5 Crucial Considerations while Implementing Payment Processing Tool for your Business
Payment processing tools have grown exponentially over the last decade and will continue as the current crisis transforms how people do business.
A Forbes report reveals that 60% of consumers will be shifting to online and cashless payments because of the growing health concerns.
However, implementing payment processors can be challenging, with most customers raising concerns over security and privacy. Unlike the traditional process, payment processors gather sensitive data, which exposes customers to cyberattacks and phishing. Nevertheless, there are several steps you can take to increase security and ensure a successful implementation of a payment processing tool.
In this article, we’ll dig deep at several things you should consider before implementing a payment processing tool for your business to provide increased speed, reliability, and convenience.
Security is perhaps the most important thing to consider when tackling the steps to integrate payment gateway in a website.
As eCommerce continues to grow, it also created new opportunities for online fraud and theft, resulting in most customers opting for cash instead.
A McKinsey report reveals that electronic payment scams caused more than $12.5 billion in domestic and international dollar loss from October 2013 to May 2018.
Hence, you must educate users and employees about the most common and sophisticated patterns of online theft to minimize fraud. This also helps customers become more comfortable with the new mode of payment.
Additionally, you should familiarize government regulations and schemes to ensure that you remain compliant and avoid fraudulent transactions slipping through the cracks.
2. Payment Journey
Recent data shows that 68% of consumers who check your products online never go on to complete the purchase.
This is mainly because long payment journeys bombard customers with lengthy and unnecessary steps such as surveys and customer registration. Often, this builds suspicion among customers, which could likely damage the reputation of your business and send them to your competitors.
Therefore, you can reduce shopping cart abandonment by shortening the payment gateway process. This means only asking for minimal information or pre-populating information fields during checkout.
Keeping the checkout process on a single page should also be considered to boost the shopping experience.
Many customers now expect businesses to provide multiple payment modes. That said, you must ensure that the types of payment gateway you implement are interoperable to make electronic payments possible even if your customers use different providers.
The advantage of an interoperable payment gateway is it allows customers to make payment processes in their domestic currencies. This way, you can speed up the payment process and provide a wide range of acceptance points for businesses. Thus, opening them to a large scale of potential customers that would be unavailable otherwise.
Moreover, it eliminates the need to hire someone with a mathematics degree to perform currency conversions for international customer purchases since an interoperable payment tool can automatically initiate the process while reducing errors.
4. Integration Process
Ensuring seamless integration of your payment processing tool into your business website is critical in avoiding errors and eliminating gaps in your workflows, especially for high-risk merchant accounts. That said, make sure the product you choose can integrate seamlessly with your existing tools, such as your accounting systems, to create a fast and safe experience for your employees.
It is also essential to use secure socket layer protocols for seamless integration and peace of mind. Moreover, you should check the fees that apply in the different stages of the integration process. Usually, fees from payment gateway companies add up, so it is essential to check what is crucial for you to pay attention closely to the development of those components.
5. Software Provider
Implementing a payment processing tool can be complicated. Fortunately, there are payment providers that offer live technical support to easily resolve issues you might encounter.
In some cases, payment providers provide support through tickets and emails. Users get manual instructions to fix the issues. While this can work, it also increases the risks of creating even bigger issues, especially if the solution is complex to navigate for technophobic users.
By opting for a provider that offers 24/7 live chat technical support, you can ensure that your operations run smoothly while allowing you to focus on core business functions.
Implementing Payment Processing Tool into your Business
Every successful and growth-minded business knows that implementing payment processing tools is essential in thriving in today’s eCommerce industry.
One of the leading payment processing tools in the market today is XPAY, which is geared with powerful features such as dedicated customer support, simplified payments, and multiple integrations.