For merchants new to the complex systems and terminology of payments processing, it can be difficult. They’d need to understand every part of the system, from the pad to the gateways to acquiring or processing to the source suppliers.
Many merchants of any size, particularly smaller ones, struggle for time and resources while they try to ensure their business thrives. How can they simplify the process of processing payments, make it more secure and efficient, and offer a better customer experience? Here’s how I explain it.
Understanding how payments processing works
While online transactions can take only seconds to complete – instore and online transactions can take up to an hour.
Merchants should also ensure that payment has been made and money sent to their account. Many different parties are working together to ensure that payment is processed quickly, accurately, and securely. These include the merchant, the acquirer and the card issuance service. The payment should transfer from one party to another without the customer even knowing.
Merchants should ensure that they have processed all transactions and that the money has been deposited to their bank account. Merchants will find it beneficial to consolidate all of this information into a single view that gives them complete visibility over their transactions. This seamless operating model ensures payments are completed in a simple and effective way with detailed IC++ reports, as well an API layer to provide real-time reporting.
Processing of end-to-end payments
While many vendors claim they can offer complete-service, end to end payment capabilities, few providers actually do it. Vendors with these capabilities have the advantage of delivering value to merchants through all the new technologies. This includes increased profitability, security control, transparency and improved service for customers.
Acquirers that are able to provide PIN Entry Devices, (PED), along with a centralised Payment Gateway that will handle all omnichannel transactions from the Point of Sale (PoS), to transaction acquirer. As a managed service, it will greatly reduce merchant costs. It will simplify installations, maintenance, and international updates.
Ingenico’s Smart Acquiring System, a state-of-the-art technology, enables seamless payments with simplified integration, certification processing, eased reconciliation and quick settlement for merchants.
Multiplication of payment methods require a partner that can process, centralise, and monitor all payments. This is why the solution offers both acceptance and payments processing.
The entire solution can be managed under one roof. Merchant payment needs can all be handled by one person, ensuring seamless transactions. This creates a positive customer experience. The platform scales automatically, which allows merchants to handle large card volumes at any time. A reliable payment gateway without any planned maintenance or downtime will ensure that customers have uninterrupted access to the platform.
Vendors like ourselves can assist merchants by providing integrated payment solutions that make their transactions easier and more accessible. The integration of security into technology must be seamless in order to not adversely affect the customer journey, while still respecting the state-of-the art security process. The result will be a seamless and faster payment process that is secure and fast.
Making payments a priority
You offer merchants a service. This empowers them to give the best service possible to their customers. We believe that making the payment process simple and scalable is key to both merchants’ success. The full-service solution we offer is modular in nature and provides merchants with a more seamless experience. This includes accepting payments, gateways, and acquiring. This allows businesses the ability to process all transactions regardless of channel. It also reduces risk and fraud, increases sales and conversion rates, improves the user experience, and helps them increase their profits.
Merchants shouldn’t attempt to do this all by themselves. They should instead partner with a reputable acquiring provider to make it easier. If your customers have had good experiences with your business in the past, regardless of whether they were shopping online or in-store, the ease and speed of the process they receive will make them more likely to become repeat customers.
Merchants who have full control over the payment process can manage their costs more effectively and increase their profit margins.
