As humans, we attach different levels of importance to the same thing. We care about thing things differently. It might mean the world to one person and not matter to the next. It might be a big loss to one person, and the next person might not even notice the loss. But when it comes to money, we are all careful. We double-check, confirm, count again, calculate again, basically everything to make sure it is the correct amount, the right channel and to the correct recipient.
The financial frauds that accompanied the explosion of e-commerce resulted in a great distrust of electronic payments, especially when transacting with a business for the first time. People became extra careful and suspicious of making payments online. However, innovations in Payments have helped us break out of this box a little.
While customers know that it is possible to transact safely online, businesses are responsible for assuring this safety. And to do this, the first and most vital step is getting a payment partner. But as a Business, that is not the end of your problem. Even with all these in place, electronic payments are still not without challenges. Here is what we are doing to tackle those challenges in Redbiller.
Payment Methods -customers are more comfortable using a payment method they are used to. And, of course, everyone has a preferred method. So what that means for a business is offering different payment methods to serve your customers. The payment method is a challenge because a person can cancel a purchase just because of it.
Redbiller checkout has multiple payment methods for your customers to choose with they are most comfortable with. To offer different payment methods to your customer, all you need to do is partner with Redbiller.
Downtime -this is one of the most dreaded challenges of electronic payments. Downtime always picks the most important time to happen. At that point, It leaves you stranded, unable to send out more or pay out money. But the woes of downtime doesn’t even end there, you could also send money, and the money would get stuck at God knows where. The money has left your account, but the recipient is yet to get it.
Redbiller operates a multi-version system that allows you to switch from one version to another in the event of downtime. The best part of it is that this switch is automatic. When there is a downtime, you are switched automatically to an available version. And when the service is back up, you are automatically switched back to your default version. You don't even have to spend your time monitoring the system or missing out on a few sales before realising there is downtime. Just like that, your business is running smoothly, and money is coming in.
Security -internet fraudsters keep coming up with a new way to defraud people online. And having your details online doubles your chances of being a victim. Fraudsters will do anything to get their hand the information they need, even if it means paying someone off. Security has remained the biggest challenge of electronic payment to date. When customers have to start filling in unnecessary details to make payment, most cancel the Purchase.
At Redbiller, we are not just security-conscious, but we are security centred. Our commitment is to make the internet a safer place for businesses. Access to your dashboard and initiating actions requires multiple level authentication. There are also features in place to verify the origin of the transaction request, detect abnormal transaction patterns and block suspicious requests.
Conclusion
Electronic payment challenges affect everyone. And while it greatly influences a customers purchase decision, it affects a business in many more ways. This includes choice of partner, collections and payouts, overall customer experience. Our approach to addressing these challenges is to help your business rise above them.
