pay) have significantly impacted the payment landscape. As a result, it is extremely exhaustive and unfeasible for merchants to connect their systems manually to every single payment method, and introducing innovative payments for local processing, such as debit card switches, has further complicated matters. As a result, businesses require an orchestrator or an online payment management system (OPMS) like Ottu, which provides a centralized platform for managing multiple payment methods and processing transactions efficiently.

In addition, the rise of infinite growing payment gateways/methods which are required to be utilized by e-commerce platforms and online channels has made it extremely inconvenient for developers to manage each integration separately. This can be time-consuming and costly, especially when businesses require custom fulfillment processes integrating with their business support systems. Therefore, an OPMS like Ottu is necessary to streamline payment processing across various integration platforms, reducing the burden on developers and ensuring a seamless payment experience for customers.

It may seem logical to build an ERP system from scratch and have full control over its functionality and customization, yet it can be  costly, time-consuming,  and not the best use of resources. Just like you would not build an OS from scratch to leverage the benefits of a personal computer since Microsoft had already provided such a solution. Hence, businesses can always benefit from using pre-existing platforms or payment gateway management systems like Ottu's. These platforms have been developed and updated over time, providing businesses with the latest features and security measures without requiring a massive development team to manage and update the system internally. By leveraging these pre-existing platforms, businesses can save time and money and focus on their core competencies rather than investing in a resource-intensive project that may not deliver the desired results.

Just as Bill Gates' mission was to create a world where personal computers were accessible and easy to use for everyone, Ottu's mission is to empower businesses with secure payment processing options. The need for secure payment gateways is essential for businesses to operate in today's digital world.  Ottu can provide businesses with the tools to manage financial transactions more efficiently and securely, enabling them to grow locally and globally .

Hence, businesses might start to think about incorporating online platform management systems like Ottu, which not only offers robust security features, but also has the ability to automatically integrate with the growing fintech landscape and payment gateways while custom integrating with payment processes of multiple e-commerce platforms for a smooth and automated payment experience.

Written by :

Talal Al Awadhi

CEO , Ottu