When running a successful eCommerce store, you need to be on your feet with the numerous payments. Customers today look for flexibility when completing their purchases. However, being a business owner, how do you feature a new function on your website?
While it’s evident that customers will learn about a newly added payment gateway, this option is only possible when they proceed with purchases. When you don’t feature a new function, you tend to miss out on the potential business your store could have done.
In this blog, we walk you through the different aspects of highlighting a new function on your website. Continue reading as we explore these aspects in the following sections.
Essential Features of Accepting Payments on Your Website
Multiple Login Options:
Although requiring customers to register before placing an order is easier for your marketing efforts, it is only sometimes in the customers’ best interests. You need to provide customers the opportunity to check out as a guest to avoid losing them along the road.
Therefore, consider allowing them to log in using one of their Facebook or Twitter accounts, as it speeds up the login process and reduces registration friction. If relevant, emphasize that you’ll never post without the customer’s consent. Remember, once they’ve purchased from you and feel more connected to your business, you can invite them to open an account.
Include Numerous Login Layers:
Even if they forget their login details, customers with your accounts want to ensure their information is secure. So be sure you demand several verification levels before restoring their login details to offer them peace of mind.
For instance, before sending an email to a predetermined email address (in case a client forgets their password), your website may request that they answer several security questions. This way, your customers can relax knowing several security measures to protect their data.
Go for the Necessary Compliance:
Regardless of revenue or the amount of credit card transactions, all merchants must adhere to a set of particular Data Security Standards (DSS) established by the PCI SSC (PCI Security Standards Council).
Being an eCommerce store owner, you must maintain PCI compliance at the necessary compliance level, which depends on the amount of credit or debit card transactions over a year if you host and run your e-commerce platform. The majority of SaaS shopping carts will be PCI-compliant by default. Therefore, ensure that your website abides by the same compliance rule.
Use Integrated Payment Processors:
You should use your payment processors if you have a regular website with few transactions. While this might seem right, it’s not! When not appropriately developed, custom payment processors have a history of diverting online buyers to a pay site that doesn’t look like yours, disrupting their experience and visually separating them from your brand. This can be confusing and unsafe, leading them to abandon their basket.
However, this is where third-party payment processors like https://coingate.com/accept/dogecoin enter as a much more reliable option. These gateways are backed by professional-grade security and offer reliable security to your customers.
Besides, businesses have the option for more flexibility and customization when using such payment systems. This, in turn, adds to your client’s experience.
Does Your Website have an SSL Certificate?
To secure clients’ personal and financial data, every e-commerce website must have an SSL certificate. SSL is the industry-standard security protocol that guarantees the privacy of any data sent between a web server and a browser.
Without it, hackers can steal information from your consumers, and internet users won’t feel secure giving their information to you. When your URL begins with “https://” rather than just “http://,” customers will be able to know that your website is safe.
Do You Offer Credit Card Logos and Security Ads?
Speaking of putting online customers at rest, you should include security seals and credit card logos on your website to convince them that it is a safe and reliable location to conduct business. Make them accessible at least during your website’s checkout and shopping cart processes, or even consider incorporating them into the footer.
So now that we have an idea of the basics of featuring a payment gateway, let’s check out some safety tips to secure your payment processing platform.
Best Practices to Secure Your Online Payment Processing Platform
a. Ask for Strong Passwords:
Cybercriminals today attempt to get access to user accounts using popular names, birthdates, and dictionary word combinations. Since these scammers are getting advanced in their approach, businesses should also get more competent in their operations.
So while integrating a payment processor, add a line of protection by asking your customers to use strong passwords. Besides, don’t forget to include the “forgot your password” procedure to enable customers to access their accounts if they cannot remember their strong passwords.
b. Implement 3D Secure:
3D secure is a type of authentication designed to stop card misuse and shield online retailers from chargebacks in the case of a fraudulent transaction. Merchants, financial institutions, and card networks share information to authenticate transactions. All shops must abide by new EU legislation requiring reliable client verification, and 3D Secure is a useful tool.
c. Request CVV & Introduce SCA:
CVV, or Card Verification Value, is a unique method to streamline transactions over the phone or online media if you want to verify transactions without access to physical cards. Asking for information only available on the card might assist retailers in validating the payment if the credit card details have been compromised.
On the other hand, you could also use the SCA method. It is an approach that uses two or more components from the user throughout the authentication procedure to decrease fraud and improve the security of online payments. It generally comprises your online identity or a PIN, password, or fingerprint and voice recognition features, among others.
Now that we know the different aspects of featuring a new payment gateway on your website, let’s check out the factors while choosing them.
Factors to Consider While Choosing a Payment Gateway
Cost it Adds to Your Operations:
The entire cost that you will spend should be your top priority when selecting a payment gateway. The three charges associated with utilizing a payment gateway are the setup, monthly, and transaction fees. Most payment gateways charge a reasonable transaction cost of 2.9% + a fixed interest.
Therefore, you need to be sure of settling with an affordable option among the list of alternatives.
Holding Time of Your Funds:
Even though payments are often instantly authorized, it takes a few days before the funds are sent to your account. This enables the processing of chargebacks and refunds. Depending on the payment service provider, these holding times may range from 1 to 7 days. You can decide whether to wait or receive payment right now, depending on your financial flow.
Support for Multiple Currencies:
While at it, ensure that your payment gateway can process payments from numerous countries and in different currencies if you conduct business worldwide. Allowing your clients to pay in their currency is crucial. Check the costs associated with foreign currency transfers as well.
Now You Know!
This brings us to the end of our blog on how to incorporate and feature a new function on your website. However, while you’re at it, ensure it serves existing and potential customers. Remember, you need to carry your existing clientele while adding new ones.