What are those dreaded pain points faced by merchants when working with a payment service provider? Beyond the most common complaint of low conversion rates, online businesses face incompetence, instability, and the lack of an individual approach. Ruslans Jefimovs, Client Management Team Lead at ECOMMPAY, is more than happy to share how these challenges can be overcome.
Issue 1: Low Conversion
Starting from the basics, what is conversion? The conversion of online payments is defined as the ratio of successful transaction to the total number of attempts as a percentage. Conversion rates can be affected by everything from the type of transaction, the region in which it originates, or even the time of day. Sometimes, conversion will fall below a desired threshold for seemingly inexplicable reasons, but the factors responsible for this are specific to each individual business. Low conversion means that users are unable to make payments, often due to no fault of their own, which can result in companies losing clients and revenues.
The Solution: Routing and Cascading
As soon as clients integrate with a payment gateway and begin accepting payments online, their websites must be monitored and analysed according to various parameters: payment methods, countries, issuer banks, etc. This will help the merchant identify vulnerabilities within their payment streams, set up efficient routes, and, in some cases, boost conversion by 15-20%. ECOMMPAY’s payment infrastructure automatically detects drops in conversion, ensuring a rapid response. The payment service provider’s team of experts will identify the reason transactions are being rejected and immediately rectify the problem. Routing Transactions: If a company has several merchant accounts with different banks, in different currencies or jurisdictions, the system automatically figures out which bank to process a payment through. For example, a customer who wants to make a purchase using their HSBC account, but also has an account with Barclays, will be routed through HSBC automatically. Smart payment routing not only affects the conversion, but also reduces the overall cost of a transaction. Cascading Payments: Cascading is a module that enables payments to be made through additional gateways if the main channel is unavailable. For instance, if a merchant sends a request for payment that goes into his Merchant N1 account, but is refused, the request will then be sent to account N2. If it’s refused there due to a system error, the request goes to account N3, and so on.
Issue 2: One-Size-Fits-All Mentality
Much too often, companies seeking to accept payments online encounter prepackaged offers. To reduce time and costs, some payment service providers offer a pre-configured payment page, a predetermined set of payment methods, and fixed anti-fraud filters. The inability to customise payment solutions on an individual basis, tailored to the need of each particular business, can negatively impact security and result in reduced conversion. This is especially true for customer-centric eCommerce industries, such as tourism or travel.
The Solution: Individual Approach
Analysing the specifics of client business, including the industry they operate in, the particular risks they must content with, as well as target audiences and regions, ECOMMPAY's team of specialists builds a bespoke payment solution, selecting the most appropriate tools and technologies and configuring the security, routing, and cascading settings as necessary. After the payment gateway is adapted for integration with each new client, it is further customised for the end-user, ensuring the experience of interacting with the payment page is convenient (for example, by matching the design of the payment page to the overall website design).
Issue 3: Meeting Regional Consumer Demand
The payment landscape is constantly changing. As new payment methods appear or gain momentum amongst consumers, businesses must adapt. This is especially true when entering new markets, where companies must introduce regional payment methods to their website and mobile apps. To do so, they need to sign new contracts with local banks and payment providers, which can be expensive and inconvenient. Additional costs may be incurred by the need to integrate each new system separately.
The Solution: Unified Payment Portfolio
ECOMMPAY offers 100+ payment methods internationally. A single integration immediately equips clients with every payment method popular in the target market, regardless of country or region. Consolidated data for all transactions is collected within the Merchant Dashboard, providing convenient access to comprehensive analysis and reporting.
Issue 4: Instability of Anti-Fraud Systems
Security, data protection, fraud prevention, and risk management should be a priority for any business accepting payments online. Standard anti-fraud settings often increase the rates of failed payments and drive down conversion. Attempting to improve conversion with lowered security measures won’t solve the problem either, leading instead to financial losses as a result of fraudulent transactions and sanctions applied by international payment systems.
The Solution: Proprietary Risk Management Technology
Assessing the risks clients face and analysing their business specifics to configure over 100 filters of the proprietary FraudStop risk management system, ECOMMPAY’s risk analysts pursue synergy between conversion and security. If necessary, they can even develop new filters in consultation with clients. Analysts will then review suspicious transaction in parallel with FraudStop’s automated checks, establishing individual security algorithms for every client using ECOMMPAY services.
The introduction of new technologies, financial instruments, and risks are presenting more and more new challenges. Accepting payments online doesn’t have to be difficult, however. With the right tools, any and all issues can be resolved quickly and efficiently. ECOMMPAY effectively tackles merchant pain points by ensuring a flexible, individual service, including extensive capabilities, customisable settings, and 24/7 support.