In today’s digital age, online payment processing has become integral to doing business. Whether you are a small business owner or a large corporation, it is essential to have reliable digital payment processing software to ensure smooth and secure transactions.
However, not all payment processing software is created equal, and settling for less than the best could harm your business.
This article will explore six critical features your online payment processing software should have to ensure you are not settling for less.
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1. Security
With the increasing number of cyber-attacks and data breaches, protecting your customer’s payment information should be a top priority. Look for payment processing software with advanced security measures like end-to-end encryption, tokenization, and two-factor authentication.
End-to-end encryption ensures that data is protected throughout the entire transaction process. It starts when the customer enters their payment information and works until it is securely transmitted to the payment gateway.
In addition, tokenization replaces sensitive data with unique identifiers, reducing the risk of data theft in the event of a breach.
The two-factor authentication adds an extra layer of security by requiring customers to provide a second verification form, such as a password or fingerprint scan, before completing a transaction.
It’s also necessary to ensure that your payment processing software complies with industry standards and regulations.
By choosing payment processing software with advanced security features and compliance with industry standards, you can give your customers the peace of mind they need to make online payments confidently.
2. Payment Gateway Integration
Payment gateway integration refers to the software’s ability to connect to the payment gateway and securely process transactions.
When choosing payment processing software, ensure it is compatible with the payment gateway you plan to use. For example, some payment processing software may only support specific payment gateways, while others may offer a wider range of options.
It’s also important to consider the ease of integration and the level of technical support offered. The integration process should be secure, seamless, and straightforward, and the payment processing software should provide detailed documentation and technical support to help you through the integration process.
Additionally, look for payment processing software that offers customizable checkout pages. A customizable checkout page can help ensure a smooth and consistent user experience, increasing the chances of a successful transaction.
It’s crucial to select an online payment processing software with cutting-edge e-commerce capabilities and diverse options, like Von Payments, to safeguard against fraud, boost conversion rates, and minimize cart abandonment.
They have compatibility across various platforms (including Magento, WooCommerce, and Shopify), various banks and payment gateways, and many payment methods. The platform also offers comprehensive coverage for all your payment acceptance needs.
3. Customization
Customization refers to the ability to tailor the payment processing software to fit your business needs and branding.
Look for payment processing software that allows you to customize the payment page with your business’s logo, colors, and branding elements. It can help provide a consistent user experience and reinforce brand recognition.
Additionally, customizable payment processing software can offer flexible payment options to your customers, such as the ability to choose between different currencies and payment methods.
By offering various payment options, you can cater to a broader customer base and increase the chances of successful transactions.
According to a recent study by McKinsey, customization is a critical factor for businesses nowadays. The study found companies that achieve exceptional levels of personalization produce 40% more revenue than the average businesses.
Therefore, by providing a tailored payment experience to your customers, you can improve their overall shopping experience and increase the likelihood of repeat business.
4. Multi-Currency Support
With the rise of global e-commerce, businesses need to be able to accept payments in various currencies to cater to international customers.
Choosing payment processing software that supports multiple currencies and can automatically convert the currency at the current exchange rate is necessary. In addition, it can help eliminate the need for manual currency conversions and reduce the risk of errors.
Additionally, it’s crucial to consider the fees associated with multi-currency transactions. Some payment processing software may charge additional fees for currency conversions, so review the pricing structure carefully.
According to a recent report by Markets and Markets, the global multi-currency processing market is expected to grow at a CAGR of 10.2% for 2021-2026.
This growth can be attributed to the increasing demand for cross-border payments and global e-commerce. The report also highlights the importance of multi-currency support for international businesses.
5. Reporting and Analytics
When selecting e-commerce payment processing software, reporting and analytics capabilities are essential features to consider.
Find payment processing software that offers customizable reporting features, such as the ability to produce reports on sales, refunds, chargebacks, and transaction volumes. These reports can help you track your business’s performance and make data-driven decisions.
Additionally, consider the software’s analytics capabilities. Analytics features can help you identify trends and patterns in transaction data, such as which products are best sellers or which payment methods customers use most often. This information can help you optimize your business strategy and improve overall performance.
6. Customer Support
Customer support refers to the software provider’s ability to offer technical assistance, answer questions, and resolve any issues that may arise.
It’s crucial to look for payment processing software that offers multiple support channels like email, phone, and live chat. Additionally, consider the availability of customer support. Some software providers may offer 24/7 customer support, while others may have limited hours of operation.
Khoros cited that 83% of customers consider customer support an essential factor when selecting a business to purchase from. In addition, the study found that customers expect a fast response time, clear communication, and knowledgeable support representatives when seeking assistance.
Additionally, the study found that businesses prioritizing customer support are more likely to have higher customer retention rates and revenue growth.
Final Words
In today’s digital world, having the right online payment processing software is essential for any business. As the global e-commerce market continues to grow, businesses need to adapt to meet the needs of their customers.
By selecting payment processing software with these six essential features, businesses can improve their operations, enhance the customer experience, and increase revenue opportunities.
Therefore, don’t settle for less. Choose payment processing software that meets your business’s unique needs and sets you up for success.
