Consumers are showing an increasing demand for technology-backed convenience.
And the era of online shopping has only propelled the idea.
If you’re also starting up your online retail business, here’s what you must look for when choosing a payment solution.
Most payment processing services are designed assuming a physical point-of-sale terminal. Specifically, it is known as a ‘card-present solution.’
However, your online retail portal will not have such a physical terminal to confirm sales. Therefore, you need a card-not-present payment solution.
The method is typically an online or a digital payments solution that allows the user to make payments from any internet-enabled device.
So, try finding a payment solution that can offer card-not-present services for your customers.
Routing And Revenue Sharing Solutions
The modern on-demand economy has replaced many standard payment models.
For instance, earlier, the payments were handled only between a seller and a buyer. But, today, various entities are involved in between.
As a result, the payment is usually processed and shared at every intermediary step, for instance, delivery partners for your business.
So, what you need to look for in your payments solution is offering routing and revenue sharing solutions.
Costs Associated With Switching
The next obvious thing to consider is the cost of switching to a new innovative payments solution.
Most payment processors would offer a subscription model for processing the transactions. Meaning, you’d be paying a lump sum to the processor based on whether you choose a monthly or annual plan.
Besides, you’d also wish to know the cost of the technology that your processor would be using. For instance, experts at HPS Worldwide suggest choosing a service provider that can offer the latest technologies in a secure framework. Meaning, the payments should be securely handled across all channels, regardless of the intermediaries involved.
Feature Loaded Solutions
Whenever you choose to replace or reallocate something, it allows you to reassess and reevaluate existing solutions.
It means you should compare the features that your payment solutions provider will be offering you. And, note that the features are not only about payments processing.
For instance, some payment solutions will include e-invoicing features, and others may consist of fraud management.
The key here is to understand which feature-loaded package will offer you the most returns for your investment.
Do Not Ignore User Experience During The Switch
When implementing the switch to an innovative payment solution, you cannot lose out on business in the process. Meaning, you wouldn’t want your users to experience any problems when the migration is being implemented.
So, it would help if you asked your payment service provider how they will manage the payments during the migration. Ask them- what would be the downtime? Can downtime be avoided? And most importantly, how do they plan to cover up for the losses during the downtime?
Seeking answers to these questions will help you stay in business even when the processor migrates the system at the back end.
Implementing any new technology to solve a business problem should be an effective solution. Meaning the answer shouldn’t add more complexity to the existing process. Instead, it should be about simplifying the process for all parties involved.