In 2023, e-commerce requires seamless, secure, and contactless payment systems not to mention service providers to make life easier for everyone.
These all need transactional security and we have picked up ways in which payment providers can stay ahead of the curve with the latest tools to benefit the e-commerce sector.
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The revolution
Payment systems have revolutionized the opportunities for companies, which means companies transact at a pace that at some point was unimaginable.
Companies now offer their products and services via e-commerce websites. Whether it’s selling clothes or streamlined content, accommodation, or transport, there is no end to the reach of app developers or a range of items that cannot be purchased from anywhere in the world.
That is good news but sadly does come with its series of challenges.
According to Joel Bronkowski from Paystack, innovation alone is not enough to make a company commercially viable in any market,” and “today’s e-commerce customers require seamless, secure, contactless payment systems and the service providers need the same transactional security.”
This means payment providers must understand the shifting e-commerce landscape and challenges faced by e-commerce end customers and the online sellers that those payment providers service.
Quick payments and the bite
Quick payments are not only important but necessary with benefits that include greater control over your money. While these instant payments provide benefits, such as servicing orders at a quicker pace, enhanced security is a necessity.
Real-time inventory and cashflow management including reduced cost thanks to lower transaction fees are some of the benefits of a streamlined eco-system that works for both the end consumer and business.
Transparent pricing provides certainty
No business wants unforeseen fees from service providers and transparent pricing models aid businesses overcome this concern. Being predictable is a win-win solution for businesses as it is easier for a business to be compliant with regulators.
Fraud detection
There are estimates that e-commerce players around the world lost more than US $41 billion to fraud in 2022 with that number expected to increase this year.
Fraud is not only a business issue but a serious reputational issue in any sector, which most likely will impact service providers and their end customers.
This means selecting the right payment tech provider is crucial in today’s day and age.
“E-commerce businesses should look for a payment provider that has advanced manual and automated fraud detection systems, which protect merchants from fraudulent payments and any potential chargeback claims,” says Bronkowski.
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