Everyone loves to shop online. It’s quick, it’s easy, it’s convenient.
Unfortunately, the same cannot be said for processing on the merchant side of things. When it comes to payment processing, online merchants have it tough!
They have to make sure that they set up an online payment processing system with all the new bells and whistles: one that accepts a variety of payment methods, one that performs multi-currency processing, one with secure payment gateways, and so much more.
Suffice it to say, this can become a massive headache for new or small businesses. That is why we’ve compiled a list of all the most common payment processing problems that the online businesses of today face, as well as the solution to said challenges!
1. Payment Fraud
Challenge: Payment fraud is one of the most common challenges that businesses face when it comes to processing online payments. Cybercriminals have evolved along with the times, and they’re capable of hacking databases with increasingly sophisticated ease.
It is now a given for merchants to expect fraudulent orders or repeated attempts at trying to weaken their store’s security. In fact, according to the FTC, they received over 18 million eCommerce complaints in 2018. And, 48% of these complaints were related to payment fraud!
Solution: The easiest thing to do to solve this issue is to delegate — by finding yourself a reliable merchant processor. Dealing with payment fraud shouldn’t be something that you have to keep up with constantly! There are plenty of other things that need doing, after all.
That is why we recommend working with online payment processors like Platinum Payment Systems (PlatPay). The software they offer has built-in protection for both fraud and chargebacks, protecting you from data breaches and ensuring that your checkouts are compliant with standard credit card security regulations.
2. Chargebacks
Challenge: Chargebacks are an even bigger problem than payment fraud — believe it or not! A survey has even found that at least 81% of online consumers have filed at least one chargeback claim (the most common claim being: ‘item was not received’.)
Solution: The easiest solution for this is, once again, to find a payment processor like Platinum Payment Systems that offers added protection against both chargebacks and fraud.
In addition to that, if you find yourself receiving an increased amount of chargeback claims, you might also want to consider revamping your current customer support system. After all, most chargeback claims occur because of poor customer service. Sometimes, all a customer needs is some extra attention to keep them from charging back payments (and this is a surefire way of improving your brand’s image too!)
3. Credit Card Data Theft
Challenge: Data theft, specifically on credit card information, is another common problem that online merchants face. According to statistics from 2018, in the USA alone, over 14 million credit cards were stolen by hackers!
Without proper protection, transactions done through your online store can be hacked, and essential, private information on your customers may be stolen (and their trust along with it!)
Solution: To protect your online store from data breaches, it’s important that you use secure end-to-end encryption and follow standard credit card regulations.
The easiest way of doing this is to use the services of a secure third-party processor like Platinum Payment Systems. As veterans in the merchant processing industry, the PlatPay team has technology experts like Jed Morley (one of PlatPay’s managing founders) to ensure that all their software is up to date with the latest encryption algorithms — protecting you and your customers from malicious phishing attacks from cybercriminals.
4. Limited Payment Solutions
Challenge: Even though this is the last item on our list, it should definitely not be forgotten! A good variety of available payment methods is a must. Plenty of customers are forced to abandon their shopping carts at checkout because of outdated payment options.
Solution: Fortunately, this has never been easier than it is now. Payment gateways that offer a variety of different payment solutions for your customers are now readily available for installation. So, it’s easy enough for you to do everything that you can to satisfy the expectations of your customers to the best of your abilities!
The Bottom Line:
The main takeaway here is that: to every problem, there is a solution!
Above, we described how you can easily and quickly solve your problems by enlisting the help of merchant processors like Platinum Payment Systems. We recommend that you do just that! Delegation is the key to success in this case. It’s better to leave it to the experts!