As more and more customers begin shopping online, ecommerce websites have popped up to support those shoppers. From monthly subscription boxes to homemade products, all types of online shops have opened. And with each shop that opens, a new need is created – one for industry related services. Payment processing is one example of those services. Today there are countless payment processors to choose from. But how do you know what to look for? To help you narrow down your options, we share the 3 must-have features in a great payment processor.
Mobile Optimized Payment Page
Did you know that in 2012, 34% of mobile owners made a purchase using their mobile device? It shows that mobile customers are not only browse and research products, but make and complete purchases. To convert these on-the-go shoppers, you need a mobile-optimized payment page.
If your payment processor hosts your payment page, be sure that the design on the page matches your website. It should include your logo, featured colors and carry the same voice.
Integrated Fraud Prevention Tools
Fraud can take many forms but for online merchants, the most common type is chargebacks from unauthorized credit card use. Chargebacks hurt your shop because you take a loss for the product you shipped, must refund the original amount charged, and pay chargeback fees.
It’s why great payment processors offer a free suite of fraud prevention tools. They are security features that ensure shoppers are the authorized users for the credit card. Great payment processors have a combination or all of the following:
- 3D Secure – more popularly known as Verified by Visa, Mastercard SecureCode and American Express Safekey. It allows payment processors to verify a cardholder’s identity through a separate passcode associated with the customer’s card.
- Transactional Screening – compares translation data like IP addresses against your whitelisted and backlisted customers.
- Data Sanity Checking – compares certain fields in the transaction against other fields, such as billing versus shipping addresses.
- Data Pattern Checking – reviews data in your transaction against previous transactions
- Card Verification Number (CVN) – verifies the 3 digit number on the back of the card matches with the issuing bank.
- Address Verification Service (AVS) – Verifies billing information with the issuing bank.
Recurring Billing or Recurring Payments
This feature provides you with a safe and secure way to store your customer’s payment information. Letting customers to save their credit card information is a must have for every store because it allows you to:
- Rebill customers for products or your services automatically
- Save time spent on invoicing and billing, reducing payment processing costs
- Increase conversion for impulse purchases – Once customers add product to their shopping cart, the checkout process is streamlined. It’s effortless for customers to go from I want to I bought.
Bonus! Great Customer Service
We’ve added great customer service to this list as a bonus because it’s not quite a feature but is just as important. When selecting a payment provider, it’s important keep in mind that this is a long term relationship. Make sure they offer your preferred form of communication. For example, if you like speaking to customer service agents over the phone, check to see they offer phone support. The same goes for language. Ensure you can get help in a language you speak.
Looking for a payment processor that has all these must-haves features? Check out PrestaShop partner, Realex Payments, a company processing over €28 billion annually for over 12,500 online retailers, across 30 countries, including some of the world’s leading brands – Vodafone, Aer Lingus and Virgin Atlantic. In addition to having each feature in our must-have list, they also offer:
- A responsive hosted payment page
- Dynamic currency conversion
- Proprietary fraud scoring and pattern analysis tool
- Detailed transaction logs
- Customizable sub-account rules.