One of the main reasons why online payment is getting more and more popular is that it requires much less time and energy from customers, hence providing them with a secure and seamless online payment experience is a common interest for both the payment service provider and the merchant. Technology and human expertise are equally vital to ensure all that.
The more experienced and specialized support team is available, the more effective way merchants’ or their valuable customers’ problems are resolved. As merchants have an essential need for a dedicated account manager, it is crucial that after an unsuccessful attempt to pay online, card holders can reach a customer service representative in charge, who is happy to give professional help and advice and support them about any issues regarding online payment, tailored to their momentary needs.
Keeping cash in your pocket, you take the risk that it might be stolen and spent without your knowledge. It's the same with online payment. There is a possibility that your credit card data may fall into the wrong hands. It can happen to anyone just like pickpocketing or other forms of fraud. However, taking the right preventive measures, both buyers and merchants can avoid such problems.
Online sales is considered to be card not present (the cardholder is not physically present) transaction. It means that signature-based fraud prevention techniques are all of no use, as merchants never get a chance to see payment cards any more.
Before entering any sensitive information, always make sure that the URL is safe, the merchant is reliable, and always check the presence of SSL certificate.
When starting to operate on the web, think twice what your goals are and who your target audience is. Webstores are the same like ordinary businesses. Pretty simple, customers come in, shop around, put some products into the basket and pay. Just like offline stores, you can pay by different means and get receipts online. I guess the question with the well-known bored intonation is familiar to all of us: Cash or credit? Different payment methods are available online too. Some of web businesses offer shipping service or collect-on-delivery for shipments and different payment methods like bank transfer, pay by phone or even credit/debit card. Now, allow me a short, comparative discussion of online credit/debit card payment opportunities with domestic banks and online payment providers in focus.
Online payment solutions are provided today by some local banks and especially by Payment Service Providers (PSP). At Escalion, we provide online payment services, online fraud and data management, and handle payment transactions securely. Questions could be raised in many forms: Is it really worth to accept credit/debit card transactions online? – Furthermore, how to get a company that suits your demands? Are local banks or a PSP better to realize this plan? It’s not so tough as it seems to be. Online payment solution is only a tool to meet goals – boost traffic and profit in the target market. Clear goals should determine tools. This is absolutely and positively true at this juncture.
Have you ever played with the idea of increasing traffic to your website and income at the same time but didn't know where to start?
Making your business available for buyers far and wide is not a long term goal any more. The more currencies are accepted to pay online for your service or product, the closer you get to this purpose. (link glossary online payment).
Let's see what the advantages of online credit card payment are from the customer's aspect and how you can make it easier for potential buyers!
The top 2 most important reasons why customers choose online bank card payment are the following:
- You can visit a market without borders
- No need to adapt limited opening hours
In addition, clients can find the desired product or service fast and easy, since much more stores from all over the world give them the opportunity to enjoy shopping online 365 days a year, 24 hours a day.
The PCI DSS (Payment Card Industry Data Security Standards) is the collection of security procedures developed and introduced by the card companies in order to guarantee the security of online purchases made with bank cards.
Because operating according to the standard guarantees the maximum security of the participants of online payments in an environment, where abuses connected to electronic payment are the most widespread. The market leading card companies - MasterCard, Visa, JCB, AmEx – developed the Payment Card Industry Data Security Standard (PCI DSS) together in 2004 to eliminate the dangers connected to fraud and the theft of personal data.
A bank card is an 85x54 mm plastic card, which is in compliance with international standards. After an identification process (made with the help of data stored on the magnetic strip on the back of the card, or lately on the microchip on the front) the card allows its holder to initiate transactions online.
The elements of the bank card contain information, which allow its identification and protection. Magnetic strip cards store the information, the name, the card number, the expiration date on this strip, but not the CVC2 code. Therefore, in case of an online bank card payment, entering the CVC2 code verifies that the card is physically in possession of the customer and that he saw it.
It is paying for purchases online. The customer selects the product in the web shop from the comfort of his home, makes the purchase by using his bank card and receives the purchased goods.
The seemingly simple act of paying online with a bank card takes only a few seconds, but it consists of countless complicated steps. We would like to present these steps in an understandable way.
If an online merchant, vendor has successfully designed, built and launched his web shop, then he can start receiving visitors and customers. In a certain instance the visitors turn into potential buyers. After becoming acquainted with and selecting the product, the key moment of payment arrives.
The attractive and well-advertised web shop is to no avail, if in the last minute the buyer does not click on the checkout button on the payment page. The merchant must earn the trust of customers. The customer must be ensured that his payment, in technical terms his transaction, will be executed securely, that neither his data nor his money is jeopardized and that in return he will receive the purchased goods and services.