Choosing the Right Payment Solution for your Business.
It is a no Brainer that having the right payment service provider can do a lot of good for your business. They have a way of easing payments collection from customers spread across the globe through a platform designed to adapt to fit in numerous payment methods, currencies, as channels over time. Also, the right payment Solution can be a cost-cutting option when it comes to using a payment gateway for business or creating a merchant account.
You have probably been wondering how to identify the right payment Solution for your business. Here, we will give you a breakdown of the features that make up the ideal payment solution and other characteristics that will help you make an informed decision on the perfect payment solution your business needs to grow.
Payment Solutions and How they Serve Businesses
Customers love to have a wide range of options at their disposal when they want to pay for services online. This is even more common in cases where you run an international business where different demography of people come to shop. Given the difference in the needs of customers, we have a very fragmented payment landscape which makes it quite difficult to be in touch with all the newly introduced technologies which influences a constantly changing customer preferences.
Payment Service Providers provide services to businesses such as eCommerce and retail stores by giving them the ability to accept all sorts of payment options available. In simple terms, Payment Service Providers do the rough work involved in facilitating, accepting, processing and managing payment transactions. As a result, you as a business gets to provide customers with a series of payment options without spending on integration and processing expenses.
So the big question remain how to identify the ideal Payment Solution your business needs. Let’s take you through a number of required features of a Payment Solution that can significantly contribute to the growth of your business.
Omni-Channel and Cross-Border Payments
Flexibility is one of the most important features to look for in a payment service provider. You, as a business, should have the freedom to select from a number of methods and channels that best satisfy your business needs and those of your customers.
A payment service provider with a series of channels which includes local card payments, international payments, funds transfer, digital wallets and so on; is one that you should choose at any given period. The focus shouldn’t all be on the payment methods as well. You need to keep in mind the needs of international customers who would most likely prefer to shop in their local currencies. This is valid also for businesses who are yet to sell overseas, as business could expand in the future to cover a wider market across the globe.
You need to understand that not only do customers feel comfortable shopping in their local currency, it also stimulates the feeling of inclusion which contributes so much in customer retention. Leatherback is one such payment solution that allow business like yours integrate multiple payment channels on your ecommerce website, while also facilitating cross-border payments for several businesses.
Seamless Checkout Experience
Statistics have shown that over 41% of users of Ecommerce websites worldwide abandon their carts or are unable to complete purchases due to a poor checkout experience. While the right payment Solution may offer customers different payment options, considering the checkout experience it provide customers is equally vital. The design of the checkout page and its ease of navigation are important features you should check out for.
A great payment service provider is one that provides customers with smooth experience which can help influence customer decision to complete their purchase. Features that ensure a smooth checkout experience includes a single page and single click checkout, alongside personalized pages.
A smooth checkout experience should not be just for your customers. Business owners are required to identify a payment service provider that can deliver an uncomplicated, credible, and proactive customer service which can also do more to help customers with issues and resolve their concerns.
While anyone would agree that the checkout page is the peak of customer interaction, it is critical to add value and stimulate growth across several touchpoints of customer journey. Today, the automation and integration of mobile customer communication and direct processing of online payment in a creative manner is achievable.
For context, your customer’s preferred messaging platform like WhatsApp or Apples for business could be integrated. As a result, you will be able to communicate with your clusters prior to processing their payments. This adds much more value to customer experience.
Security, Compliance, and Fraud Prevention
Without a doubt, security is one of the most important things that comes to mind when it comes to anything related to money, payments, or transactions. However, regulatory compliance and fraud prevention are also equally important features to look out for in a payment service provider. As such, businesses need a PSP that complies with local and international requirements, while also protecting customers from data theft, transaction hijacking, and breach of privacy.
Other payment service providers recommend screening services to help businesses identify and prevent potential frauds, as well as enhancing the online payment journey.
The Right Payment Service Provider for You
The vital features that businesses need to look for in a payment service provider before employing one are provided in this article. The features outlined here are exactly the ones businesses will find when they use our payment solutions at Leatherback. These features show that we have everything it takes to transform your business into a booming, international, eCommerce business.
At Leatherback, we offer multiple omni-channel payment methods that are secure, scalable and easy to integrate with web and mobile environments. These features help fortify your business and helps you have a better chance at establishing a successful and adaptable business by attracting, engaging and retaining customers as technologies and behaviors evolve.
Join us at Leatherback and watch how we help transform your business to a global brand!