As a merchant, you know the importance of digital payments. Just like your customers, you are also keen on easy, secure and seamless payment processing. Though the new technologies are making the digital payment experience simpler, the demand for additional payment features and options is growing in multiple directions with arising challenges. So, it is important to be aware of these challenges to decide on effective solutions.
What are the challenges in payment processing?
Integration
Simply put, Accepting online payments means integrating the technology that allows a merchant to accept online payments. But it is more complex when it comes to the ‘integration’ part. Not all merchants have the programming knowledge that needs in the integration process, nor all business platforms interact with new platforms seamlessly. The integration should be simple so that a merchant does not need to have any programming knowledge. The integrated payment solution should be flexible when it comes to integration with the business model. It should fit within your business infrastructure as well as complete other required business necessities. Many payment solution providers provide a customizable payment solution integration. Based on your business infrastructure and requirements, you have to choose which payment solution provider to opt for.
Omni-channel and multi-currency payments
Versatility is a crucial factor. Your business needs the ability to accept online payments from customers anytime and from anywhere. The payment infra should support multiple channels eg. websites, social media, web, mobile, etc. and the ability to accept various payment methods like, card, net banking, mobile wallet, UPI, etc. The internet has brought the world closer and with digital payments, the market is open to international customers. So, it is necessary to offer multi-currency and cross-border payments. By selecting a payment service provider with the necessary infrastructure already in place for your payment processing needs, you can reduce overhead costs, while saving time.
Chargebacks and frauds
A merchant can without a doubt agree that these two are the biggest challenges for any business. Chargebacks can damage customer trust and can add incredible losses to the business. It impacts revenue and an excessive number of chargebacks can result in the closing of merchant accounts. Online frauds are growing continuously in the digital payment space, not only causing losses but also damaging the business reputation. The fraudulent misuse of online payments and data breaches are keeping businesses on their toes. When it comes to online payments, integration with new and advanced technologies like tokenization, fraud management filters, and encryptions are being used by payment service providers to reduce fraud rates. Customers are also getting used to new advancements like biometrics, PINs, and OTPs.
Compliances
If your business is dealing with online payment processing it is important to adhere to the latest privacy regulations. In the fight against cybersecurity, government and card schemes come up with some compliances. The main goal is to protect customer and transaction details (moreover sensitive card information, like customer name, credit card number, address, etc.) in order to provide seamless and secure online transactions.
Processing fees and support
There is a lot of variety in processing fees and how they are calculated. Generally, the fees depend upon factors like the type of business, type of card used, methods you use to accept payments, average transaction size, etc. It is crucial to know how the processing fee works and if there are any hidden fees. As for the support, the payment processor should offer 24/7 help as the transaction issue can pop up at any time. It is important to troubleshoot these problems as soon as possible as this can be a crucial factor and you can even lose customers as well as a business reputation.
How Lyra can help you
Lyra Network offers you India’s most secure online payment solutions. Compliant with the government’s regulatory standards, Lyra solutions are PCI DSS certified, SSL layered, 3D secured, and provide fraud and risk management modules. Lyra offers easy-to-integrate solutions, quick merchant onboarding, and 100+ payment methods.
Need help with integration? Contact us and get started!