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How To Optimize Your Payment Solutions And Make Them More Secure

Businesses are always looking for ways to attract more customers and increase their sales, and convenient payment methods can certainly make people more likely to spend money on a product or service. That is why optimizing your payment solutions can impact your profitability and success. It doesn’t matter how small your business is, choosing the right payment strategy is not only essential for multinationals and well-known companies but is also an important aspect for all types of businesses including startups and local businesses. When it comes to payment processing, you need to find efficient and secure solutions. Lucky for you, in this article, we’ll be discussing how you can optimize and secure your payment practices.

Optimize Your Payment Solutions

Choose Your Providers Wisely

Payment processing requires a lot of time and effort. If you want this function to be done in-house, you’d probably need a whole department. Partnering with a payment provider can be a better option as they are more experienced and can handle this complex process. Thereby, allowing you to focus on your core functions. However, you need to partner with a well-known and reputable payment processing provider with industry expertise. Your provider should be using up-to-date technological tools and methods that facilitate payments for businesses and customers, thus helping you increase your sales and market share.

Generally, there are two types of providers; payment aggregators and dedicated payment processors. Payment aggregators are corporations that manage the payment processes of several companies. They process clients’ transactions and handle their payments using shared accounts. While dedicated payment processors can customize their services according to every clients’ needs. This allows each company to use its own merchant account to process payments.

Ensure Your System Is Updated

When customers are purchasing an item using their credit cards and your system constantly declines their payment, this can be quite frustrating. It may also cause them to shift to competitors or other businesses with smoother payment processes. You need to ensure that you always have the latest updates to avoid any inefficiencies and disrupted sales.

Provide Many Payment Options

As the customer payment experience has been a major area for advancement and innovation, you need to consider how you can satisfy your clients. You need to provide customers with more than one payment option to accommodate their needs. Focus on improving their payment experience. People may not be aware of it but many successful businesses adopt secure EMV payment solutions. This allows them to accept Visa cards, Mastercard, and Europay. Having more than one payment option will enable your customers to utilize the payment option that is most convenient to them. Thereby greatly affecting your business as well. Try to choose a payment system that is compatible and accepts many payment methods including:

  • Installments
  • Mobile payments
  • EMV payments
  • Bank transfers
  • Personal cheques
  • Contactless payments

Always upgrade your systems to support a wide range of credit card terminals and accept trusted brands.

Fraud Management And Security

Anti-fraud protection and Fraud Management should be a top priority due to the increased rates of fraud. According to the 2019 American Express Digital Payments Survey, 69 percent of the companies in the U.S. are spending tremendous amounts of time and money to deal with fraudulent transactions. Fraud and cyberattacks can revoke a seller’s ability to process payments. It can be detrimental to their reputation, so credit card companies stop partnering with them. To increase security, you should implement:

  • Secure Sockets Layer (SSL) and Transport Layer Security (TLS)

These are protocols on your online site to help you encrypt sensitive data that customers provide like their credit card passwords. An SSL certificate makes any business more credible and trustworthy.

  • Address Verification Service or AVS

Compares the buyer’s IP address to the billing address information provided by the Credit card owner. This ensures that they both match and that the buyer making the transaction is the credit cardholder.

  • Strong Authentication

Use two-factor authentication or more than one element in the authentication procedure. You can use fingerprints, phone numbers, or voice recognition. Don’t forget to require strong passwords for your systems to protect clients’ accounts.

  • Employee Training

Train your employees so that they know everything about secure payment processes and practices. That way, they will be able to detect fraudulent activities and security hacks. They will also be able to handle these incidents and respond immediately. Thereby, reducing breaches that result in huge losses.

Payment Solutions for your business

Nowadays, millions of people are using credit cards and advanced payment options more than ever before. That is why it is of utter importance for all businesses to move forward and plan how they can improve their payment solutions. You want to better match the rapid changes and dynamic business environment. Keep these tips in mind if you want to adopt the best and most secure payment solutions, and boost your profitability.

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