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Recent research has shown that there are about 2.05 billion online shoppers as of 2020 which works out to a little over a quarter of the world’s population. Many of the purchasers are habitual shoppers and they shop from just about anywhere. In Vietnam, the number of people making payments using their mobile phones has grown faster than elsewhere in Southeast Asia according to a report from PwC and these include mobile app payments. From 37% in 2018, the percentage of consumers using mobile payments increased to 61% in 2019 in Vietnam. It is important that as a business owner you use these facts to leverage your position as a great service provider to your customers be it in-store or online from start to finish including a seamless platform to complete a purchase over and over again. A Comprehensive Data Analysis At a basic level, when a customer makes a mobile app payment, you receive payments faster which helps in reducing your operating costs. But the customer does more than just pay you. He leaves a digital footprint which leaves you with plenty of verifiable amounts of data for the purposes of analyzing. Your most important business decisions can come from the insights that you draw from this analysis. You can forecast sales and predict trends that will enable you to make changes or redesign your offerings. As the sales data is made available to you in a short time, you get a complete analysis based on your preference. You can also print reports sooner for comparison on a day to day or week to week basis. Simplify Shoppers’ Experience Many a time, people may forget to carry their wallets but not their mobile phones. This provides them the convenience of simply scanning your QR code or providing a PIN or OTP to complete the sale. Here, both parties get an instant notification. If there is any error, steps can be taken to correct it immediately. Besides, purchases made via cards are dependent on an electronic swiping machine and other external factors such as poor internet connectivity, chip damage, and so on. Multiple Currency Acceptance Today, a customer has the choice of sitting in Mumbai and purchasing a box of herbal tea sold by a retailer based in Hanoi. No matter where the customer makes his or her purchase from, you can always receive your payment in the currency of the country you are located in. Such are the benefits of using mobile app payments. At the end of the day, you are going to get paid through various channels and when it comes to anything pertaining to a digital platform, you must ensure that your online payment provider in Vietnam is able to help you with much more than just receiving payments.
To launch your online store, there are a number of e-commerce solution providers who can help you get a head start and manage your business for you. Here are some things to consider while choosing your solution provider. Ease of Starting and Ability to Drive Traffic to You E-commerce solution providers offer a number of ready to use templates which can be customized to your business. You can add your own logo and use simple features to drag and drop items into their respective field to build your online store with ease. As easy as that, your store should be readily visible online and open for the world to see. The provider should be able to boost SEO strategies with customizable URLs access. The aim should be to build buzz, find your target customers, and drive more site traffic. Sell Anywhere and Grow Faster Once your store is set up, your e-commerce solution provider should be able to sync and sell across a website, social media, and marketplaces like Amazon. The provider should be able to take your business to where the buyers are. It is all about being visible and using available data to showcase your products to potential customers, irrespective of where they are. The provider should also be able to assist in setting up easy to use marketing tools such as Google and Facebook advertising to grow your business fast. The provider may also be able to suggest leading shipping and online payment solutions to find solutions that best fit your needs. Secure, Mobile and Simple to Manage Your buyers deserve a great user experience and peace of mind with a secure online store that looks good on a laptop, tablet, or mobile phone. To ensure security, it is imperative that the services of a trusted online payment solution in Thailand are employed. Your provider should also be able to give you real-time control from a simple and easy to understand dashboard with centralized inventory, order management, pricing, and more. Convert More Sales The provider must be able to help customers cross the finish line with a seamless path to complete the purchase. A page builder is a great tool to set up the store fast and make changes quickly with no prior requirement of coding. The checkout page can be optimized as a one-page checkout to streamline the customer experience and enable the customer to make quicker decisions. It should also be able to offer optimized images to enhance the overall appeal of the online store. It should be your most powerful tool, like your Swiss Army Knife, to launch your online store and to take your business online and beyond.
As technology evolves so do payment trends and therefore the opportunity this field presents is enormous. Take a look at some of the big payment developments taking place in 2020. Seamless Customer Experience Customer experience is a priority in today’s business world and one of the ideal ways to achieve it is to provide a smooth and invisible payment process. From customer information to automatic subscriptions or charges, the way forward is to have frictionless payment options embedded into applications through specific software. More Businesses Will Become Digital More and more businesses are leaning towards incorporating easier online payment technology trends to ease the process for the customer. There is also a need to keep up with the growing demand for increased digitization and a huge generation that was born with the internet. The younger generation has proven to contribute to nearly 40% of payments in some form or the other and so many of the unlikely businesses are looking to shift to e-commerce to engage with this customer base. Digital Invoicing and Cross Border E-commerce Digitization does not just pertain to payments but also to activities such as invoicing or billing. Traditional methods of accounting are more expensive, slower, and prone to errors. Digitization on the other hand is beneficial to both customers and business owners since it is quick, accurate, and seamless. Businesses can now cross borders both nationally and internationally with payment alliances and e-commerce payment solutions. Better Security with AI Keeping data safe and secure will be a constant challenge but the use of AI has helped businesses to monitor and prevent frauds and thefts online. AI uses effective strategies to make faster decisions and better transactions. It also has the ability to sort through fraudulent activities and reject them as well as anticipate emerging fraud by analyzing patterns or anomalies in the business system. Increase in Business Regulations Online fraud can invade areas such as expiration date, email addresses, credit card numbers as well as zip codes. Fraud data can be used to solve high-level complex problems and protect both the consumer and the business. Newer regulations are evolving and adapting to the changing trends to ensure that e-commerce payment solutions are transparent, efficient, and well-protected. Simplified Payment Options Businesses now understand the need to provide an all-in-one online payment technology to manage their accounts and provide the best customer experience. These forms of payment are flexible and wide in terms of coverage and make the entire process simple and straight forward. With so many changes and technological advancements taking place every single day, we can look forward to a future of complete digitization and simplistic payment processes.
With the advancement of technology and the spread of internet-based shopping and banking, the role of online payment services has steadily grown over the years. As a popular payment option these days, here is a look at digital payments and payment gateways. Features of Digital Payments Digital payment forms are flexible and varied and most are supported by a safe and strong infrastructure although online payments are not completely safe from malpractices. Cyber-attacks can result in unauthorized money transfer or data theft which can be avoided by creating a secure service provider that is designed on government regulations. The cost of online cash transactions are close to zero when compared to the high cost incurred through more traditional routes and is far more efficient and quicker. Digital payment service providers ensure that customers are able to conduct all kinds of payments online. This includes e-commerce billing, ticketing, bill payments, POS, and fund transfers. Digital payment services are consistent with regard to their terms and conditions on every single transaction. Customers can easily transfer money from one account to another and it is interchangeable with other electronic payment options. Once a transaction is made, the customers’ details are stored in the database which makes data verification and future payments a very simple task. In addition to this, digital payment platforms can be used by any number of customers. The entire process is user friendly and is easily integrated into existing applications and systems which make it very comfortable to use. Digital transactions can be tracked, automatically generated, and extremely convenient for the customer. This also ensures that in the case of any payment failure, the process recovery automatically gets set in motion, ensuring that payments are recovered, and the necessary feedback is sent to the service provider for future improvements. Factors to Consider with Payment Gateways Every business differs in terms of the number of transactions, volume of sales, and other online payment services. Therefore, understanding the requirements of a business will help to assess which payment gateway is relevant or not. Apart from the debit card and credit card options there are new payment options that are now available. Once you register with a leading payment gateway, you can integrate these payment types directly into your merchant account and offer the options to your customer. With online retailing, there are no geographical boundaries that enable your business to be open to customers from anywhere on the planet. In order to cater to overseas markets, reputed payment gateways will help you with currency conversion and local merchant bank connections. Many top payment gateways provide the option of being hosted or non-hosted. In the first option, the customer will be redirected away from your website to make a payment. The second option allows customers to pay directly on your e-commerce website without any direction. In both cases, businesses can customize the payment page in order to maintain the customers’ trust and comfort level. A reputed payment gateway will also provide the best in security features with data encryption and ensures efficient reliable functioning even during high volume periods. Customer satisfaction is vital to any business and, therefore, leading payment service providers to offer 24/7 support to ensure the entire online payment process is smooth and reliable.
Merchants used to be quite wary of setting up e-commerce websites, unsure of how effective they really were. Customers likewise traditionally preferred using cash to make their purchases. That scenario has drastically changed so that we now see every little trader and merchant setting up online portals to take advantage of a global clientele. E-commerce solution providers have become necessary to make it possible for merchants to receive payments from online customers. Online purchases have become the norm now with surveys confirming that more than 86% of customers use online payment methods such as credit and debit cards or even their smartphones to pay for their purchases. Payment gateways help merchants to accept different types of electronic payments. They do not have to take the trouble of setting up the hardware, the software, and the security processes needed for online payments. How to Choose the Right E-commerce Solution Provider? E-commerce solution providers are a boon for small merchants who may not have the wherewithal to provide electronic payment solutions to their customers. Choosing the right one is of paramount importance for the success of your online website. This is because customers are wary of sharing their confidential card information online and would back away from your site if they thought the payment process was not secure or quick enough. The fraud detection capacity and security of virtual terminals is also an important factor. Customers prefer to visit sites that comply with PCI-DSS standards. The payment gateway should have scalability so that as your business grows it is able to handle the addition of multiple users, merchants, and currencies. Offering Attractive Shopping Experiences to Customers Big companies have made the shopping experience smooth and easy for their customers, thereby raising their expectations and making them anticipate similar services from all the other online websites. Your online payment gateway provider therefore should ideally be able to customize the payment process to reflect your logo and brand name. Most customers prefer not to register at online sites especially if they are just browsing and so they are liable to abandon their buying if compelled to do so. A simple checkout process is likely to be more attractive to customers and prompt them to visit your site more frequently. Checkout should be easy and simple irrespective of the device or network they are using. Online Payment Gateway Ably Supporting Your Business Online payment gateway providers should also be able to adapt their features according to their client’s requirements. If your business is one that has a global market, your provider should make it possible for you to accept credit and debit cards as well as currencies from all over the world. A good payment service provider also supports electronic invoicing, email, or text reminders for customers and all types of payments. Customers should also be given the choice of payment method whether it is through their phone, cards, or any other means. Mobile payments such as Google Pay and Alipay are increasingly being preferred by customers for online as well as point-of-sale payments. Your payment service provider is therefore expected to provide good support for these modes of payment.
Payment gateways are necessary for all online traders to enable them to accept payments from customers for purchases made. Online stores are here to stay especially with the increased need for safety these days of the pandemic. Online stores make it possible for customers to search for the things they need at their own pace and convenience. They are able to make use of discounts and offers that traders proffer despite being unable to physically visit the shops. Online traders also have return policies that make it possible to return goods if they are found to be not quite what the customer ordered. For all the cash transactions involved in these activities, merchants need the help of payment gateway providers. Payment Gateway Providers Keeping Up With Technology Payment gateway providers help not only online traders but also brick and mortar stores to accept payments through credit and debit cards and other kinds of online payments. In online stores, their services can be observed at the check-out phase of the purchase. In physical stores, it is they who make it possible to accept card or phone payments. This electronic payment process is a customer-facing interface and is involved in sending confidential customer information to the merchant’s bank where the payment is ultimately processed. Technology is constantly evolving to make online payments easier and more convenient and providers are also moving with the times to cater to customer requirements. A PIN or personal identification number has now taken the place of customer signatures that were previously needed. Contactless payment methods are also very popular with credit cards being replaced by the smartphones. Enhancing the Shopping Experience of Customers with Efficient Payment Platforms Online payment platforms have to be chosen with great care to ensure you do not disrupt the shopping experience of customers. Customers are extremely fickle and are liable to quickly move from your site to another if they find that the mode of payment is long and seemingly insecure. Customers prefer payment techniques that are quick and smooth rather than ones that involve them being on the payment portal for a longer time. Customers are also rightly nervous about sharing their credit card information for fear of online fraudsters. Customer Satisfaction with Added Security Online payment platforms should be PCI compliant. This ensures they are adherent to DSS or data security standards. An online site with PCI-DSS compliance is sure to attract more customers than others. An integrated payment processer is a good option for a small merchant as it offers your customers more customization and flexibility. A security seal on your website assures your customers that you are concerned about the safety of your website. It will convince them that yours is a trusted place where they can safely do their purchases. Besides security, an online payment platform must be scalable and able to quickly adapt to growth in business. It should also be able to accept payments in any currency. It must have ease of integration so that it can be applied to higher-level applications easily.
E-commerce is rapidly growing. Most tech companies have been providing a wide array of merchant services to e-commerce businesses worldwide. Online payment technology plays an important role in the building of e-commerce payment solutions. Most providers today face fierce competition to become the most widely accepted payment service across different sectors. Online payment technology has grown so much that it could be quite confusing when it comes to choosing the right solution for your e-commerce needs. Here are a few guidelines to help you choose to help you decide what is best. What kind of payment solution are you looking for? If you own a small business and manage everything on your own, you could probably use the service that your e-commerce supports best. However, payment gateways would require setting up a merchant account with the bank. Hence it all depends on the online payment technology solution that you select which would determine the amount of set up that is required. Compare the fees The online payment technology fees differ based on the services that you choose. There could also be some hidden costs, monthly or volume costs, or a percentage that is added to the flat rates that they charge. All these can impact your profitability in different ways. Hence it is best to compare your choices and see what impacts your business the most. Are you looking for a hosted or an integrated solution? A hosted payment solution redirects the customers to the payment processor’s platform to complete their payment information. The customer security and PCI compliance would lie in the hands of the provider. However, if you are looking for an e-commerce payment solution that allows you more control over the process and the brand, an integrated solution would be the answer. In an integrated solution, you would have full control of the checkout process and your customers need not leave the site to complete payment information. Transacting process time The time is taken for you to receive payment post the transaction could vary depending on how the service is set up and the payment solution that you choose. Comparing the various payment solutions would be the key to choosing the right online payment technology. Analyze your target market It is good to study your target market. Your target customers would prefer to pay with their own currencies. Some payment solutions charge an extra fee for receiving payments outside your home currencies. If you are planning to expand your e-commerce business internationally in the future, it is always best to choose an online payment technology service that can adapt to your future expansion and development plans.
Hong Kong’s e-commerce market has a huge potential and provides a huge opportunity for merchants. Although most people are still quite content with the traditional methods of payments such as using a credit or a debit card, we see a gradual shift happening. There are many online payment gateways in Hong Kong that are slowly gaining popularity. A lot of multichannel payment methods that are available today. However, more and more merchants are switching to Omnichannel payment solutions to increase their performance. Here are a few factors to keep in mind if you are planning to switch from a multichannel to an Omnichannel payment solution. Aligning the Back-Office Workflow To align the back-office workflow, one must create a solid CRM system. Another important feature is managing security essentials such as PCI compliance and at the same time delivering personalized shopping experiences that will help optimize business. Understanding Your Customers While switching to an Omnichannel payment solution, one must understand the kind of customers and their buying patterns. Studying the customer’s purchase patterns, their likes, and preferences, optimizing stock management, and also creating loyalty programs and promotions can help the business in the long run. Creating a Universal Shopping Cart One of the most important features of having an Omnichannel payment solution is to create a universal shopping cart. Regardless of how a customer logs in, be it a mobile app, website, or an in-store kiosk, having a universal shopping cart will allow the customers to have a smooth and frictionless shopping experience. Having Multiple POS Options Traditionally, there was a single fixed point of sale that was used. Online payment gateways allow one to have multiple payment options giving the customers a hassle-free payment experience. Customers can be given the option to pay online, in-app, in-store, or even via wearables. Ensuring Secure Transactions Not only should the transactions be easy and fast in an Omni payment solution, but they also need to be secure. To prevent fraud and scammers, one need to ensure that the PSP that they select is PCI-DSS certified and also follows all the necessary security regulations. Embracing new technologies could help simplify the customer’s journey and at the same time help increase sales taking you to a whole new level. Customers today are likely to have multiple touch-points with their retailers and hence it is important to make each point as seamless as possible. In today’s world, it is impossible to force a customer to stick to a single channel. The beauty of having an Omnichannel payment solution is that it brings together all the touch-points giving the customers a consistent and unified experience.
Setting up a business can be quite confusing especially when it comes to implementing a payment system. It is especially important to choose the right partner to ensure the smooth functioning of the system which is cost-effective and one that ensures a good conversion. Before getting into the technical side, let us first see what exactly a payment service provider is. A payment service provider (PSP) acts as an alternative between the consumers and the suppliers and helps simplify transactions, while at the same helps connect merchants and various financial institutions, consumers and card brand networks. There are various methods of online payment services that can be used. The service providers are very flexible and a great alternative to the traditional merchant accounts. It allows you to explore various options and at the same time gives you the freedom to change your service whenever necessary. To choose the right kind of service provider for your business, here are a few technical aspects that you may need to consider. 1. Locale Will your business be addressing the locals, or would you want to expand your business globally in the near future? Different payment service providers provide different features and hence based on the type of goods and services that you would sell; you could choose either a local service provider or a global one. 2. Mobility Most consumers would appreciate simple and efficient solutions and hence it is always better to choose a payment service provider that offers an easy check-out option, one that is easily able to adapt to mobile mediums. 3. Compatibility A payment service provider that is compatible with the various online payment services would be preferred. Make a note of the various modules that the service provider offers. A service provider is one that offers redirecting and API connections that would benefit your business. 4. Security One of the most important aspects that need to be considered is how secure the payment service provider is to reduce the risk of fraud. Most payment service providers are required to follow certain security standards like PCI-DSS and other regulations. While choosing your service provider make sure they are certified and follow the required security protocols. 5. Varying fees Most payment service providers have varying fees, depending on the number of transactions and sales revenues. There could also be cancellation fees, set up fees, or even some monthly charges. Hence it is important to analyze all these aspects before choosing the right PSP. 6. Choosing only the services you require There are a whole lot of services that may be provided which you may not really make use of. Make sure you have a clear understanding of what services you would exactly need. This would save you a lot of costs and also help you to choose a payment service provider that provides the maximum services that you need. Although choosing the right service provider may be confusing, knowing the specifics of each PSP would help you choose the best for your business needs.