One of the major decisions an e-commerce merchant must make is which online payment solution to use. Many online merchants offer payments in various countries and on a variety of devices from laptops to smartphones.
What kind of solution should you be seeking when you need to accept online payments in different markets, multiple currencies and a wide range of payment methods?
The best online payment solutions enable the following activities:
- A wide range of local payment options
If your online business operates in various foreign markets, you need to be able to offer familiar payment methods at each location. Some countries use international credit cards, but in others the population prefers local credit cards. In certain areas, debit cards or payment on delivery are the first preferences. Your payment solution should be able to offer the most suitable payment methods at each site.
- Top-level security
You need to ensure that all of the credit card and personal data you store in your system is secure. In order to maintain the highest level of security, your online payment system should feature data encryption and tokenization, 3D Secure, PCI compliance, hosted payments and other protective measures. An advanced payment solution should include all of these options and more.
- Advanced fraud detection
The growing sophistication of hackers means that attacks are becoming more rampant and harmful. But a single fraud detection level does not suit all your markets. It is best to have an adjustable fraud monitor that uses machine learning to adapt fraud screening to the specific risk level in each market. That way you minimize false positives and effectively mitigate real fraud attempts.
- All-inclusive technology
When processing payments, you need to work with various parties including a payment gateway, payment processor, issuing banks, credit card companies and other third parties. Each of these entities collects a fee for its services. Rather than attempting to deal with each of these parties separately, it is easier to integrate with an end-to-end payment solution that handles all of these processes at a reasonable fee. Check out various platforms to see which offers the best rates for all of these services.
- Recurring payments
Many online merchants offer monthly services such as gyms, child care services, gaming, cell phone companies and other sectors. By offering automated recurring payments, you ensure that your customers needn’t worry about forgotten payments, and you will always be paid on time. If you offer subscription type services, this payment model is a must for your enterprise.
- Mobile payments
With the growing popularity of smartphone use, you must be able to offer secure and easy payments via mobile phones. Look for an online payment solution that enables you to build mobile friendly pages and process secure payments via mobile apps. Ensure that the system can process mobile wallets, money transfers, credit cards and other payment options.
As a global online merchant, your aim is to provide your customers with the easiest and most comfortable payment experiences, while cutting costs and increasing processing efficiency at every market. A sophisticated one-stop-shop payment platform enables you to meet all of these needs and many more.
Learn about the bm2Pay online payments platform.
