What if we told you that there’s a way to improve your eCom business while reducing operational cost and making it easier to get paid? Even better, what if we told you it doesn’t take a ridiculous amount of payments expertise and that it works with all the technology you’re currently using? Sounds too good to be true, right?
Well, we’ve got news for you. The future of payments is here—third-party payments solutions. It’s software that’s engineered to work seamlessly with your existing payments stack to make collecting, managing, and processing payments an absolute breeze.
Get ready! The Modonauts have all the info on how an online payment services platform can help you manage your payment service providers.
Let’s get into it.
Third-Party Payment Solutions and Interoperability
If there’s one watchword for a good payment solutions company it’s “interoperability” (try saying that six times fast).
You’ve undoubtedly heard about how important technology integration is to any modern business—and interoperability is integration on steroids. It goes beyond a simple integration by not requiring you to change your existing infrastructure. You can finally fit a square peg into a round hole, and it works!
Interoperability in a third-party payments system lets you:
- Get early and real-time reporting on customer and payment trends to spy opportunities and issues.
- Work out the true cost of payment and processing fees so you can have a chat about reducing costs with processing providers.
- Settle and reconcile everything in one place to save time and reduce operational headcount.
- Plug in new payment providers with the click of a button and a little behind-the-scenes payments magic.
- Reduce false declines and fraudulent payments so you get to keep good customers happy and minimize chargebacks.
- Extract real insight and value out of your payments technology so you can make better decisions, keep costs down, and grow quickly and easily.
Online Payments Processing Means You Don’t need to be a Technology Troubleshooter
We doubt you got into eCommerce to spend your time wading through code or understanding the difference between APIs and EDI. The great thing about a third-party service is that it gives you the flexibility to build the payments stack you need while being plug-and-play. Your payments stack can pretty much take care of itself—which means a couple of things:
- You’re not paying hand-over-fist for development time. You get lots of functionality out of the box, and any future API changes that come down the pipe are handled by the third-party provider with that little word we mentioned earlier, “interoperability.”
- You’ll get rid of all your payment headaches! You get to spend your time and effort on the things you’re awesome at—growing your eCommerce business—with the quiet confidence that all the payments stuff is handled.
With New Payment Options Coming Out, You’re Sure to be Ready
Between credit cards, debit cards, cryptocurrency, mobile wallets, bank drafts, and contactless payments, we’ve never had as many payment choices as we do today. Financial startups are bringing even more disruption to the market, and you’ve gotta be fast if you want to hold people’s attention. Wouldn’t it be great if a third-party payment provider saw those things coming down the pipe and had them ready as soon as you needed them?
More good news. The most forward-looking payment solutions companies keep their ears to the ground for exactly this sort of thing so you don’t have to. That means when new payment tech is ready for the mainstream, you will be too. It’s as simple as flicking a virtual switch and enjoying the fruits of someone else’s labor.
Reduce the Pain of Fraud, Chargebacks, and Other Annoyances
Fraud, chargebacks, and refunds are the bane of every online merchant. Fortunately, an online payments platform can work with all sorts of payment service providers, fraud detection systems, and other software to significantly reduce the chance of losing your hard-earned cash. It also helps remove false declines, so legitimate customers are declined less often.
Your Customers Will Love You for Making Payments a Breeze
Let’s face it, the checkout and payment process is the least fun part of shopping online! Your customers want to get it over with as soon as possible (and you do too). A third-party payment solution means they’ll get through the process quickly and easily.
Your payment UI is completely integrated with your brand and everything works together flawlessly. This means the customer won’t even notice the payments system—and that’s a good thing.
The Best Payments Solutions Work with Your Payments Stack
Finally, a proper payment solution will work perfectly with your existing payments stack. It will slot in with your current technology, provide customer and merchant optimization, and future-proof your business for whatever’s coming next. The best part? There’s no massive expense to rebuild everything from scratch. Simply integrate your new online payment services provider and get the features you need at a fraction of the cost.
The right payments solution can turn your eCommerce business into a payments powerhouse. No matter your size, or how fast you want to grow, you can take advantage of easy plug-and-play technology to optimize your payments stack and drive up customer satisfaction. Excellent.