Building a successful business is an exciting experience filled with development and discovery, but as any business owner will tell you, you’re going to hit a few bumps along the way. Sure, the making money part sounds nice, but when it comes to the actual processing of that money things can get complicated fast.
In the world of payment processing, demand for things like lower fees, multi-currency options, and flexible payment solutions have all lead to a complex landscape that can be difficult to understand. This week we’re looking at four of the most common payment processing challenges merchants face and the best ways to overcome them.
As ecommerce continues to expand so does the exploitation of payment networks to commit fraud. This ever-present threat poses a serious security challenge for all merchants in the ecommerce industry. Online transactions are virtual and while they still move money at the end of the day, many business owners are not aware of the complex processes that occur after a customer clicks the buy button.
Many of these issues can be addressed by partnering with a reputable payment processor. Leading payment processors will offer the latest anti-fraud technologies through their platforms and should be able to provide guidance to help your business minimize the threat of fraud. It’s also important that you understand their fraud prevention strategies and ensure that those strategies match your business needs.
It can be far too easy for merchants to overlook the benefits of a robust integrated payment solution. Businesses often struggle with the technical obstacles of integrating a payment solution and that can lead to the business getting trapped on old platforms with reduced capabilities. In today’s quickly evolving payment landscape, failing to quickly adopt new payment methods or failing to offer localized options to customers can impact your business dramatically.
Thankfully, leading modern payment gateways offer a simpler integration that can take care of just about everything. These all-in-one API’s allow you to integrate their product once and then they take care of the rest, meaning you can focus on the things that help your business grow.
Expanding their business and reaching global consumers is every business owner’s dream, but there is a cost to doing global business, even online. Processing fees and taxation are the day to day reality of dealing with banks and governments, but where it can become overwhelming is having to deal with international governments, multiple financial systems, and a consistently changing landscape of rules and regulations.
The costs of payment processing vary widely, and how they’re calculated will depend on a wide range of different factors including business vertical, type of credit card used, average transaction size, order volumes, and more. With a dedicated payment provider, you can rely on them to help you stay up to date on global financial and legal requirements and to make sure your business always provides a seamless and fully compliant shopping experience.
For just about every business competing in the global ecommerce market, the biggest challenge of all is meeting customer expectations. As new technologies enter the mainstream, customer’s expectations can change and what used to be acceptable simply isn’t anymore. While it can be challenging to predict what future consumer demands will be, one thing that is always consistent is that consumers constantly demand more.
Seamless transactions via mobile apps, omni-channel shopping experiences, multicurrency support, more flexible payment methods and robust customer support pretty much are the norm when it comes to keeping customers satisfied. To make it that much more challenging, there are 1000’s of businesses racing against you to offer just a little more and take your customers.
Enlisting the help of a specialized payment processor is the best way to ensure you continually provide your customers with the best experience possible. Most payment providers will have a team dedicated to staying on top of the latest services and payment methods and rolling them out quickly to their customers.
Every ecommerce owner dreams of making it big and building a successful online business. In this post, we’ve outlined four challenges facing merchants that want to sell their products online, so if you have questions consider checking out our website or get in touch with us on twitter. We’ll be happy to work with you to find the perfect payment solution for your business.