How Does the Perfect Ecommerce Payment Processing Solution Look Like?

Posted August 20, 2020 by DaneBronson

There are many ecommerce payment processing companies on the market. But most of them offer very similar, if not identical, features and benefits to their clients.
How Important Are Integrations for an Ecommerce Merchant?

There are many ecommerce payment processing companies on the market. But most of them offer very similar, if not identical, features and benefits to their clients. Only a few of them truly take into consideration the needs of their customers and strive to take care of every need and problem that they can solve. As an ecommerce merchant, you need to find a partner that provides you with software ready to take care of all your particular needs.

Every business it’s different, and it can have its own particular needs. But software can’t take all the possible needs into consideration and offer solutions for all of them at the same time. That will be almost impossible. Of course, this does not mean that there is no solution. Reliable software will allow you to integrate other programs that can take care of your needs. These integrations can be used for many purposes, but the most popular ones are:

• Additional security. If you find a reliable payment processing software, then you may already have strong payment security for both you and your customers. But there are also additional security measures that you can take. These integrations will increase the security of your transactions and ensure that the number of problems that may appear will be reduced by a large amount.

• Marketing. As a successful businessman, you may already be an expert in marketing. But some additional help can help your business increase its growth speed by a lot. Even if you know all the tactics, but you may be able to make use of some tools that can be integrated into the payment processing software. Even if these tools will not be able to improve the quality of your marketing efforts, but they will surely increase their speed and save you a lot of time.

• Payment alternatives. Although most payment processing systems already offer at least three payment methods through their gateway. But some companies may need additional methods that are not included in the standard software. For this reason, the software must allow you to integrate these alternatives and help you increase the number of potential clients that you have.

Why Should any Ecommerce Merchant Have a Strong Chargeback Defense?

On the internet, the businesses that have the biggest problems with chargebacks and fraud attempts are those in the ecommerce industry. If you are an ecommerce merchant , then you may have already encountered some of these problems. Without a good defense you may become a target for frauds, and you will lose a lot of money. Even if the situation does not reach that level, but your cash flow will still be disturbed by the chargebacks. So, you need software that provides a strong defense for your business. There are several measures that any payment processing system must-have.

• Instant alerts. Most banks and other standard payment processors will alert you about a chargeback attempt only through mails or in the best cases through e-mails. But until you discover the alerts, a lot of time would pass, and you may already lose the money. Reliable software provides you with instant alerts through your phone. This will give you enough time to respond to the problems.

• Online management. Another inconvenience that other payment processors have is the inability to solve deputes online. Your team will need to send faxes and make calls to try to solve the problem. This will cost you time effort and money. But reliable software will allow online management, which will ensure that the dispute will be taken care of very fast. And it will not require a lot of effort.

• Fraud protection and increased security. Many times, fraud attempts will try to make use of a chargeback to take their money back while also keeping the products. To prevent these frauds the software must block any money transfer until the dispute is solved. Only then will any money transfer be allowed. Also, the software must include a cardholder checking method to ensure that no one else can use the card of your customers.

• Chargeback assurance. The last and the best method that can ensure that your business will not suffer any losses is through a chargeback assurance. Most of the time, the payment processing company will have a partner that will provide assurance. They will check each transaction, and if a cleared transaction is charge backed, then you will get the money back from the company.

Make Sure That the Ecommerce Payment Processing Solutions Includes Reporting & Analytics!

One of the essential parts of a payment processing software is the reporting and analytics part. This means that you need to make sure that the ecommerce payment processing solution that you are using has this part. And it offers all the information that you need. This part is so important because it can be used in multiple instances, and it can make the difference between a successful business and a failed one. The analytics and reporting part of the software can help your business grow at an increased speed, saving you years until you reach the company goals.

One of the most common uses for this part is to find in real-time all the information about your customers. And understand it as much as possible. This is essential marketing information that will help you make the best decision and market your products and services in the most suitable way for your clients. Not only will you be able to attract more customers, but you will also reduce marketing costs through better management.

Other costs can be reduced as well through the use of reporting and analytics. You will know which costs are worth it and which ones are not. You can also use the trial and error methods to find the best solutions for every part of your business. So, when you search for the best software for your company, make sure that it has a solid reporting and analytics part as well.
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Issued By Dane Bronson
Country United Kingdom
Categories Business
Tags ecommerce payment processing , ecommerce merchant
Last Updated August 20, 2020