10 Digital Payment Upgrades that would make the Customer Experience Better

10 Digital Payment Upgrades that would make the Customer Experience Better

In today’s digital world, customers have more choices and may shift from brands and providers very easily.  Most times, this happens in one click and that means companies have to offer more liabilities to keep customers happy.

Additionally, customer experience is one of the most important things when it comes to payment processing. And if done right, it can build a base of loyal customers. So, here are a few digital payment upgrades that would improve the customer experience:

Make Payments Standardize and secure: Digital payments are more secure and widely spread. Digital payment solutions are very common these days, which gives rise to fraud. Here’s how to secure online payment processing:

·       Make sure IP and Billing Information Matches: Checking all details during the transaction can help flag fraud transactions and protect the business before any mishap. AVS (address verification service) helps compare the IP address of the buyer and the billing address to assure that the customer is a cardholder.

·       Make passwords strong: Cybercriminals often try to access user accounts with different combinations. Protecting accounts by using strong combinations can add defense.

·       Implement 3D secure: 3D secure helps prevent the unauthorized use of cards and protects merchants from the chargeback at the time of fraudulent transactions.

·       Request a CVV: Card verification values are used to validate card-not-present transactions either online or by phone. 

Ensure Compatibility: Payment technology can be improved by ensuring that it is compatible across various devices. Users may have different brands, devices to make payments and which may create complications when some websites may not work on the said devices. So, make sure your payment gateway supports all devices and is compatible.

Set The Transaction Amount Limits: Another way you can improve digital payment technology is by allowing consumers to set the transaction limit. For instance, you can set a daily transaction limit of Rs. 30,000 and per transaction limit of Rs. 10,000. In such a case, if the bank received a transaction limit of Rs 11,000, it will be rejected (as the limit will be greater than the transaction limit).

Moreover, if the bank receives 3 requests on your debit/credit card in the following order Rs 9,000, 8,000, and 5,000; the third transaction of a higher amount like 5,000 or more will be rejected because the daily limit gets breached.

Apart from this, you can also set the (daily or per transaction) payment processing limit for different transactions like:

  • ATM transactions
  • Contactless Transactions
  • Online Transactions
  • Point of Sale transaction

Make Payment Options Easy To Use: Make payment options easy to use and one such example is a one-click purchase or tap-on purchase. The digital payment experience can be optimized by minimizing the effort required to use digital technology. Here are the most common payment methods you can use:

·       Credit/debit card payments: Payments through credit cards are the most widely used and popular method. They are simple and easy to use and can reach the international market. Debit cards can be used for transactions where the money is already in the account.

·       Prepaid payments: Prepaid is the alternative for credit/debit cards and usually come in different stored values and the clients have to choose from them to pay.

·       E-Wallets: E-wallets are another popular trend that requires signup from merchants as well as clients. Once the account is created and linked to the bank account, they can withdraw money easily. Also considered an advanced payment method, e-wallets are integrated with mobile wallets using NFC. E-wallet needs one-time registration and also eliminates the need for re-entering the information when making payments.

Install QR Codes:

QR codes are touchless digital payments that speed up the tasks and minimize the spread of the virus. Also, QR code payments work when a user scans the code and brings them into the web payment form. It is like a POS terminal, where the customer scans a code from their smartphone and completes the payments.

For businesses or things like Payfac as a service, QR code payments represent a compelling way to process payments without investing in special hardware. You just need to set up QR code payments on your Smartphone.

Give Preference To The Customer Safety:

Make sure that the proper security measures are in place and that your payment processing is encrypted. Anticipating data breaches and ensuring customer safety saves them the headache of worrying about data being stolen. Create the customer strategy plan and action by delivering issues and defining the key priorities.

Adopt Remote And Video-Based Authentication:

For the banks, insurance agencies, and government agencies to secure data breaches with just passwords or digital signatures is tough. However, with the adaptation of video-based authentication, the companies will be able to minimize fraud, as the person will be physically present.

Implement One-Time Passwords:

One-time passwords are important for improving the security of electronic payments. Security-sensitive organizations avoid the resources from accessing unauthorized access control mechanisms for authentication. Companies use SMS services to provide temporary passwords for authentication. This temporary access is obtained from the cellphone communications after the user enters their details. Values from the OTP are generated from the Hashed Message Authentication Code algorithm like event counter or time-based information.

Incorporate Automation:

Another way to enhance the customer experience is to use automation so that the process is touchless from end to end. Payment automation is not just about the automation of face-value payments; it also covers the automating process of ACH, virtual cards, checks, and all sorts of payments. Here are some benefits of payment automation:

  • Seamless integration
  • Risk reduction
  • Huge rebates on multiple modes of payments

Integrate Cybersecurity Features:

Digital payment providers and banks have mobile apps that should invest in machine learning, authentication, risk analytics, and other platforms. This way, companies will be able to monitor activity in real-time and stop the fraud attempts made by cybercriminals before they occur.

By enabling advanced technologies such as tokenization, AI, RPA, and 3D Secure, businesses can provide their customers with a secure checkout experience, while safeguarding themselves against fraud.

Customer experience has become one of the top priorities for businesses. Previously, when businesses were focused only on the services and products, these things will be of no use if the customer experience is not up to the point.

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