Now is the time to look at your payment strategy to find ways to enhance your business and your growth potential.
1. Look Beyond Credit Cards
Payment systems aren't just about taking credit and debit cards. Customers today want options. Depending on your customer base and the reach of your company, you should look at accepting mobile payments, contactless payments, and EMV payments. Some customers may want you to divide payments between them. And in international markets, other forms of payment may carry greater weight as well.
2. Manage Customer Data
Every electronic transaction comes with a trove of data about who those customers are, what they purchase, and where shipments go. When you collect and organize these data points, patterns emerge that you can use to market more effectively. Just as importantly, the patterns can help you identify potentially improper transactions. Have a plan in place to get the most out of the information available.
3. Understand and Reduce Fraud
One of the biggest sources of loss for you is fraud. Every time you have a chargeback, it costs you money. Your payment processing strategy should have security in place to prevent people from using stolen cards. At a minimum, this should include:
- Multi-factor authentication
- CVV code requirements
- IP address verification
- Suspicious transaction flagging
The more you do to verify who your customers are, the more effectively you can protect your customers and your bottom line.
4. Keep Your System Updated
Sometimes when your system declines a payment, the problem is with your system rather than the payment method your customer is trying to use. An out-of-date payment processing system may not be able to manage a new card, or it may simply reject a payment because it cannot process part of the data provided. By keeping your system updated, you can give yourself the best opportunity to take more payments and maximize your potential revenue.
5. Work With the Right Partner
Keeping up with your business demands your attention in thousands of areas every day. Managing your payment processing could be a full-time job all by itself if you don't have an experienced payments partner with the technological tools and industry expertise to help you manage it all. The more you can rely on your processing provider, the more you can focus on driving the other aspects of your business. The right tools and the right expertise can make all the difference in helping you maximize your revenue.
Join Nuvei to provide your merchants with the framework and payment solutions they need to optimize their payment processing strategy. Contact me now to get started: bkenny@nuvei.com
