The global pandemic accelerated every organisation’s digital transformation journey exponentially. While this has led to increased convenience and flexibility for both customers and businesses, there has also been a significant rise in cases of payment fraud. Malicious third parties are always looking for network vulnerabilities to access data and systems with the intent to steal, disrupt or destroy.
The key to success in e-commerce is providing customers with multiple methods through which they can complete payments securely, quickly and easily. Convenience is critical to the point that any friction between the customer, their bank and the payment platform must be minimised. However, this convenience should not come at the cost of security.
To ensure customer data and business financial security while delivering a seamless checkout experience for customers, choose a merchant’s top payment gateways that adhere to the best online payment security practices. Here are a few ways to facilitate online payment platform security.
Steps to Take for a Transformational Payments Platform:
- Focus on the customer:
Instead of worrying about the product or payment technology, businesses need to focus on the results and experiences end consumers go through. There’s a reason why customers choose multiple different payment methods. This is not because the technology is ground-breaking, but because it ensures greater convenience for the consumer. Customers choose payment platforms, payment methods and other options that make their lives easier and help them reach their desired destinations faster. For example, there are several ways for customers to purchase products using various financial tools. Banks provide overdrafts, loans and credit cards to help customers, but all of them focus on ultimately helping customers achieve their goal of buying something they currently lack funds for. They will eventually choose the method that provides the least friction and the best experience.
Any platform that can transform a business is focused on achieving greater convenience for the end customer while solving the inherent problems they have. This requires an end-to-end solution rather than several siloed solutions.
- Understand what to create and what to purchase:
Most businesses today operate within an integrated and open ecosystem. This means that they can collaborate with various specialists within individual markets to build solutions that give results and resolve issues much faster than the business could alone. For this, businesses need to know their strengths, areas of improvement and how they can balance developing in-house solutions or platforms and partnering with tech specialists.
Several firms lose out on opportunities when they forget what they were aiming for in the first place. Any new technology developed should focus on the core competencies of the business. Trying to master areas you are not skilled in will only slow down business growth.
- Plan for future-proofing your platform from the beginning:
Flexible digital payment platforms are those that prepare for future changes in technology, trends and customer behaviour. Such a solution should have functions and features that support easy scalability when businesses and customer bases grow. It should also help businesses maximise the benefits of evolving and emerging technology like AI, Machine Learning and data analytics. Future-proofed digital payment platforms should be open and connect easily with third-party service providers, peer networks and even competitor solutions and platforms.
For innovation to thrive within a collaborative environment, businesses need a future-focused API (application program interface) strategy. This could range from a private API with a few unique partners to a public API that allows external developer collaboration. Whichever option you choose, the sophistication of the API will decide the level of creativity, innovation and growth you can achieve.
- Ensuring an open environment should be a priority:
Businesses that were competing a few decades ago are now working together as partners with both partners benefiting from their open APIs. Businesses today function in a highly collaborative and innovative environment where every organisation adds value through new innovative solutions. This is beneficial for every party involved – the business, the partner and the end consumer. However, reaching this stage is a process, not an overnight process.
- Technology thrives in a supportive environment:
Having a future-proof, secure and scalable merchant payment solution is definitely an advantage in a highly competitive market. However, one tech platform alone cannot create the best customer experience while functioning in isolation. To get the most out of an advanced payment platform, it helps to understand the payment platform in a more holistic business context. Consider what your customers wish to achieve and how you can support them through a more inclusive and integrated tech environment.
Businesses must bring together accepted platform and product management capabilities in a supportive environment for guaranteed business success. Every team working in these environments should understand how high-functioning platforms can benefit the organisation overall.
With payment platforms continuously innovating new and enhanced customer experiences, you should understand what goes into creating a strong payment infrastructure at the enterprise level.