Why Electronic Payments Are The Way To Go

E-payment technology is digital payments made with a credit card or debit card area quickly become of the popular choice among customers and entrepreneurs and here’s why.

What Makes Electronic Payments Work

Incorporating electronic payment facilities into your business enables you to reach out to more customers which means there is an increase in sales and profits. More and more shoppers around the world are choosing to shop online and this number has already grown to nearly 200 million in the US alone. Online payments have resulted in businesses selling more of their products and services to a greater customer base that is not bound by boundaries. It helps to meet the customers’ needs and to create a consistent experience.

Many of the consumers combine their online shopping with in-store and direct mail too. The eCommerce payment gateway also has an enhanced set of security measures to prevent fraud and online theft of data. This makes it a safer way to conduct transactions between businesses and their consumers. The entire automated process has saved on time, effort and costs. It eliminates unnecessary manual tasks, data entry, and invoices and ensures an increase in productivity.

What Are The Challenges of Online Credit Card Processing

With all business systems, electronic payments also undergo certain challenges, one of them is the shopping cart abandonment. Very often, after the customer has shopped and added items to the cart, it is left as it is without completing the transaction. Research shows that this happens at least at an average rate of 69.57%. Payment solution providers can prevent this by informing shoppers about all the shopping and shipping policies upfront, sending reminders to customers via emails about their abandoned cart, simplifying the checkout process, providing a dedicated customer service toll-free hotline.

Businesses can employ preventive security measures to reduce and eliminate online fraud. Customers that spend a lot are usually targeted by online thieves and AVS is an effective tool that helps prevent it. It validates the cardholders’ identity by verifying their billing address. It also employs encryption and tokenization to protect important data from theft.

Businesses need to ensure adequate firewalls and strong passwords are used. Chargebacks can seem like a small monetary cost in order to do business, but in the long run, it can lead to big losses in business. Chargebacks often happen when there have been some fraudulent activities or if the customer has been unsatisfied with their order or even if an order wasn’t received.

Businesses can prevent chargebacks by using a package tracking app that ensures a package is delivered. Providing a detailed description of every product can lower the incidence of customer dissatisfaction. Adding other customer reviews can also help. Clearly posting details on shipping and delivery can keep the customer well informed.

Ecommerce solution providers are creating systems that are simple, convenient, reliable and safe. By understanding how the system works, businesses can improve their services and create a better future for themselves and their customers.