Digital innovation and its advancements have changed the face of e-commerce. Traditional business has lost its grounds in this stiff competition of online businesses. Modern businesses come with new challenges. One such major challenge for an online business is to facilitate safe and secure online payments. Now customers have numerous alternatives to make online payments such as credit/debit card payments, UPI, wallets, online banking, etc. However, the development also comes with multiple challenges as well. If you are engaged in cross-border business, still there are only limited players which provide a safe and secure international payment gateway. Here are some most common hardships of online payments:
Fraud activities are common in every sphere. No matter which activity you are engaged in, there are always some possibilities of fraud. Also, the e-commerce business has replaced the traditional consumer market, cases of online fraud are prevalent. The fraudsters find their way to use loopholes and defraud the funds of the vulnerable customer. Although, several international payment gateways try hard to strengthen the security features and provide a secure online gateway. Cross-border transactions are more prone to online forgery due to a lack of a robust international payment gateway. Hence, in the last few years, existing and new payment platforms have come up with advanced security measures to streamline the payment process.
It is the prime reason that small and medium scale companies avoid online payment mechanisms. A chargeback is an additional undue charge that occurs due to disputes during the transaction. Some of the disputes are legitimate and customers get back the funds, but on many occasions, banks deny complying with requests. It is costly and if not curbed on time, it will hamper the business reputation and reduces the credit score. An excessive amount of chargebacks can lead to the closure of the merchant account and ultimately killing the business.
Cross-Border/ International Transactions
Global transactions can be unproductive, even slow and expensive in some cases. They also create lots of complications in terms of rules and guidelines, currency exchange, bank norms, security issues, etc. The commercial banks of the nation are not skilled to handle the payments of international trade and commerce. To overcome this challenge, numerous smart payment interfaces are thriving in the market to make cross-border transactions simple, seamless, and secure. Hence, pair with a competent international payment gateway for hassle-free cross-border transactions.
Technical Integration and Security Compliance
A payment gateway is a spectrum combined with hardware and software programs. A business needs to integrate with a productive gateway to prosper. Various other aspects such as multiple payment options, security compliance, does it facilitate international transactions, etc need to be considered. Both integrations of the payment gateway and selection of the suitable gateway can be challenging tasks for the business.
The world of technology is dynamic with continuous up-gradation that makes it more convenient to the user. In e-commerce, the customer is the king, every decision revolves around the customer choice. Therefore, fulfilling the customer’s expectations will decide the fortune of the business. The prime focus while opting for an international payment gateway should be clarity, convenience, and the choice of consumers.
Well, this is not the end. There are various other challenges of online payments apart from these. The market is evolving rapidly and therefore it is difficult to get out of your comfort zone and adapt to the new changes to meet consumer demands. The global e-commerce market and the local business require a competent international payment gateway such as the one offered by Cashfree – https://www.cashfree.com/payment-gateway-india. So, while choosing online payment methods, customer satisfaction should be given top priority.