Historically, business operators have had to be able to understand every aspect of the system, from the pad to the payment gateway, to acquiring or processing, to having suppliers for every part of the chain. As a result, many merchants of all sizes, particularly those operating a small business, have a new demand on their time and resources that puts pressure on them just at the time when they need to focus not only on making their business survive, but also make it succeed. Jason Simon, an expert on all types of payment processing today, offers a professional critique on how end-to-end payments offer great solutions across the board.
For starters, it should be noted that all transactions, whether online or in-store, can be completed in just a few seconds, but behind this, there are many players working to make the payment streamlined, correct, and secure. This includes the payment gateway, the acquirer, the issuer, and the card network, as well as the retailers themselves. In theory, the payment should pass through each party without the customer noticing.
In addition, merchants must ensure that not only are payments processed but that the money has been sent to the bank account. But with a multitude of different vendors at each stage, errors or transaction time increases can occur, leaving the customer with a bad experience and less likely to return for repeat purchases.
“Ultimately, merchants must ensure that all of their transactions have been processed and that the money has been sent to the bank account. Consolidating all of this information into a single, comprehensive view will be a key asset for merchants by giving them complete visibility into their processes,” explains Simon. Many vendors claim to offer complete services with end-to-end payment functions, but few actually deliver on this promise. The benefit to providers with these capabilities is that merchants have access to the most revolutionary technologies, from revenue enhancements, security control, and transparency, to better service for their customers.
Companies can provide a PIN Entry Device (PED) with a centralized payment gateway that handles omnichannel payment transactions from the point of sale (PoS). Its operation as a managed service will significantly optimize costs for the merchant by centralizing transactions, simplifying international installations, maintenance and upgrades, as well as having guaranteed availability of the entire system.
Coupled with technology such as Ingenico’s state-of-the-art intelligent acquiring solution, this results in a seamless end-to-end payment solution with simplified integration and certification processing, easy reconciliation, and fast settlement for merchants. The proliferation of payment methods demands that the partner must also be able to process and centralize all these payment methods on the same platform and provide clear monitoring. For this reason, the solution provides not only acceptance but also payment processing.
Because the entire solution is under one roof, all of the merchant’s payment needs can be addressed, providing an expert point of contact, making the process as seamless as possible. This adds up to a positive customer experience. The platform scales automatically, allowing merchants to deal with large volumes of cards at any given time. In addition, customers will benefit from uninterrupted uptime as a result of a reliable payment gateway with no maintenance or planned downtime.
Simon asserts, “Offering these advanced payment systems allows retailers to support merchants by making their processes easier and more accessible with an integrated end-to-end payment solution. With security being a more important concern than ever before, it must be seamlessly integrated into the technologies to avoid negatively impacting the customer experience while respecting state-of-the-art security processes.” Simplifying the process becomes a faster, more secure, and seamless payment process.
When offering a service to retailers, the expectation is to enable them to provide the best possible service to their customers. The idea is to be able to make the payment process simple and scalable for both parties. There is no doubt that merchants should prioritize partnerships with acquiring providers that can do it for them.
“If the process you provide to customers offers the convenience and speed they are looking for, they are more likely to become repeat customers because they have had a good experience with your business before, either in-store or online,” adds Simon. For merchants, having complete visibility into payment processes allows them to manage their costs effectively, increasing the likelihood of sales.