Top 10 must-haves in a payment service provider
5 min read
Payment Service Providers (PSP) have to be as fast, efficient and user-friendly as possible. Simplicity is key. For shoppers, making a payment should be the easiest part of using a website or app.
When shopping for a payment service provider, there are 10 things you must look. If your current PSP is missing even one of these features, your business may be suffering. Here are the top 10 qualities to look for in a payment service provider if you’re running an online business, and how Checkout.com can bring your business to the next leve.
1. Expands your global sales.
Today, alternative payments represent approximately 50% of all online transactions – a stat that underscores the need for a versatile PSP.
Given the dynamic nature of the online payment landscape, it's more important than ever for online merchants to not only accept all major credit/debit cards, but also a wide range of alternative payment methods to appeal to customers who may not live in a region where major credit cards are preferred.
As an online merchant, you can expand your international customer base and maximize profits by accepting popular regional alternative payment methods alongside major credit cards.
Checkout.com’s online payment solution broadens payment options, allowing merchants to accept a wide range of international credit cards including Visa, Mastercard and American Express, as well as alternative payment methods such as SOFORT, Tenpay, Giropay, SEPA, and Alipay. Checkout.com also allows your business to accept digital wallet payments including Apple Pay, Google Pay and Visa Checkout. Our technology also supports geo-localization, which displays the most relevant alternative payment methods to customers based on their location increasing speed and efficiency of the overall payment process.
2. Reduces your risk of fraud and chargebacks.
Fraud is every online merchant’s nightmare. It is a common cause of chargebacks, which result in billion of dollars of lost revenue for merchants each year. Red flags associated with fraudulent transactions can include: large value or rushed orders, usage of multiple cards or buying in bulk, and a mismatch between the shipping and issuing country.
Checkout.com takes fraud very seriously. Our fraud detection system, known as Prism, is a complete fraud monitoring and management system that keeps your transactions secure and stops fraudulent payments. Through our management dashboard, The Hub, you can access live reporting, analytics, and 100+ configurable risk settings designed to help you reduce fraud and chargebacks. Our flexible 3D Secure feature is an option available to merchants that provides control over which types of transactions to flag for approval, and allow you to shift the liability of the chargeback to the issuing banks.
3. Provides a simple and intuitive platform for your customers.
Each additional step during the checkout process reduces the likelihood of shoppers completing the payment process. It is vital for you to offer a great user experience on your payment page. A simple and intuitive payment platform is the key to minimizing shopping cart abandonment and in turn, growing your revenue.
Checkout.com allows your customers to checkout directly on your app or website, providing a great user experience. The process is simple with no redirection to a separate page – your customers simply enter their details and go. Our payment gateway is also customizable giving you the control to update your logo, turn on or off payment options, and much more.
4. Provides a secure payment process for transaction data.
In order to provide security and protection for cardholder data during a transaction, The Payment Card Industry Data Security Standard (PCI DSS) enforces a baseline set of requirements for any party wishing to process, store or transmit this data.
Checkout.com offers versatile payment solutions designed for both PCI Compliant and non-PCI Compliant merchants. Since Checkout.com is Level One PCI Compliant, we are legally able to store card data on your behalf at the highest compliance level.
5. Improves your approval ratio. (Wait, what is an approval ratio?)
An approval ratio represents the proportion of your transactions approved by issuing banks (your customer’s bank). In other words, if 95 out of 100 of your transactions are approved and successfully processed, your approval ratio would be 95%.
Checkout.com is a principal member and a direct acquirer of all major card brands including Visa, MasterCard, American Express, Diners/Discover and UnionPay. Checkout.com controls the full value chain of the payment process, which allows us to maximize your approval ratio. By working with us, you are working with a UK acquirer which is an important factor in improving your approval ratio.
6. Has low processing costs.
When choosing the right payment provider for your business, cost is an obvious consideration.
Checkout.com’s status as a direct acquirer of major internet credit and debit cards means we are able to take full accountability along the payment value chain. This extends from developing and integrating our own Payment Gateway technology to providing acquiring services and supporting merchants’ growth through Customer Relationship Management (CRM), risk and fraud, and analytics.
What this all means is that we are able to offer low processing fees for merchants. With Checkout.com’s fully integrated solution, you are able to receive competitive pricing determined from the interchange rate and avoid third parties from taking an additional ‘cut’.
7. Has the ability to take immediate actions on transactions via real-time reporting.
As an online merchant, it is important to have a systemic tool at your disposal to help you manage your payments and monitor them in real time.
We used the latest technology to develop The Hub, our 100% proprietary online dashboard to help you manage your payments in real-time. Within The Hub, you can track and control your transactions as they come in allowing you to take actions such as refunding your customers immediately or deciding when to ship certain orders. Additionally, you are also able to detect fraud warnings at an early stage.
Checkout.com puts the power in your hands, giving you the control to manage your payments in real-time.
8. Expands your reach to mobile shoppers.
With the UK’s mobile commerce (m-commerce) market expected to reach £40 billion by 2019, offering an online payment method for your customers that is mobile-friendly and responsive is a must, especially if you want to expand your sales to the ever-growing population of mobile shoppers.
Checkout.com offers payment solutions that are mobile responsive, meaning our payment gateway can detect when shoppers are using their smartphones or mobile device and respond with a mobile-friendly payment form. This allows us to help you deliver a great user experience for mobile shoppers.
Whether you need to accept payments through your app or through your website on a mobile device, Checkout.com’s easy-to-use payment gateway has you covered. We also offer virtual terminal/telephone order (MOTO) payment services.
9. Answers your questions promptly and offers ongoing support.
In the event you run into a problem with your payment processing system, you want to be able to receive support rapidly to resolve the issue and avoid potential loss of revenue.
With offices around the world, we have dedicated customer service and relationship management teams available to answer any enquiries or concerns you may have.
Since there are no third parties involved, Checkout.com has full control of the value chain and can act as your single point of contact, saving you the hassle of having of reaching out to different parties for each issue that may arise.
10. Easily integrates with your current shopping cart.
Having a reliable payment gateway that integrates easily with your shopping cart is an important consideration.
The advantage of choosing a separate payment service solution provider to pair with your shopping cart is the flexibility it offers in tailoring to your needs. With Checkout.com as the payment gateway for your shopping cart, you can customize your payment page and choose from a variety of payment methods suitable for your customers.
For example, if you are using Shopify or Spreedly as your shopping cart, all you need to start accepting payments with Checkout.com is to insert a “live key” to seamlessly integrate Checkout.com’s services into your current shopping cart.
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