Challenges (and solutions) to accepting payments online: instability, low conversion, and more

What are the biggest pain points merchants face when working with a payment service provider? While the most common complaint is low conversion rates, online businesses also face issues with instability and a lack of an individual approach. We’ve compiled a list of these challenges, and how they can be overcome.

The conversion of online payments is the ratio of successful transactions to the total number of attempts, as a percentage. Conversion rates can be impacted by many factors, such as the type of transaction, the region in which it originates, or even the time of day.

Low conversion might mean that users are finding it difficult to make payments, often due to no fault of their own, which can result in companies losing clients and revenue. Sometimes, conversion will fall below a desired threshold for seemingly inexplicable reasons, and identifying the factors responsible for this will be specific to each individual business. The right payment service provider will make identifying these weak points simple.

When clients integrate with a payment gateway and begin accepting payments online, their websites should be monitored and analysed according to various parameters, such as 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, resulting in a rapid response. Our team of experts will identify the reason(s) transactions are being rejected and act quickly to rectify the problem.

If a company has several merchant accounts with different banks in different currencies or jurisdictions, the system automatically selects the correct bank to process a payment through. For example, if a customer wants to make a purchase using their HSBC account, but also has an account with Barclays, the payment will be automatically routed through HSBC.

Smart payment routing not only affects conversion, but also reduces the overall cost of a transaction.

If the main channel is unavailable, a cascading payments module will enable the payment to be made through additional gateways instead.

For instance, if a merchant sends a request for a payment that goes into their 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.

All too often, companies seeking to accept payments online encounter prepackaged offers. Many payment service providers offer a pre-configured payment page, a predetermined set of payment methods, and fixed anti-fraud filters to reduce time and costs.

The inability to customise payment solutions and tailor the package to the needs of each individual business can negatively impact security and result in reduced conversion. This is especially true for customer-centric e-commerce industries such as travel or hospitality.

At Ecommpay, we analyse the specifics of each client’s business, including the industry they operate in, the particular risks they must contend with, and target audiences and regions. Using this information, our team of experts build 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, such as matching the design of the payment page to the overall business’s website design.

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 must sign new contracts with local banks and payment providers, which can be expensive and inconvenient. Additional costs may be incurred for individually integrating each new system.

Ecommpay offers 100+ international payment methods. Using a single integration, clients are immediately equipped with every popular payment method in their target market(s), regardless of the country or region.

Consolidated data for all transactions is collected within our merchant dashboard, providing convenient access to comprehensive analysis and reporting.

Security, data protection, fraud prevention, and risk management should be a priority for any business accepting payments online. However, standard anti-fraud settings can 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 due to fraudulent transactions and sanctions applied by international payment systems.

Our proprietary risk management system assesses the risks clients face and analyses their business specifics to configure over 100 filters, creating synergy between conversion and security.

If necessary, new filters can be developed in consultation with clients. Our analysts can review suspicious transactions parallel with FraudStop’s automated checks, establishing individual security algorithms for each of our clients.

The introduction of new technologies, financial instruments, and risks present increasing numbers of challenges, however, accepting payments online doesn’t have to be difficult. With the right tools, 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.

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