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eCommerce

Payment Processing Mistakes You Might be Making and How to Avoid Them

How you design your payment page can dictate whether or not you achieve a conversion. Though your payment options may be plentiful, an inefficient processing system may result in unnecessary expenditures or unprotected data. If you’re making any of the following processing mistakes, it may be time to reevaluate your partnership with your provider or outsource solutions if you haven’t already incorporated them.

1. You Lack Payment Options 

Though a fairly elementary concept, it can be easy to settle for a basic credit card and cash on delivery payment option for your consumers. After all, you want to start  selling as soon as possible. However, if you’re targeting clients who prefer to make purchases using mobile wallets, for example, foregoing the option entirely can hurt your prospects in the long run. 

2. Forgetting to Ask Important Questions 

Though some queries on your laundry list of questions may seem trivial, it’s important that you ask any potential credit card provider every single one. Glossing over something you feel is unimportant can, in fact, cause trouble down the lane. The relationship you’ll have with your provider is a long-term one, thus encouraging transparency will help them better meet your needs. 

3. Completely Overlooking Chargebacks

Every eCommerce business knows the horrors of a chargeback. Whether a customer has filed a fraud claim due to a forgotten purchase or failed to recognize a purchase made by another family member, most chargebacks are caused by innocuous oversights. However, others may be driven by more malicious reasons such as dissatisfaction with your product or feeling misled. 

To avoid unnecessary chargebacks, ensure that the overall shopping experience you provide is intuitive, streamlined, and descriptive. Don’t make any promises your product can’t surely deliver and avoid vague product descriptions. Ensure that your payment form is user-friendly that your terms and conditions, along with your shipping and returns policies, are clearly communicated and easy to access. 

4. Overpaying Processing Providers 

If there’s one thing business owners adhere to most, it’s that every dollar counts. If you’re spending far more than you should on credit card processing for a fairly mediocre job, you’ll need to zero in on discrepancies you may not have noticed in the first place. As a general rule, doing your research on a credit card provider can help you avoid unmerited charges. Consider whether a provider is capable of meeting your needs at competitive rates without hidden charges. 

Make sure to review your statements every month and consider whether or not you’re spending far more than you can account for. Similarly, if you have a little bit of financial wiggle room and aren’t satisfied with the service you’re getting, you might consider a more capable provider. 

Conclusion

Accepting payments isn’t as simple as opening a bank account for your business. You’ll need to develop an understanding of various payment methods and how best to process these. A responsible payment processor will not only take on the job for you but will also help you make more informed decisions regarding your payment schemes. 

By signing up with Payment Page, you can fully customize your payment forms using a versatile payment page builder. We can help you accommodate all types of payment methods and create beautiful designs that get you converting in no time.

Categories
eCommerce

Tips for Protecting Your Business From Remote Payments Fraud

As business owners step away from in-store purchases and focus primarily on online options during the pandemic, it’s important to review the implications of remote payment fraud. Especially for businesses that don’t primarily function as an eCommerce enterprise, remote payment options can appear intimidating. As online alternatives continue to keep businesses afloat, protecting your operations from fraud is a must. Here’s how you can get started. 

1. Arm Your Payment Page With the Address Verification System (AVS)

A hosted payment page removes the security provided by a physical credit card, ID, and being able to interface with a customer in person. Thus, some remote credit card terminals will charge higher rates on transactions that require additional information regarding a customer’s billing address, zip code, and contact information. 

These additional requests manifest as AVS prompts and can result in fraud if they are dismissed. Responding to AVS prompts can take time away from your hands but can help reduce the risks of fraud and keep your rates low. 

2. Sell Only to Known Customers

New prospects are what make a business flourish but if you aren’t well-versed in accepting remote payments, can also lead to potential fraud. This is particularly true when it comes to accepting subscriptions, as customers sometimes receive products before their credit card is charged.

Incorporating an anti-fraud system takes time, so prioritizing known and trustworthy customers, meanwhile, can protect your business from losing money. Nowadays, lifelong customers tend to patronize their favorite businesses on a regular basis, which you can easily take advantage of while you consider your options. 

3. Trust Your Gut

While it may seem counterintuitive, trusting your instincts when it comes to evaluating a sale that seems too good to be true can keep fraudulent transactions at bay. Perhaps you’ve come across a customer whose billing and shipping addresses don’t match or whose credit card information simply won’t go through. If so, you may be better off foregoing the sale or even choosing to temporarily suspend international or out-of-state orders. 

4. Create an Electronic Defense System for Sensitive Data

Not only does a robust security system protect your customers’ data—but it also protects your business. By adhering to PCI security standards and assessing any third-party provider’s cybersecurity risk, you can build an impenetrable payment system that allows clients to trust you and you to trust your clients. When outsourcing a payment processor, review their disaster recovery strategy and consider whether their protocols align with yours. 

Conclusion

No business owner wants to lose a sale but while some of these practices may seem unnecessary or over-the-top, they’re also useful in preventing scams and chargebacks. Over time, you may choose to relax some of these measures but should prioritize AVS for over-the-phone transactions. 

With Payments Page, you can incorporate branded elements into your payment portals such as unique payment buttons and a stunning design that reflects your business. Better yet, you can ensure that your transactions are fully protected and that your payment gateway displays comprehensive business information to clients. Ready to accept payments? Sign up today with a 30% discount!