Look for Payment Processing Software with These Features To Power eCommerce Growth
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Having great payment processing software will be critical to merchants who wish to capitalize on the global ecommerce market, which is projected to be worth $5 trillion in 2022 (Ipsos). Merchants now need ecommerce platforms to drive sales and keep pace with changing consumer habits. Flexible payment processing is proving increasingly useful to merchants as they seek to scale across borders to earn new customers and diversify sales across regions.
Exploring eCommerce Payment Processing Services
When it comes to ecommerce payment processing software, there are a lot of options for merchants to choose from. Many payment gateways offer solutions that can process credit cards or provide preferred payment methods in a few countries, but merchants are increasingly competing for customers on a global scale.
5 Capabilities You Should Look for When Choosing Payment Processing Software:
1. Alternative Payment Methods
Merchants need to think locally to expand globally. This means offering the right local payment methods to the right consumers in the right regions. Your payment processing software should allow you to accept payments through:
- Credit Cards: Payment processing software should help you process ‘domestic only’ cards through a local entity, to handle transactions from customers in many countries.
- eWallets: The right payment processing service will accept mobile wallets like GrabPay and AliPay that do not need to be linked to a bank account and can be topped up with cash deposits.
- Bank Transfer: These are ideal for customers who do not have a credit card. For merchants, bank transfers are also a useful way to reduce the chargebacks that may come with credit card use.
- Cash for Digital Transactions: Cash-over-the-counter and voucher systems like Brazil’s Boleto Báncario allow for a shopper to bring a coupon to a retail outlet, convenience store, or post office to pay for goods in cash. These solutions give businesses a way to accept cash for digital transactions without relying on CODs.
2. A Global Payments Network
Almost 90% of ecommerce executives believe cross-border sales are critical to their company’s success, but just 35% of the same group feel their business is prepared to handle cross-border payments (Visa/Business Wire). Be sure that your payment processing software has a truly global network of payments partners, offering you the ability to increase conversions, limit cart abandonment, and serve up sales to shoppers in their preferred currency, language, and payment method.
3. Protection from eCommerce Fraud
Unfortunately, the rising popularity of ecommerce has caught the attention of many bad actors who seek to defraud honest merchants and steal data and funds. A modern payment processing software should include rigorous fraud protection — wherever you’re making and receiving online payments. Look for integrated ecommerce fraud protection features that:
- Cover credit card transactions and alternative payment methods
- Provide identity verification tools like 3D-Secure to reduce merchant liability
- Let merchants customize protections for unique needs and by creating custom transaction rules.
4. Accept Multiple Currencies and Settle in Your Favorite
Foreign exchange costs and complexity can grow quickly when businesses expand into new countries. The right payment processing software will help merchants accept a variety of currencies, and settle transactions in their home currency. The most suitable payment processing software will provide efficient and seamless forex to maximize convenience and minimize your currency conversion and realization costs.
5. Comprehensive API and SDK Abilities [Plus eCommerce Plugins]
A powerful API and SDK are essential for delivering a seamless consumer experience — from shopping to purchase. An API can enable omnichannel integrations that unite payment experiences and data across all your points of purchase.
For ecommerce platforms like Magento, WooCommerce, or Shopify your chosen solution should include a plugin that provides the features and payment methods you need.
Choose Modern Payment Processing Software Built for eCommerce Growth
Ultimately, getting payment processing right involves meeting your customers’ payment preferences with the right payment method and currency, protecting your business while you expand sales, and ensuring you can connect with the other partners and platforms that help you achieve growth.
Discover How Rapyd Can Help You Process eCommerce Payments Anywhere You Do Business
Accept cards, bank transfers, ewallets and cash with the world’s largest global payments network.