3 Payments Processing Challenges and how to handle them
The scope of the payment industry, more specifically the online payment industry is considerably ample.
With new technologies, online payments are now simpler, smoother, and more convenient.
Merchants expect a smooth selling process and customers expect smooth shopping, the one common thing merchants, as well as customers want, is safe and effective online payments.
But with the increasing additional payment features and demands, the growth of the payment industry is taking place in multiple directions.
With advancements and opportunities come challenges. So, it is important to be aware of these challenges to decide on effective solutions.
Here are the Integration Challenges in Payments Processing
Technicalities
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 programming knowledge that needs in the integration process, nor do 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.
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’s 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 the payment service providers to reduce fraud rates.
Customers are also getting used to new advancements like biometrics, PINs, and OTPs.
In both of the above-mentioned cases, businesses must be proactive in seeking accurate solutions.
Here are few general and basic practices to limit the chargeback instances.
- Clear refunds and return policy
- Shipment tracking
- Use detailed transaction reports
- Proficient service center employees
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.
One such compliance is PCI DSS. The Payment Card Industry Security Standards Council (PCI-SSC) has maintained standards aimed at protecting cardholder data.
This certification is required for every business that deals with online payment processing. PCI DSS provides security standards over these six areas.
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Build and maintain a secure network and systems
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Protect cardholder data
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Maintain a vulnerability management program
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Implement strong access control measures
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Regularly monitor and test networks
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Maintain an information security policy
The challenge is to choose a payment solution provider that will provide the solutions compliant with PCI DSS and also satisfies the government’s regulatory requirements.
Working with such PSP can help merchants to build trustworthy relationships with customers.
3 Challenges 1 Solution – Lyra
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!