In today’s rapidly evolving global business landscape, strengthening payment infrastructure is paramount to navigate unforeseen challenges successfully. This blog offers valuable insights on achieving this goal. Dive into the importance of payment resiliency, the hurdles faced by merchants in its pursuit, and discover effective solutions to overcome these obstacles. Continue reading for a comprehensive overview.
Why Prioritize Payment Resiliency?
Payment resiliency refers to a payment system’s ability to withstand and adapt to unexpected events or challenges, including fraud, scalability needs, and system failures, while ensuring a seamless payment flow.
Here’s why digital businesses should focus on building resilient payment systems:
Optimize Transaction Fees: Relying on a single payment service provider or processor often means paying a fixed fee for every transaction, regardless of its value. This can significantly impact small businesses’ costs. Integrating multiple payment gateways allows businesses to compare fees and select providers with lower transaction costs, potentially saving money.
Global Payment Expansion: Individual payment processors may have geographical limitations, restricting businesses from accepting payments from specific countries. Integrating multiple payment gateways empowers businesses to expand their reach globally. For instance, when targeting a new market like Japan, they can easily switch to a suitable payment gateway to cater to local customers.
Ensure 99.9% Uptime: Payment service providers are digital products susceptible to malfunctions, resulting in downtime. Without a backup, businesses face revenue loss and a poor customer experience during outages. Integrating multiple payment service providers ensures uptime continuity. If one provider experiences downtime, businesses can seamlessly switch to another, maintaining operational efficiency and a smooth customer experience.
Offer Diverse Payment Methods: Customers prefer a variety of payment options. With multiple payment gateways, businesses can cater to diverse customer needs, reducing checkout abandonment rates and improving conversion rates.
Fraud Prevention: Different payment service providers employ varying fraud prevention techniques. By integrating multiple gateways, businesses can route transactions through the most secure payment gateway, minimizing fraud risks.
Future-Proofing Payment Stack: Multiple payment methods, flexibility in switching gateways, and robust fraud prevention measures help future-proof the payment infrastructure. Businesses can effectively address various challenges, gaining a competitive edge.
Challenges in Building Payment Resiliency
While integrating multiple payment service providers seems like a logical step, it comes with several challenges:
Time-Consuming Process: Integrating multiple payment service providers is a complex task that often requires weeks or even months to complete. During this period, businesses may be unable to accept payments, impacting revenue.
High Engineering Costs: Skilled engineers are needed to integrate payment gateways without disrupting the existing payment infrastructure. Hiring such engineers can be costly.
Analytics Complexity: Managing data from multiple payment gateways can be challenging. Consolidating data from diverse sources is necessary to draw valuable insights, which often requires an additional investment in a payment analytics platform.
Leveraging Web Technology Expert for Enhanced Payment Resilience
Web Technology Expert is a global payment orchestration platform that simplifies the integration of over 30 payment gateways, offering more than 300 payment methods to businesses worldwide without the need for extensive engineering resources.
With Web Technology Expert, businesses can:
Seamlessly integrate payment gateways based on specific requirements using an intuitive dashboard.
Route transactions through the most suitable payment gateway based on various parameters, such as authorization rates, transaction costs, and currency support.
Gain easy access to payment analytics, allowing them to analyze payment data, make data-driven decisions, and draw valuable insights.
Benefit from PCI-DSS compliance, robust security measures, and an effective fraud prevention system to detect and prevent fraudulent activities.
In summary, Web Technology Expert empowers businesses to enhance payment resilience, expand their payment options, and streamline payment operations without the complexities associated with integrating multiple payment gateways. To learn more about how Web Technology Expert can bolster your payment infrastructure, consider booking a trial today.