Update Your eCommerce Payment Methods
Considering that the number of online customers continues to grow at a rapid rate, it’s no wonder that eCommerce platforms are expanding their functionality. Online shopping platforms understand that this consumer base has high standards for efficiency and safety. When we shop online, we don’t even want to shuffle through our things to find the appropriate payment method. If that alone drives shoppers to take their business elsewhere, imagine the damage an eCommerce site incurs when customers find out that their sensitive information has been stolen.
So what are the improved eCommerce features that are working to improve transactions and ensure safety? Below, we explain how businesses can leverage eCommerce tools to make online transactions easier and safer than ever.
Ensure Safety and Compliance
Businesses with eCommerce sites bear a heavy responsibility to comply with intense regulations and protect customer data. One method to ensure sensitive information doesn’t get leaked is tokenization. Tokenization enables businesses to store cards and accounts on file safely. Having this information on file is the best approach to streamline customer interactions. Businesses can easily access information to handle returns, customer queries and automated recurring billing.
However, this storage can jeopardize your business and your customers’ financial information if not managed properly. That’s where tokenization comes in. Tokenization goes beyond point-to-point encryption to replace cardholder data with indecipherable characters. This means that only the payment processor has private customer information, eliminating hackers’ chances of stealing vital data.
Furthermore, this method of storing customer information also complies with PCI guidelines. The PCI Data Security Standard (PCI DSS) was created to ensure merchants protect cardholder data. Magento eCommerce has always had a firm commitment to compliance. Magento is PCI certified to help users maintain security standards and has even made recent modifications to meet the newest PCI requirements regarding Transport Layer Security (TLS). Additionally, Magento has enacted several initiatives to comply with the upcoming GDPR. Keeping data safe and complying with evolving standards can be overwhelming, but Magento simplifies the process by always modifying its platform to protect your business and your customers.
Provide Payment Options
Nothing frustrates online shoppers more than a website that doesn’t take their preferred means of payment. Fortunately, eCommerce technology empowers businesses to offer more payment options than ever. At this point, it’s standard knowledge that web stores should support all major credit and debit cards as well as third-party services such as PayPal, but there are some critical payment considerations that remain commonly overlooked.
Supporting customers paying by check isn’t the favorite task of businesses as it requires the extra step of heading to the bank and ensuring funds have been received—or at least it used to. Now, companies can implement eCommerce software with Automated Clearing House (ACH) processing to quickly verify deposits at cheap processing costs. Additionally, if you have international consumers, make sure you have payment methods to meet preferences of global shoppers. Show prices in the appropriate currencies, and research the popular payment options of different countries.
Online shoppers should never have to worry about the safety of their financial information and whether a website accepts their payment method. Web stores that take a comprehensive approach to security and compliance and support an array of payment options will experience higher checkout rates and returning customers. Magento eCommerce stays on top of online shopping trends to protect data while expanding transaction methods.
To get your web store up and running, look no further than Datix. Our consultants are experts in not only Magento implementations but also Magento integrations. Unity, our premier integration platform, connects Epicor ERP with a variety of software, including Magento, to form a central data hub and expand visibility and productivity throughout your enterprise.
As online transactions continue to swell, make sure you have a robust eCommerce platform to maintain data security and meet the needs of each customer. Contact Datix today to find out more about what a Magento implementation or integration can do for your business!