COVID-19 dramatically changed the payment processing industry due to a lack of in-person payment methods. If you didn’t have a strategy for adapting to online payments, the pandemic likely brought some hardships to your business. Five countries will launch initiatives to remove cash by 2023, and global cash circulation will be greatly reduced by 2024, according to Gartner.
Since the majority of consumer buying habits have shifted online, contactless digital payments are the new normal. Because the future of payment processing is always unpredictable, I’m here to help you cut through the noise and focus on strategies that will really help your business.
Here’s are a few ideas for moving forward:
Develop a chargeback strategy
With the increase in digital shopping comes an increase in chargebacks. I can help you develop the right strategy to nip chargebacks in the bud. Be sure to over-communicate your refund policy to customers and take care of chargebacks before the credit card company does. Remember: you have to show up for yourself and your business because large companies are not always on your side.
Keep a close eye on fraud detection
With the increase in digital payments, you may also detect more fraud. This will get better with time, but it’s critical you have a fraud detection strategy in place. I suggest updating your security measures and automating the process.
Keep the payment process seamless
Payment processing should feel seamless to your customers, but that requires a bit of internal work. You’ll need to create a portal where customers can create an account for recurring payments. If the process is too complicated or not user-friendly, chances are good your customer will leave and go to a competitor.
When designing a customer portal, make sure to eliminate all distractions. Don’t include ads or flashy banners that will divert customer attention away from your business.
Educate yourself on AI
AI will play a major role in payment processing in the coming years. Artificial intelligence mimics human behaviors and cognitions to streamline payment processes by eliminating fraud. Human error is the biggest pain point of payment processing. Eliminating this error is a huge investment for a business, but it’s also a game changer.
To learn more about how I can assist you, visit my website or call (617) 843-5700 today.
