Benefits of end-to-end payment processing
Benefits Of End-To-End Payment Processing
Accepting online payments, in reality, can become a headache if not facilitated correctly. It starts from opening a merchant account and it will only raise after.
The procedure that starts with setting up a merchant account and then moves to the selection of payment gateway, a payment processing platform, settlement services, security services, etc. often leaves merchants flabbergasted.
At one point, merchants even need to pay more attention to it than running a business. Everchanging market trends and complex terminologies obviously do not help, as it leaves merchants questioning and revamping their choices over and over.
So, to make the headaches vanish and to keep up with all the trends, an end-to-end payment solution is your best choice.
Behind online payment processing, there are many entities that play active roles.
There is a payment gateway, acquirer, card network, issuing bank, etc. When the online payment is initiated, it passes through each of the involved entities, though it takes a few seconds to happen, all these entities can cause and are vulnerable to errors and delays in the payments.
In the end, merchants have to make sure that the payment gets deposited in their account along with making customers satisfied with the service.
Here is where an end-to-end payment processing solution comes into the picture.
What does end-to-end payment processing mean?
End to end is the process where the solution or service provider provides the entire solution from the beginning step to the ending step. It is a complete functional solution that is stand-alone i.e. without any third-party intervention.
An end-to-end payment processing solution hosted by the solution provider is an in-house product/ solution.
All solutions, services, and add-ons merchant needs are housed under one roof. The solution provider offers a fully integrated end-to-end payment solution /service that provides secure, seamless online payments.
End-to-end payment service includes –
Merchant Services – Services setups, merchant account setup, onboarding
Payment Gateway – Secure, easily integrated, anti-fraud tools, risk management, back-office system
Software Integration – Flexible, easy, simple, optimized, and efficient
Payment Acceptance Device – POS, standalone mobile application, EMV terminal, etc.
Management System – Analytics and reporting tool, multi-currency management
Benefits of end-to-end payment processing –
Revenue – Many end-to-end payment processing services providers offer services including gift cards, email marketing campaigns, online reviews, social media marketing, SMS marketing campaigns, etc. These can be used by merchants to increase revenues.
Cost and time optimization – WIth different vendors for different solutions at each point of the payment cycle can be expensive on both the time and cost front.
Seeking out different vendors, and comparing them for the benefits and costs can be proved inconvenient.
Every solution provider has its own workflow and steps, you have to make sure that each of these solutions gets integrated with each other perfectly.
Solutions from multiple middle vendors can hurt the cash flow and ultimately the security of the payment process. Choosing different middle vendors would without a doubt increase business expenses.
If any issue occurs in the payment cycle at any point, it can be really difficult to identify the source of the problem as the payment cycle involves different vendors.
Vulnerability to fraud on the other hand will also enter the picture.
Payment processing deals with sensitive card information, however, passing this information between multiple middle vendors can be critical as well as prone to risk and fraud.
However, when you go with the end-to-end payment solution provider, there are no or fewer passing points making it more secure.
Also, there are little to no hops making the process faster.
Customer experience – End-to-end payment solution providers also offer the tools to keep track of customer payments, analytics, and detailed reports. Using these tools, merchants can analyze different customer patterns and offer customers attractive loyalty programs, offers, promotions, etc. to increase favourability and influence, and ultimately revenue.
Customer trends – Customer is the king. It makes merchants keep up with the popular trends. End-to-end payment processing solution providers can provide merchants with top trending services and tools like mobile wallets, etc. to keep merchants up to date with the trends making them more favored by the customers.
Flexibility – As mentioned, end-to-end payment solution provides fully integrated payment processing tools, services, and solutions. It can meet all of the requirements of the merchants. Every business has its own infrastructure, so merchants can put forward the requirements for a tailor-made payment processing solution.
Reporting and management – End-to-end payment solution also offers consolidated reporting and transaction management tools.
These tools allow merchants to access the consolidated customer data. If a business has multiple selling points, multiple terminals, or multiple sales channels, it can be tedious to organize the data from all the connected locations.
Tools offered by an end-to-end payment provider can help you organize this data and analyze the data in order to optimize your sales.
Every business has its own unique infrastructure and requirements. The tailor-made end-to-end payment processing solution makes sure that the payment processing goes smoothly decreasing the merchant’s hassle.
Lyra – your one-stop shop for all your payment needs.
All of Lyra’s solutions are in-house products making it a single point of contact for all the services and offer a secure, seamless transaction flow. Lyra’s tailor-made solutions scale automatically with the business requirements making it efficient. As there is no third party involved, there are fewer hops during the transactions making the flow uninterrupted.