The payments industry is undergoing seismic shifts every year — as made evident by digital innovation, particularly in the world of online payment processing.
Similar to the Information Age that came about in the 1970s, also known as the Digital Age, the payments ecosystem is redefining how money is thought of, transmitted, processed, shared and settled. Because payments are no longer limited to physical transactions, that’s paved the path for digital innovation in online payment processing.
But as any business owner knows, it’s not easy keeping up to speed. Here’s what you should be looking for in your online payment processing needs.
Understand the Risks — and the Rewards
Today’s payments and commerce trends are driven by consumer demands, which is showing an increasing interest toward buying online. That’s why having an online payment processing system is not optional for running a successful business in today’s digital-first environment.
Luckily, having a secure, seamless online payment processing system can increase your business’ revenue potential, and your ability to secure and retain more customers.
Accepting payments online, however, does open up your business to more risk. While most businesses are focused on protecting themselves from card-present fraud, the increase of online spending has paved way for an influx of card-not-present (CNP) fraud. Luckily, companies like Payline offer solutions to combat these problems.
Adopting new digital payment technologies, and setting your online payment processing up to better protect your customers from fraud, can help you avoid the pitfalls of accepting and processing payments online. This includes tokenization methods that encrypt credit card data transmitted through your online payment processing system.
Deliver a Frictionless Online Payments Processing Experience
Because processing payments online has become the norm, and not a perk, your customers expect their online payments experience to be as frictionless as paying in person.
When evaluating your online payment processing needs, it’s essential your software allows for seamless onboarding and integration within your own company’s system. That allows for the same ease of use to be replicated within your customer’s own experience.
Because customer retention and the ability to drive customer spend (increase your revenue) is dependent on how easy you are to do business with, having an online payments processing system that runs smoothly — and guides your customers through the process in a few simple steps — can make or break your ability to keep those customers coming back.
Beyond just providing a seamless experience, having a well-run system gives your customers reassurance your online payments processing system is secure — letting them know their payments will be processed in a safe and timely manner. That alone matters for decreasing customer churn and driving profits.
Consider Digital Innovation When Thinking of Your Future Needs
Being digital-first when it comes to payments processing isn’t just about having a secure, efficient online payment processor. It’s about ensuring your system is built to incorporate flexible payments API so you can adapt to the growing needs of your business, your customers and the industry.
When evaluating your current online payment processing needs, you must always anticipate what trends are gaining ground, and what trends you must be prepared to adapt to next.
Staying up-to-date has created new challenges for businesses looking to onboard the most secure, efficient systems. With companies like Payline by your side, however, your business can be well equipped to integrate online payment processing with all the necessary fraud solutions and tools to take your payments system through the next wave of digital innovation.
Anna Lothson is a content contributor for Payline Data. She previously wrote for PYMNTS.com, as a Sr. Content Producer, where she focused on financial services and payments innovation, fraud and security, emerging payments, and FinTech news, research and thought-leadership content across the payments industry.