There is a lot to be excited about in the payments industry. New technology has made accepting credit card payments easier than ever before; but with new advancements come new challenges, especially when it comes to eCommerce. If your business is online, here are some important online payment processing challenges you should consider this year.
One of the biggest challenges facing online business owners is the dreaded chargeback, which can add incredible costs and damage consumer trust. Too many chargebacks and a business might cease to exist. Consider using tools provided by your processor that can identify transactions that may lead to a chargeback – is a purchase typical or atypical of a particular customer? If you can nip these transactions in the bud before they are processed, you can work to limit chargebacks.
Credit card fraud has been on a steady increase worldwide. In the United States, fraud losses surpassed $8 billion in 2015 and are most common in card-not-present transactions. While there are ongoing advancements in technology to address this trend, new types of fraud continue to be seen. It is important for businesses to be proactive about securing information and developing new security solutions to keep their customers safe.
One thing you can do today to help secure your online payment processing is to complete an audit of your payment system. You can hire an expert to evaluate your current security measures, or you can work with your online payment processing provider to better understand security measures you can take against any vulnerabilities.
Some businesses treat online payment processing as an ordinary component of doing business. The technology needed to take payment, however, is actually pretty complex and should be carefully considered. Even when online payment processing is well integrated, the cost can be astronomical for many small business owners who would like to take online payments. Look for a payment online payment processing provider that has built an API that your business can use for integration.
There are very particular compliance issues that exist for businesses in the online payments space. Technological certifications and online payment processing challenges like PCI and regulatory requirements can be overwhelming for any small business owner, but non-compliance could carry the potential for fines and penalties. That’s why it’s important to work with a processor that helps you stay up-to-date on regulations for your business type so you don’t wind up paying extra fees.
It is important for your business to consider online payment processing challenges by working with a processor that never leaves you hanging and is ready to help troubleshoot any challenges you may be facing as your business grows. Start your year off right with Payline, a processor that offers a wide array of products and solutions along with top-notch support to fit your online payment processing needs.