Over the last few years, several companies have shifted to using payment technology platforms to simplify their business and cut costs. But what are the benefits?
Payment platforms offer many benefits for both merchants and customers. With lower fees, increased fraud prevention, and simpler integration with your website – it’s obvious that these platforms are here to stay for both consumers and businesses. This article will help you look closely at some key advantages of payments as a service platform.
Easier to use and integrate
Most platforms have one thing in common – they’re incredibly easy to integrate into virtually any eCommerce site. You don’t need to be a developer or have in-depth knowledge of online payments – the platform can do it all for you.
This means a simplified integration process for website owners, no need to build your payment gateway, and less time to develop and maintain your eCommerce website. For consumers, it means one-click payments that are more convenient, safe, and easier than ever before.
Improved store security
Today, cyber security is one of the most important aspects of digital life. To combat cyber attacks, you need a secure and reliable payment platform. The payment as a service platform has the tools you need to keep your customers protected:
- Integration with advanced security measures
- Security data protection
- Anti-fraud technology
Lower fees
Merchant fees are extremely important for online transactions – but how can you compare them if you’re on different platforms? Far too easy – simply calculate the average fees of your business using one of the online payment service calculators. Then you’ll see that new platforms offer reduced or even zero transaction costs.
Increased customer data security
The more you know and care about your customers, the better – which is why offering them an eCommerce payment platform that provides secure transaction channels is essential. Using digital authentication capabilities, such as two-factor authentication and PIN verification, gives your customers a better way to manage their credentials. This helps prevent unauthorized access to your customer’s personal information.
Simplified B2C management
Integrating your online store with a platform allows you to bill and collect B2C and B2B payments in one place. That eliminates the need to process payments manually and offers you a wide range of tools to manage your business better.
Economically viable B2C platform
You can reduce your overheads by using a dedicated solution for B2C payments. That means higher profits, less staff, and more time for what matters most – innovation, expansion, and growth.
Lower risk of financial fraud
Payment platforms help merchants minimize their exposure to financial fraud by providing all types of payment methods (both online and offline) with one platform. This helps keep both customers and merchants protected from fraudulent chargebacks.
Increase customer loyalty
These platforms can also help you improve your business reputation and increase customer loyalty by offering exclusive features and discounts.
Convenience and Control
With a range of payment processing solutions, you can easily tailor your service to your needs and preferences. Integrating different payment technologies with your site gives you more control over the process and access to real-time information about transactions.
Reduced operational costs
The overall cost of processing data for the platform is far lower than for individual vendors and merchants. This reduces the costs associated with IT infrastructure and staffing.
Conclusion
It’s no surprise that the number of businesses using payment technology platforms has been increasing in recent years. These platforms are the best solution for merchants looking to increase sales, innovation, and revenue.
