An online payment solution is essential these days for any business operating in the digital economy.
It is one of the essential elements for an e-commerce site and a guarantee of a good customer experience. It is essential for an e-retailer to choose the right solution among all those available on the market. Here are five features of an effective online payment solution.
Transaction security
This is certainly the most important criterion for choosing a online payment solution. A client's financial information is sensitive. The slightest leak becomes known very quickly, and the business whose payment system is faulty incurs severe costs.
It is therefore imperative to favor a system that guarantees optimal protection of customer data. For this purpose, certain technologies are equipped with an encryption mechanism.
This transforms a customer's personal information into an indecipherable code when passing through the web. Thus, unauthorized persons will not be able to act without the knowledge of the owner of a credit card, for example.
There is also a whole range of mobile TPEs which are provided with such a security mechanism. This is why it is possible to receive home delivery and pay on site with a bank card without any risk.
Additionally, Payment Card Industry Data Security Standard (PCI-DSS) is a compliance that requires businesses to strictly adhere to security standards. Among these, there is the HTTPS protocol symbolized by a closed padlock. It is typical of secure connections. Two-factor authentication is also a security standard specific to a reliable online payment solution.
The ease of integration of the online payment solution
Ease of integration is essential because it promotes the rapid implementation of a payment system without disrupting a company's operations. Experience has shown that integrating a flexible payment method increases the conversion rate. This is due to a simplified and convenient payment process.
Whether you're dealing with a website, mobile app, or ERP systems, the ease of integration benefits employees and consumers alike.
Diversified payment options
Buying a product or service can be done in several ways:
- by credit cards,
- via an electronic wallet,
- by making a bank transfer…
An online payment solution must take into account the multitude of possibilities that exist. Otherwise, the company could lose some of its potential buyers.
Varied payment options allow you to satisfy all of your customers while increasing their confidence in the acquisition process. This also lowers the dropout rate.
Some electronic wallets are becoming more and more popular. These include Google Pay, Amazon Pay, Adyen, PayPal and Apple Pay. The growing use of smartphones favors mobile payments.
User experience
Any substantial business prioritizes a good user experience. With this in mind, an intuitive interface must be offered to consumers for pleasant and comfortable navigation.
The vast majority of Internet users spend more time on phones and other tablets. The design of an online payment solution must therefore be sensitive. This is encouraging for customers who then enjoy paying. The company's turnover can only improve.
Safety is essential. Customers want to know that their personal and banking data is protected. A secure payment solution, with fraud protections, reassures them and strengthens their confidence in the company.
Costs and transparency
The choice of a payment system must imperatively take into account its profitability. Examining the associated fees helps to properly evaluate subscriptions as well as commissions per transaction. In this way, a commercial structure is sure to avoid unpleasant surprises.
Online payment service providers make various pricing models available to the public. Some have fixed fees for each transaction made. Others suggest a monthly subscription, with fees depending on the quantity of operations carried out. There is also the possibility of an annual subscription.
By comparing these different pricing models, you give yourself the chance of finding the best online payment solution for your company.
This means that such a payment system fits with the company's economic model while allowing it to achieve good profit margins.
In order to maintain a climate of trust with its customers, a merchant must be able to communicate clearly on the costs relating to transactions. This transparency gives credibility to the company in the eyes of its consumers.
A company that succeeds in winning the hearts of its buyers builds loyalty and transforms them into ambassadors of its brand. Also, when a dispute arises, amicable means promote a rapid resolution of the crisis.
Conclusion
To thrive in the e-commerce sector, it is essential to choose an online payment solution that meets the five essential characteristics mentioned. Platforms exist and offer solutions adapted to the needs of e-retailers. They offer a multitude of features such as easy integration with your CMS.
Carry out a comparison of offers to identify the one that offers the best value for money, taking into account prices, billing costs and payment costs. Smooth integration through a powerful API makes it easier to develop your online store and improves user experience through increased ease of use.
Choose one French solution can also be an asset to benefit from local customer support and better compliance with national regulations. Finally, choosing a service provider that offers a simple and secure solution will allow you to focus on growing your business while guaranteeing the satisfaction of your customers.