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Online stores have plenty to worry about. Taking pictures, inputting stock, web design and marketing, and not to mention growing the brand on social media.
Perhaps the most critical factor in monitoring your store’s payment processing. Is it serving its purpose? Are your customers happy with it?
There are practically thousands of ways to make and receive payments these days. Us e-commerce websites are so spoilt for choice.
We can't just settle for just one or two options, as our customers wish as many more options as possible. The question is, what should you look for when choosing a payment provider?
Below are a few important aspects to investigate when deciding upon a payment service provider. You should always consider your customer needs while promoting secure and convenient payments.
Hopefully, your store makes the right choice regarding its payment methods.
As far as your customers are concerned, they don't have that much interest in your till system or software. They are usually concerned with their needs, which are usually related to their account and purchase details. Your e-commerce software should be able to accommodate this.
Does your software have a module meant for managing layby sales and accounts? Or does it only support debtors’ accounts? Does it have fully function debtors accounts with history and in-depth reports, or just the basics?
There is plenty of standard and cheap software out there that is meant for retailers but does not have layby modules. This lack of features helps the software retain its low price, and not fall into that trap, as layby management is difficult to attain within a debtor's module.
On the online side of things, the payment method your store accepts is crucial. This can be one of the most defining factors regarding the successful transactions that take place in your store.
It makes sense to accept every single payment method out there. However, a decision to house all payment methods can become costly and at times unnecessary.
It's best to go with payment options that best suit your geographical location as well as your customer base. American consumers are into Apple Pay and PayPal digital wallets.
European and African countries prefer to transact through bank transfers. Chinese consumers use WeChat and Alipay to transact, while India e-commerce store is finding plenty of success with cash on delivery solutions.
There will always be issues concerning security if money is involved. There is plenty of fraud taking place in the form of stolen or duplicate credit cards.
Criminals now have ways of duplicating your credit card and applying for new cards using your identity profile. Criminals usually buy brand new and untraceable goods that can be easily resold, like a PlayStation 4 game console.
The payment service providers that you use are the ones who should comply with security standards. In most cases, they should be compliant and should have processes in place that assist in combating fraudulent transactions.
Look into this and make sure that the provider you use does not have any policies that could leave you hanging dry.
PayPal had a controversial seller protection agreement that allowed consumers to easily submit a payment return claim due to being unhappy with the goods they purchased. This allowed people to reverse payment transactions back into their bank without having to return any goods.
PayPal has since changed their agreement regarding transaction reversals, which was considered by some as a scam.
It is also possible that banks and customers could approach you after fraud transactions have transpired. When a fraudster uses another person's credit card online, there isn't much anyone (including your store) can do to stop the transaction from happening.
In most cases, the bank fits the bill via an insurance claim. If the bank's claim is unsuccessful, then they will pass on the bill either to you or your customer. This isn't a scenario you want to be in. Try to avoid this situation as much as you can.
Do some research into how your payment providers’ portal will contribute to your website’s checkout process. There's no use in optimizing the crucial checkout process when there are simply too many steps in the payment portal.
If this is the case, then it will be unlikely that the payment provider will change their ways. It might be time to search for an alternative provider.
In most cases, payment providers have solid and optimized checkout portals that look clean and are to the point.
However, this isn't the case for all providers as some have terrible designs and difficult authentication methods that take away the enjoyment of making an online purchase.
When signing up with a new payment provider, you may have the option to set up your account in sandbox mode. Sandbox Mode is meant purely for testing purposes. This way you can make dummy purchases to get an idea of what their software portal looks like.
It is advised that you try this out first. It is also advised that your payment provider has software plugins available for your store’s platform. Like WooCommerce or Shopify plugin.
Bitcoin is becoming way too popular just to ignore. There are so many investors out there with excess bitcoin investments that they wish to spend, as cashing out can be an issue at times. That's why offering to accept the currency makes sense.
However, Bitcoin is volatile as the pricing is continuously changing. This could be an issue when receiving Bitcoin payments.
As an e-commerce store, you will have to be evolving with the marketplace and the times constantly. Payment methods change every year. It’s essential for you as an online store owner to keep an eye out on the newest payment methods.
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