Running a business is hard. And selling globally can be even harder. It is essential that growing businesses pay attention to their payments process. Many organizations deal with the burden of juggling multiple payments providers, when in reality they only need a single, powerful solution to meet their business needs.
Payments don’t have to be complicated - to avoid the headache of managing multiple accounts and integrations, BlueSnap have put together this checklist, where they give the five areas of focus to simplify and grow your business on a global scale.
Check these features off of your list, to ensure that you can accept payments any way you want while increasing your sales and reducing your costs.
Does the solution:
1. Accept payments from multiple channels including:
online and mobile checkout
marketplaces and payments for platforms
2. Use a single connection to global acquiring banks which allows:
Network of global acquiring banks with a single integration
Automatic payment routing technology with fail-overs and subscription retries to ensure maximum success rate
Reduced rate of global transactions being declined
Higher payment conversion success rate
3. Offer local payment options to ensure:
Increased transaction approval rates – by the acquiring bank local to the shopper
Fewer sales lost – less shopping cart abandonment when a shopper sees the payment method they use
4. Integrate fraud and chargeback management devices to deliver:
Fraud prevention which will reduce fraud not sales
Stop chargebacks before they happen with real-time notifications
5. Has a single place for payment analytics to understand and optimise your sales and manage your costs which provides:
- All your data in customizable reports using an API
- Sales intelligence allowing you to track your sales
- Reconciliation: payment data flows in and out of a single system
- Payment conversion reporting, which allows you to see where your business performing or underperforming, all in one place.
- Mobile reporting app – stay up to date with account activity in real-time, on the go.
These are the five areas in online business that are crucial to increasing sales and at the same time reduce costs. (Source: BlueSnap.)
e-commerce reaching limit?: USD 2.9 trn Chinese payments but UN trust concerns
Alipay, Wechat Pay made record USD 2.9 trn online payments in China in 2016, whilst another UN survey reveals that Internet users are increasingly concerned about their online privacy and lack of trust in e-commerce
E-commerce will be disrupted by EU’s €10 checkout rules
European rules on e-commerce could “seriously disrupt” online shopping and “inconvenience consumers”, according to Visa. But will the Commission budge on this consumer protection issue?
Omni-channel payment platforms add functionality & partners - dominating? Not yet
Adyen rolls out Global Acquiring in Brazil, Hong Kong and Australia; Bank of America Merrill Lynch access to Modo’s patented COIN® Operated Digital Payments Hub; Tipalti adds OCR technology to service