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eCommerce

A Guide to Setting up an Online Payment Form Using an Outsourced Solution

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North America spends over $25 billion in check processing costs each year. Every single check a company writes costs an additional $10. Switching to electronic payments helps reduce the paper, printing, mailing, and processing costs for these checks.

Making the shift, though, is easier said than done. It can be challenging to convert in-house processing systems, and not all vendors and contractors are willing to let go of physical check payments. A happy medium would be to set up an online payment processing option.

The benefits of having an online payment form

Online payment helps you save money. Employees who process checks can work on other tasks. What’s more, outsourcing means doing away with having to update payment processing systems onsite.

Moreover, securing financial data requires stringent protocols, and it makes your financial department responsible for managing incredible amounts of risk. Outsourcing takes the worry for cyber theft off your hands and gives it to a team specializing in it.

In addition to theft, check fraud is another thing that sellers and retailers should monitor. This type of fraud can come from inside the company or from people posing as vendors. An adequately certified external team will have the resources to prevent fraud.

What options are available for my company?

Online modes of payment have evolved beyond bank transfers and credit card purchases. Here are some of the most common payment methods you can access online in 2020.

Via debit and credit cards

This method is the most basic way you can accept payments through the internet. You should choose between enabling a dedicated merchant account or using an intermediary holding account, and these have different business processes and funding times. 

A dedicated merchant account is like an internet-based account expressly for receiving payments for your online offerings. Meanwhile, an intermediary account acts as a clearinghouse for cash, mainly from transactions involving foreign currency.

Electronic checks through ACH Processing

You could also include payments through electronic checks, which are direct debits of bank accounts. With ACH or automated clearing house processing, the customer inputs their information on an online check interface. After this, the software processes the payment and sends it through the ACH network for clearing.

Payments through mobile apps

If you have a combination of physical and online stores, you can set up a mobile app system that allows you to receive payments by dipping a chip card, swiping a credit card, or keying in a number. Paying through mobile apps is convenient for many people, since they do not need to bother with physical notes, coins, and sometimes even cards.

Through online payment gateways

If you have an e-commerce store, adding a hosted payment page allows customers to pay directly on your website. You can even have returning browsers create accounts. It lets them save their delivery and payment information and speed through billing and ordering.

With online payment forms, you can offer various methods like credit, debit, or e-check. This method also integrates well with your social media marketing strategy, since you can link your page through email newsletters or social posts.

Using click-to-pay invoicing and recurring billing

Email invoicing allows people to pay bills without leaving their inbox. Instead of asking them to open your app or visit your website, you can send the invoice to your customers through e-mail and give them a receipt right after completing the transaction.

You can pair this with recurring billing, a popular way for customers to settle monthly dues for subscriptions. This is convenient for both the customer and the vendor; they do not forget to pay their bill, and you get your payments on time.

Conclusion

More and more payment options for your business are coming out online. While you should offer more than one payment method, you should not provide all of the options discussed. Study your core audience and learn what they use in their everyday life. Responding with two or three tailored solutions is better than offering five ill-fitting ones.

With Payment Page, you can customize your payment solutions for your audience. Our WordPress plugin allows you to integrate a Stripe checkout or other payment gateways into your website. Join us today or contact us for more information!

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eCommerce

How Does Multi-Currency Payment Processing Work?

Currencies Under a Key

Selling your products or services outside your own country helps create more opportunities for your business. However, global expansion means accounting for multiple currencies and securing payment processing solutions that accommodate these.

Find the best payment processing company

The first thing you need to open yourself to the international market is a multi-currency payment processor. This type of provider allows you to accept payments from other countries made through credit cards. This type of processor will display prices in the customer’s local currency, but their payouts will be in your own currency.

Payment processors have a list of currencies they support, as well as business models for which they can process payments. Check your provider’s website for this information and make sure you are compliant before you start the application process.

Check if they support the right currencies

Before you sign a contract with a processor, check if the contract stipulates all the currencies in which you plan to transact. You can also clarify what your payment processor uses as settlement currencies. This is to ensure that the funds that will register in your business’ bank account are the ones that reflect your desired currency.

Furthermore, clarify if there are administrative or transfer fees that you should pay for each transaction. If you enlist the services of a multi-currency provider, you will likely incur these additional fees. When a merchant accepts payments in a local currency, there is usually no extra charge. However, if it is in a foreign currency, there is usually a one percent fee for transferring. 

Ensure support for multiple languages

The checkout is arguably the most important page of the conversion process. The way your page is designed determines how likely people would be to follow through with a purchase. A checkout page should be free from friction—one way to ensure that is by translating it into various languages. 

Make sure that your hosted payment page offers translations for the commands and functions. Find a provider that automatically does this based on the location of the customer; this will ensure that you keep frustrations to a minimum.

Use local currencies for prices

Another way you can minimize friction is by accepting payments and displaying prices in local currency. This is convenient for your customers and minimizes chargebacks. When you list items, you should allow your customers to pay in the local currency. This means pounds for UK-based customers, dollars for American ones, and so on.

People always check the amount on the price tag, but they do not always look at the currency. As a result, they might fix a price in their head while they are paying for the item, and may get surprised when their bank statements do not reflect this, which might result in a chargeback. Assume that people do not convert when looking up your products and do this for them.

Conclusion

Offering various payment options can help you improve your conversion rate and boost your sales. However, selling in foreign markets means adapting to the payment methods that locals use. Here are the first things to remember when setting up multi-currency systems.

Set up a frictionless payment system with Payment Page. We help small and medium business owners create a hosted payment page for their online business, and start accepting online payments easily. Get in touch with us today for more information!

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Business

3 Tools Your Business Needs to Prevent Fraud

Credit Card Security

Credit cards are becoming the option of choice for most shoppers online due to their ease of use and accessibility. Hosted payment forms should include credit card sale options to increase the number of people who buy from their sites. 

While this option is becoming increasingly popular, credit card sales are still quite risky for both sellers and buyers. Fraud and phishing schemes are still at large online, which makes putting information online dangerous at times.

Fortunately, the internet wouldn’t be what it is if the good people out there didn’t come up with solutions to deter the actions of the bad ones. There are three amazing tools that can be used for almost all credit card sale processors available for any business to use. 

If your business is new to sales via credit cards, take these into account with your payment page builder for safer transacting:

Card Verification Value (CVV)

The CVV code is normally a three or four-digit code printed at the back of a credit card. This is an extra piece of information that can prevent fraud, as even if a picture of the front of your card is taken, it will likely need the CVV to complete a purchase. This number proves that the customer indeed has a physical credit card when making their purchase. Unauthorized users of a card will likely only have the card number, which means that including the CVV option will deter a lot of fraudulent purchases. 

This basic layer of defense is a must for all online sales, as it is ensured that the buyer has the physical card and is not using stolen card numbers. A CVV number cannot be stored by businesses, which is why it makes for the best first line of defense. 

Address Verification Service (AVS)

AVS is another common anti-fraud system that must be used by online businesses. Almost all credit cards support this and can assist in spotting fraudulent activities. 

This service compares the accuracy of the address provided with the one on file with the credit card company. A letter code indicates the information to see if it matches, doesn’t match, or partially matches. The list of letter AVS codes in full can be found here.

Utilizing AVS appropriately may even give your business lower processing costs and can help if you receive a chargeback. Businesses using this have been found to be better protected than those who didn’t use the service. Additionally, fees for this service generally range from just one cent to ten cents—but the value ultimately depends on the processor chosen. 

3D Secure

3D Secure is a fraud prevention tool that works through three parties as part and parcel of the authentication process. This is somewhat like an extra layer of defense against someone who has unauthorized access to a credit card with the card number and the CVV. 

It works by sending a verification code to the card owner when a purchase is about to be made. It is likely that only the cardholder has access to this code—which means a better and more secure transaction for your consumers! This way, even if someone with a stolen card tries to make a purchase, a code will be asked to be input to ensure that the purchase being made is truly by the card owner. 

Verified by Visa and MasterCard SecureCode are carriers of this feature and ensure that purchases made online are safer. A plugin by a provider can be provided to add this additional safety feature with your payment page.

Conclusion

Having added lines of defense when creating a payment page is important to remove the risks of fraud. Fraudulent actions and purchases can be potentially damaging to both the seller and the buyers, which is why investing in proper plugins and protective services can go a long way. 

Payment Page aims to assist international businesses of any scale craft simple and highly customizable payment pages that support credit cards and other forms of transactions. If you want a better way to run online payment pages, sign up for our services to be notified when we launch!

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Business

Why Multi-Currency Support Is Crucial for Businesses

Various Currency Symbols

As more and more people shift to online shopping, businesses strive to keep up with the demand and satisfy the market. Customers today are not confined to stores in their location; you can quickly develop a customer base and a following for your brand in another country. That is if your website has the right structures in place.

Customers are more likely to use credit cards in their transactions online, and they will be more eager to complete a sale if a website supports their preferred payment method, currency, and language. It is why you must have an e-commerce solution that offers multi-currency support.

The value of multi-currency support

Having multi-currency support enables you to provide payment options that your shoppers use locally. Customers in other nations usually have to pay in U.S. Dollars or Euros, which could deter them if they do not normally transact with these currencies.

Some payment solutions offer shoppers the ability to pay in Australian or Canadian Dollars, Swiss Francs, Danish Krone, British Pounds, Japanese Yen, and many others, on top of USD and Euros. Providing this to your customers also gives you additional benefits.

1. Supporting multiple currencies fosters customer loyalty

When you use multi-currency support, you help customers avoid the extra fees they incur from currency conversion. When they see these additional charges, it might cause them to issue a chargeback or request a refund. Transparent pricing will help you get repeat sales, and eliminating additional charges will make your products an attractive option.

Being consistent in your pricing will help you win the trust of your customers. A rounded number is more convincing; if your customers see 25.00 USD instead of 24.79, they are more likely to complete the sale.

2. Multi-currency support is convenient for both parties

Besides giving customers the ability to pay in various currencies, you also provide them with various payment methods. In countries like China, where WeChat Pay and Alipay are the most widely-used payment channels, this is invaluable. 

Multi-currency pricing is also convenient for the retailer. You won’t have to worry about complicating your store; a payment page builder lets you do this through a simple, intuitive interface.

3. Multi-currency solutions ensure purchase completion

Shopping cart abandonment goes hand-in-hand with customer retention. A multi-currency platform minimizes chargeback rates and refunds since they display and charge the same prices. Furthermore, customers will appreciate the effort you’re taking to show figures in their local currency.

You can also calculate currency exchange rates and account for market fluctuations by adding a buffer percentage for cross-sells. Doing this allows you to control sales in other countries and lets you secure your profit margin. It can also help you compute for discounts.

Conclusion

Your e-commerce platform will benefit from having a multi-currency display. However, you should vet your e-commerce partner properly. They should be able to support your business when it opens its doors to the international market and understand that companies have different requirements, which are informed by their target market and its location.


Make it easier for customers to transact with your business; use our WordPress plugin to create a hosted payment page. Customize your payment gateway and enable flexible, global payments on your website. Get in touch with us today to learn more!

Categories
Business

3 Online Payment Options Your Business Should Consider

Man holding his Credit Card

With opportunities for online growth becoming far more abundant, your business may have an easier time than you might think making your online presence profitable.

Amid all the tremendous changes that have been happening in the e-commerce marketplace, one strategy you can prioritize to ensure profitability is adding more payment options for your customers.

Why the number of payment options you offer matters

It is now more important to provide your consumers with as many payment options as you can. Methods such as Credit Cards, Apple Pay, Google Pay, and ACH, can provide your business with the necessary means to make your products or services much more available to your customers.

Although it may seem quite simplistic at first, undertaking this very task opens up a wide range of opportunities to conduct even more transactions. The main reason this simple approach works so well is that more and more customers seek convenience in their checkout experience.

By taking advantage of the opportunity to add more payment options to your checkout page, you can make the overall purchasing experience much more comfortable for customers, which is a big incentive in itself. To best understand how your business can capitalize on this technology, let’s go over three online payment options that you should consider:

Credit card processing

Among all the different payment options that online businesses can provide, credit card processing still holds its place as one of the most popular options that customers seek.

With the proper credit card processing system and a linked internet merchant account, you can customize your website with a payment option that allows customers to comfortably make payments in a matter of seconds. Fortunately, setting up a payment page doesn’t have to be a complicated process as today’s hosted payment page options—such as Payment Page—can handle the task for you without the need for you to set up an entire website!

If you’re the DIY kind of person, there’s also a free WordPress plugin to get started.

Automated Clearing House (ACH)

ACH payments are electronic payments that get processed through the Automated Clearing House network. A centralized system then serves as a middleman to facilitate the transfer of funds from one bank account to the intended destination.

Although ACH payments require more information to carry out a transaction—bank name, account number, ABA routing number, and the name of the account owner—this option is cheaper due to lower processing fees compared to traditional checks and credit cards. It’s easier to track, too, with electronic records automatically collected with every transaction.

Apple Pay and Google Pay

Contactless mobile payment systems like Apple Pay and Google Pay are gaining traction these days due to their speed and efficiency. There is no longer a need to slide a card at a point of sale (POS) terminal — all it takes is for the customer to hold their device near a payment terminal (an NFC reader) to complete the transaction. This type of payment option allows for quick and hassle-free transfers, improved efficiency, easy implementation, and enhanced security. 

Final Thoughts

Thanks to modern online payment options, businesses now have a valuable opportunity to make their consumer experiences far more convenient than before. With the help of the right option in place, you’ll be able to see tremendous results in your UX and profit rates in no time!

Payment Page is a WordPress plugin and Website-as-a-Service that allows you to create a simple and easily customizable payment page with your own payment gateways, providing customers a more convenient experience of conducting transactions with your business on the internet. If you want to set up a beautifully designed payment page to accept customer payments, you can get started today. .

Payment Page, an innovative WordPress payment plugin, helps you create a customizable payment form in less than 60 seconds.

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