We often talk about consumer shopping experience, but what about the merchant experience? One cannot exist without the other and, in fact, a better customer experience starts with a better merchant experience. To run a successful company, business owners need to have access to support and resources to streamline their operations, maximise efficiency and, ultimately, achieve their goals.
As the ecommerce space continues to evolve, merchants face numerous challenges, one of which is payment processing. There are technologies available that can greatly simplify their daily operations. Merchants should be made aware of the support they can receive from tech-forward payment companies to accelerate their growth journey.
In today's fast-paced business environment, merchants have specific requirements when it comes to their payment solutions. They are looking for streamlined processes that allow them to focus on their core operations.
Simplicity and speed: a seamless process that swiftly activates their services, freeing them from website development. By eliminating or minimising integration requirements, they can start transacting promptly and effortlessly, allowing them to maximise productivity and minimise barriers to entry.
A complete solution: a payment service provider (PSP) that offers a holistic package. This includes transaction processing and fund flow from customers to their bank account, eliminating the need for multiple partners. The advantage of such a solution is the ability to activate multiple payment methods through a single contract, including transaction and processing fees. To ensure optimal services, merchants are looking for a PSP that offers a secure and reliable payment infrastructure, multiple payment methods, and robust fraud prevention solutions.
Finding a provider that meets these criteria can enhance the shopping experience, increase conversion rates, and expand the customer base, ultimately leading to sustainable growth and success in this competitive landscape.
Switching PSPs might sound daunting, but it doesn’t have to be and shouldn’t lead to missed growth opportunities. Meeting the payments needs of their customers is crucial for a merchant, which is why it is essential to work with a PSP that offers a wide range of local payment capabilities.
Additionally, the types of payment methods you provide is equally important. Incorporating popular options like Buy Now, Pay Later (BNPL) at checkout can be critical. The integration with their chosen payment solution marks the beginning of the customer's lifecycle. The merchant portal also plays a vital role in the day-to-day operations of the merchant, especially in managing payments and revenue. It encompasses various tasks such as reconciliation, accounting, and handling customer interactions. It is important for the portal to provide a seamless and efficient experience, enabling merchants to easily handle refunds, cancel operations, and process additional payments.
Cost savings: efficient payment processing solutions and streamlined operations help merchants save costs associated with manual processes, reconciliation, and dispute management.
Increased conversions: a positive merchant experience leads to improved conversion rates. When merchants can provide a seamless payment experience to their customers, it builds trust, reduces cart abandonment, and ultimately, increases conversions.
Effective payment management: simplified payment management tools, including secure payment gateways and robust fraud prevention solutions, enable merchants to effectively handle payments, reduce fraud risk, and ensure the safety of sensitive payment information.
Quick and easy onboarding: the ability to onboard quickly and access products and services without complex integrations (thanks to SDKs and plugins) enables merchants to focus on their core business activities.
Payment security: partnering with a PSP that prioritises and complies with industry regulations such as PCI DSS ensures secure payment transactions and helps reduce chargebacks.
Time-saving: opt for a user-friendly interface that requires minimal instructions. A streamlined and intuitive merchant portal allows merchants to navigate easily, access relevant information, and perform necessary tasks without the need for extensive training or support.
By prioritising merchant experience, Worldline helps businesses improve their bottom line. If you require more in-depth advice on your payment setup, get in touch with our experts today.
With over a decade of expertise in product management, Stephan brings invaluable insights as he leads the Platform Product department for Regional Business at Worldline. Drawing upon his extensive experience in online payment solutions, Stephan possesses a profound understanding of the industry. In his current position, he prioritises customer-centricity, placing the needs and preferences of users at the forefront of developing innovative online payment solutions. Prior to joining Worldline, Stephan made significant contributions to the telecom industry during his successful tenure spanning more than ten years.
Worldline helps businesses of all shapes and sizes to accelerate their growth journey – quickly, simply, and securely. With advanced payments technology, local expertise, and solutions customised for hundreds of markets and industries, Worldline powers the growth of over one million businesses around the world. Worldline generated EUR 4.4 billion in revenue in 2022.
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