Austin, Texas-based Oracle touted the new feature as a kind of one-stop-platform for retailers, where they can process payments, oversee inventory and manage staff. The company also argued that the services will be a less expensive alternative in the marketplace, with no varying fees for different payment methods or other service fees.

With the new payment offering, the company aims to “bring a more stable ‘payment to processing’ solution to market for a fraction of the cost,” said Oracle Senior Vice President Mike Webster, who is general manager of Oracle’s retail division. The goal is to better help retailers anticipate what their processing costs will be, the company said.

Oracle has long been in the transaction processing technology business and also plays a dominant role among companies that handle transactions in the restaurant business. It added the payment acceptance feature for its restaurant offering last July.

The Oracle software and point-of-sale hardware also include security standards and end-to-end encryption that meet industry standards, the company noted.

Correction: The story has been updated to note that the new Oracle service became available to retailers in December.

 

By Lynne Marek on Jan 13, 2023
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