Most Common Online Payment Challenges and How to Overcome Them

Today's business model is a product of the disruption by technological advancements in recent times, causing a massive change in the entire landscape. A major area that has experienced this innovation is the online payment landscape, creating excitement and possibilities for both small and big businesses.

With the wave of convenience and ease of online payments by the Nigerian and the African market as a whole, there is no going back. However, innovation in this sector has also been met with several challenges, demanding stakeholders to rise to the occasion. We will take a quick look at some of the challenges and how to overcome them.

A major area that has experienced innovation is the online payment landscape, creating excitement and possibilities for both small and big businesses.

Fraud

Innovation in online payment solutions has led to the creation of several platforms to give users more options to choose from. Unfortunately, fraudulent activities are also on the rise. While the advancements in tech have helped to clamp down on some fraudulent transactions, new methods continue to emerge. Businesses need to conduct a regular audit of their online payment platform to mitigate this risk.

Have an ongoing evaluation of your security system and ensure it is up to date. Ensure your platform has some fraud-prevention tools, like card and address verification systems, industry-customized algorithms, tokenization, pre-authorization, and manual review processes.

With these multiple defence systems, fraudulent activities are reduced to the barest minimum. We have incorporated these systems into all Xpress Payments platforms to reduce your exposure to the risk of fraud.

With these multiple defence systems, fraudulent activities are reduced to the barest minimum. We have incorporated these systems into all Xpress Payments platforms to reduce your exposure to the risk of fraud.

Chargebacks

Chargeback is one of the biggest online payment challenges facing business owners. Chargebacks are essentially contested transactions with assumed inconsistencies that buyers protest on their credit/debit cards, resulting in the purchase being refunded.

When there are too many chargebacks, authorization rates drop. This hurts businesses.

To avoid this negative trend, businesses should go for payment solutions with a clear policy on chargebacks and standard security guidelines.

Payment integration

It is frustrating to have a payment solution that cannot be integrated into other new and third-party platforms. A payment solution that cannot be linked to other software can keep you trapped in old and limited platforms and make you fall behind in adopting new payment methods to grow your business.

The solution is to adopt a payment platform that offers you a variety of third-party integrations with a robust API that can help you deploy integrations seamlessly.

User Experience

With the advancement in tech, users' expectations for payment platforms now include accessibility, payment options available, offers, easy navigation of the platform, seamless shopping experience etc.

Thus, before adopting a payment platform, ensure they are simple and easy to use, have a scalable interface, and can be modified with new technologies to improve the customer’s experience. A platform that is hassle-free and straightforward as much as possible.

As a business owner, if you have been experiencing any of these challenges and want a better experience, get in touch with our support team at Xpress Payments. We will walk you through the best solutions tailored for your business.