In order to reach new customers, businesses must offer their customers the opportunity to pay in the way most convenient for them. Offering just one or two payment methods is no longer an option. There are many elemants that well influence a business and the direct they take when it comes to who and how they sell and process payments.
Below are just some of the points a modern buisness needs to consider:
- The risks, costs and implications of accepting different payment methods
- Which alternative payment methods to use
- Reporting and reconciliation requirements for each method
- Any PCI compliance issues
- Which currencies to use and for whom
Developing a payment strategy
Issues such as multiple channels, revenue sources, how to package products, local and global payment methods, charge cards, channels sales, revenue reporting, reconciliation, internet wallets and purses, compliance, low cost, reliability, SLAs etc, all need to be taken into account. Give each a little consideration and time so you can determine the interdependencies that exist between the different elements.
Once you have developed your strategy it must answer questions such as:
- What products will sell the best using which methods i.e. social media, online etc.
- Do we use one or multiple payment providers to cover our risk
- How will farud be managed for all this providers
- What currencies do we use and what do we do about currency conversion
- Lastly, how do we keep costs low for everyone
Local Payment Methods
The Internet may be global but much processing remains local. Within many country borders, domestic payment systems remain and often dominate offline and online sales in those regions and/or countries. So much so that accepting the local payment method may become a mandatory need if one is to sell in that region.
Credit cards from around the world
Not all credit and debit cards can be used around the world. For example certain cards can only be taken in certain circumstances. To be able to accept Visa, MasterCard and Amex you can be incorporated anywhere (within reason). However to accept debit cards you must be incorporated in the country the debit card originates, normally the UK and Europe.
http://www.web-merchant.co.uk/premiercards.asp
Alternative payment methods
Alternative payments refers to payment methods that are used as an alternative to credit card payments. Each alternative payment method has its own unique application and settlement process, language and currency support, and is subject to domestic rules and regulations. The most common alternative payment methods are prepaid cards, direct debit, bank transfers, phone and mobile payments and money orders.
Merchant Account Reporting Tools
A key strategic requirement is to have a single source of reporting for all payments data across all financial institutions, currency processors and payment methods. Activity reports are real-time reports that provide detailed information on credit card transactions that have been processed through your merchant account.
Just some of the reporting features you need include:
- Complete online access to your statement, including all transaction and fee details
- View transactions either over a date range or quickly locate a specific transaction
- Easily batch process credit transaction requests
- Generate a summary of disputed transactions
- Scheduled reports provide detailed information on a variety of transactions
http://www.web-merchant.co.uk/reporting_tool.asp
PCI Compliance
PCI Compliance is the Payment Card Industry Data Security Standard mandated by the card schemes for the protection of cardholders and transaction details. According to payment brand rules, all merchants accepting credit card payments are required to comply with the PCI Data Security Standard in its entirety. This includes online and offline
http://www.web-merchant.co.uk/pcicompliance.asp
Anti-Fraud Solutions
Security and fraud is probably one of the most significant concerns for both the shopper and the retailer during an online transaction. In reality an online transaction is probably more secure than a card transaction in a shop or conducted over the phone, as the information transmitted online is highly encrypted using complicated logarithm combinations. However this does not mean you should become blasé about fraud and it should be high on your strategic checklist, especially when selling globally.
http://www.web-merchant.co.uk/antifraud.asp
For more information on payment processing abd alternative methods please visit www.web-merchant.co.uk
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