- Older ecommerce websites may not have the capability needed to accept modern payment methods
- Customers are increasingly expecting more value and better user experiences when shopping online
- Adopting new payment technologies also means adjusting to updated compliance regulations
The ecommerce landscape continues to evolve, as innovations in payment technology and changes in consumer behaviour drive merchants to adapt to a new type of business environment. Staying on top of these trends is of critical importance in order to maximize profitability, increase customer retention, and gain competitive advantage. Here are significant trends in ecommerce payments that your business needs to know about.
There are many ways that the world of ecommerce has changed in recent years, some in response to advancements in technology and others due to dramatic shifts in the behaviour of customers. There is no doubt that keeping up with the rapid pace of these technological advances is a challenging task for any business at the moment. However, knowledge is power, and knowing about the latest trends in online payment processing can help your business prepare for the changing conditions and stay ahead of the curve.
Digital Wallets Gaining Popularity for Ecommerce Payments
One of the most notable recent trends in payment processing has been the adoption of digital wallet apps by consumers. Smartphone apps such as Apple Pay and Google Pay have surged in popularity as people take advantage of the enhanced convenience they offer, eliminating the need to carry multiple physical payment cards and simplifying the transaction process for customers. Through a single easy-to-use app interface, customers can select any of their available payment methods with just a tap, completing their transaction faster than manually entering card details.
However, not all payment processing systems and POS solutions are compatible with digital wallets; requiring businesses to update to a modern online payment portal that will work with Apple Pay, Google Pay, and other types of digital wallets. This requires selecting a payment processing partner with back-end technology that is compatible with accepting digital wallets as methods of payment in order to keep up with consumer demands as adoption of apps like Apple Pay and Google Pay continues to increase. If you’re not sure if your existing payment processor will support digital wallets, it may be time to look at alternative processors whose systems are up-to-date for accepting this type of payment.
Transaction Speed and Data Security are More Critical Than Ever
When it comes to the actual transaction process itself, speed is one of the most critical elements that affects the overall customer experience. Consumers have become accustomed to nearly instantaneous payments, so slow ecommerce systems, overly complicated checkout flow, and payment processing lag can rapidly degrade customer satisfaction. Streamlined checkouts, fast response times, and intuitive user flow cut down on the total time it takes for a shopper to complete their ecommerce transaction, resulting in a significant positive impact on overall customer satisfaction.
In addition, one of the biggest concerns customers have when shopping online is how secure the transaction is, and how protected their data will be once they provide it to the merchant. Corresponding to the rise in digital payments, cyber-attacks and transaction fraud have also seen increases in recent years. Payment scams and fraudulent chargebacks in particular have grown at a surprising rate. Businesses must invest in enhanced digital security such as a more powerful firewall and comprehensive anti-virus protection, as well as fraud detection software that leverages machine learning and ‘AI’ to flag and halt illegitimate transactions before they are completed. Ultimately, it’s important to do all you can to help protect sensitive customer transaction data and prevent cyber-attacks.
Virtual Terminals Enabling Online Payments for Businesses
While all businesses certainly recognize the importance of having an online presence, not all of them have taken steps to include ecommerce functionality on their websites. However, increasing demands from customers to place orders online have made having some type of ecommerce capability an absolute necessity. Of course, not every type of business will need a full-fledged web store in order to effectively serve their customers. Many companies, particularly service providers and those who operate remotely, simply need a secure and easy-to-use online payment portal that can be accessed from anywhere on any device.
In situations like these, virtual terminal payments offer exactly what the business needs in a way that is fast and easy to configure, with minimal, to no hardware investment required. As a software-based solution, virtual terminals can be accessed from any smartphone, connected tablet, laptop or PC. This makes them an ideal system for businesses who have an existing website that is missing the ability to accept payments online, but do not require a complete ecommerce solution. Companies who are just now moving towards offering online payments for their customers are enthusiastic about the simplicity and ease of setup that virtual terminals provide.
Reduce your operating costs with our full suite of payment solutions
Regulatory Organizations Working to Keep Pace with Digital Payment Advancements
Rapid progress in payment processing technology has helped businesses offer far greater convenience and flexibility to customers in recent years. However, this has also presented a challenge for those regulatory organizations who work to standardize data protection protocols and ensure that businesses are following effective security processes. New payment methods, cross-border transactions, and an increasingly diverse group of intermediaries are all adding complexity to the regulations that govern the payment processing industry.
The requirements for ecommerce payment processing as set forth by the Payment Card Industry (PCI) Security Standards Council are always evolving as new technologies come into play. What was sufficient last year may not be enough to maintain compliance today. Security measures such as firewalls, anti-virus software, encryption of data transmissions, user access level restrictions, password sharing prevention, and employee training are all essential elements of PCI compliance, but interpreting exactly what your business needs to do in each area can be difficult. In this regard, having a knowledgeable merchant services provider with in-depth expertise in PCI compliance can be a major advantage.
This all means that businesses must pay very close attention to changes in regulatory guidelines as they apply to their operations, and take action promptly in the event that any updates to processes or systems are determined to be necessary. The risks associated with data breaches, transaction fraud, or non-compliances are far too great to be ignored, and the costs to the business can be profound. Lost revenue, damaged reputation, and broken consumer confidence are not something any business wants to experience, so staying up-to-date on the latest payment processing regulations is of utmost importance.
Capitalizing on Ecommerce Trends Requires the Right Payment Processing Partner
With so many factors to consider, it can be daunting to figure out what the best approach to ecommerce is for your business now and into the future. Fortunately, these decisions can be made easier if you’ve got the right support and assistance from your merchant services and payment processing partner. Success with ecommerce depends just as much on the support and services you are provided with as it does with the technology used to handle your online payments.
At MONEXgroup, our clients have the advantage of choosing from a full suite of ecommerce payment solutions, including online payment portal integrations for existing websites, virtual terminals for accepting payments through any smartphone or connected tablet, and more. Whether you operate a vast webstore with hundreds of products, or are a service provider processing payments on-the-go, you can be confident that MONEXgroup has the online payment processing solution that will help your business succeed.
Moreover, clients of MONEXgroup are also backed by a world-class customer service team that is 100% committed to delivering the best customer experience in the industry. Starting with the very first phone call, your dedicated account manager will work closely with you to guarantee that your ecommerce payment solution is configured and deployed for maximum impact. Every step of the way, our expert crew of technical service representatives are there to support you with 24/7/365 access to help and resources whenever you need them.
Prepare Your Business for the Future with A Robust and Secure Ecommerce Payment Solution
It’s clear to see that online payment processing is of absolute importance for businesses, and they must be prepared for the demands of the future. The percentage of ecommerce sales is only going to continue to grow, customer preferences will shift even further towards the convenience of online ordering, and new payment methods are surely going to be introduced thanks to ongoing technological innovations. The main question you must answer is; how will you equip your business to succeed in the face of this evolution?
Contact MONEXgroup today and let us help your business move forward with a powerful and capable ecommerce payment processing system. Take advantage of these ecommerce trends with online payment solutions from MONEXgroup and get a quote today!
Why Should Your Business Start Accepting Digital Wallet Payments?
With smartphones in the pockets of virtually everyone around the world, it’s not surprising that people are taking advantage of the vast array of functions that these mobile devices can perform.
The Critical Importance of PCI Compliance for Safe and Secure Payment Processing
Data security is a serious matter for businesses, and the potential risks of transaction fraud and data theft are too important for anyone to take lightly. Businesses need to take every available step to…
What is a Virtual Terminal?
A virtual terminal is a software application for merchants which allows them to accept payment with a payment card, specifically a credit card, without requiring the physical presence of the card. Using the traditional way of processing credit card transactions…
Contact us today and discover the right payment solution for YOUR business!
Fill in the form below OR
GET EXTRA 10% OFF*
by calling us today at 1.866.286.7787
*offer can only be redeemed over the phone
We will never sell, distribute, or publish your details.