What to Look for in an Online Payment Provider?

Online payment providers play a pivotal role in enabling transactions on your website. Thus, as a business owner, you need to make an informed decision while choosing your payment provider. As mentioned by Payment Asia’s Kenneth, the company offers clients one-stop solutions for a seamless online transaction process while keeping an accurate track of all your business transactions. It’s a secure and adaptable process that can help build trust amongst your customers and increase your sales in the process. Read on to know about the factors that you should look for in an ideal payment provider.

Look for the ideal payment flow

Before you associate with a payment provider for your website, it is essential to consider their mode of the payment flow. Payment Asia offers a two-fold payment solution that includes an integrated form of payment along with redirection for the transactions. Its integrated form of payment allows information to be passed through a secure API mode. The integration process usually requires additional programming in order to secure the channels transmitting the information. The redirection solution redirects the customer to a secure page for payment or entering information. However, some gateways also enable customers to add information in an iFrame as well in order to ensure safety.

Look for safety and compliance

If your payment gateway is not secured then you’re likely to lose several trusted customers. Thus, Payment Asia offers payment solutions that are certified to follow security standards like PCI-DSS. This security standard is mandated by card brands however, the standard is mandated by Payment Card Industry Security Standards Councils. This payment gateway uses digital signatures in order to ensure premium security. The information collected through these transactions is saved with the gateway and can be accessed by them alone. The code keys used to secure data renders the information inaccessible to third parties.

Look out for exceptional features

While some features are common for every payment provider, Payment Asia offers a number of features that don’t just secure your business but also help it grow. It allows multiple payment solutions including credit and debit card payments and allows transactions through a variety of currencies including cryptocurrency. Thus, it enables your business to explore and grow in the global market without worrying about the hassle of accepting different currencies. It also offers an easy integration process that does not botch up your business website and cause any glitches in transactions.

Ways to Secure Your Business from Online Payment Fraud

While online businesses are mushrooming day by day, it also is a fact that a lot of them fall prey to online payment fraud, hacking, and phishing. A very secure payment portal that protects the confidential data of the merchant and the customer is therefore essential for the success of your business. Most customers are wary of payment portals that redirect you elsewhere or take time.  They would rather deal with a website where payment is instant. Payment Asia has a team of experts whose mission it is to improve and integrate the different payment solutions almost on a daily basis.

Common Fraudulent Attempts

The most common type of online fraud is account takeover wherein customer accounts with ecommerce stores are hacked into by fraudulently getting usernames and passwords or by using bots. Sometimes hackers get into databases and steal personal information and uses it to make purchases.  It is to prevent such types of fraud that payment solutions providers have to be Payment Card Industry –Data Security Standard Level 1 compliant. This is not an option and has to be strictly adhered to. Payment Asia will help you to comply with this for the protection of your customers.

Look For Red Flags

Through its innovative transaction and reporting, Payment Asia ensures that you are able to monitor transactions and reconcile bank accounts easily. You can thus look for red flags such as a different physical location of your client or inconsistent billing and shipping information. You can also track customer IP addresses and alert them if they are found to be operating from countries known for fraudster activity. Setting limits to the amount of purchases per day can also ensure minimum losses in the event of a hacking episode.

Efficient Support System

As mentioned by Payment Asia’s Kenneth, merchants who use their services also enjoy the support of a 24x7 customer service hotline. The customer service support also helps with fraud monitoring.  They help with AVS or Address Verification System wherein the numeric parts of the billing address on the credit card is compared to the address on file in the credit card company. Customers are also encouraged to use an eight-character alphanumeric password that should also contain one capital letter and one special character to make it difficult for sophisticated hackers to crack it. Payment Asia has a comprehensive technical set-up that ensures they are constantly updating their software with security patches and business-grade anti-malware and anti-spyware software. This ensures you are protected from attacks and are not vulnerable due to outdated software.

Transactions Made Easy Through Mobile Payment Solutions

Technological advancements in the field of finance have resulted in a deluge of digital apps that seek to make financial transactions easier and seamless. With customers looking for easier modes to make financial transactions, digital payment solutions have become the preferred mode of payment for many. Mobile payments are the latest form of digital payments. Companies like Payment Asia are joining in on the action and launching mobile payment apps that enable such transactions.

What Are Mobile Payment Solutions?

Mobile payment solutions have caught on in a big way over the last few years. This payment method is extremely popular as it brings together mobile devices, which almost everyone has, and the need for easy, quick, and secure financial transactions. Simply put, mobile payments are fund transfers or payments made using digital applications on mobile devices like smartphones or tablets. This payment can be used to transfer funds to friends and family, as well as to make payments for purchases online and offline. Payment Asia enables this through its dedicated mobile payment solutions app - PA Pay App.

How Does It Work?

To enable mobile payments, users must download the mobile payment digital app on their smartphone and link their bank accounts to the app. By linking the bank account to the app, the user is effectively authorizing the bank to allow payments made through the mobile payment app. Payments can be made by scanning a QR Code on the app or by entering the phone number of the merchant. The QR Code may be scanned digitally or physically in-store. Many mobile payment service providers use NFC technology to allow the user to simply tap their phone against a payment terminal and complete the transaction.

Most mobile payment service providers like Payment Asia provide digital wallet services to the user. The user may preload an amount of money into the wallet and make payments from the wallet. Alternatively, the transaction can be made from the credit or debit card linked to the app.

Contactless Transactions

Mobile devices are no longer used only for communication but have turned into personal digital assistants designed to assist humans with a whole lot of functions. Mobile devices have become so universal that almost everyone carries one. Mobile payment solutions eliminate the need to carry either a physical wallet or debit or credit cards by using a mobile device to make the transaction. They are completely contactless in nature.

Safer& Secure Payment Solution

As mentioned by Payment Asia’s Kenneth, mobile payment apps offer an additional layer of security and privacy to users as compared to credit or debit card payments. Since payment information is encrypted during the transaction, so mobile payments are considered a safer alternative to payments made with debit or credit cards. These apps use Touch ID in the form of fingerprints or PIN to verify the identity of the user and counter any chances of fraud. Merchants need not verify the identity of the person making the transaction as the mobile payment solution service provider does it for them. Further, individual security codes are generated for each transaction.

Additional Benefits

Mobile payment solution service providers such as Payment Asia offer additional benefits like support for multiple mobile payment apps. Mobile payment solutions offer a lot of privacy as the user does not need to open a wallet which can accidentally display the contents to people standing nearby. Thus, mobile payments offer an additional level of personal privacy.

For more details on how you can integrate mobile solutions into your e-commerce business, contact Payment Asia.