It’s widely known that any competitive online business worth its name accepts digital transactions to survive in the modern economy. Obvious as this might be, even though the large majority are familiar with online payment processing by virtue of using it frequently, this does not always take place without difficulty.
Usually, consumers purchase items digitally with limited fuss, and if there is an issue this is corrected by the use of a different payment method, or another factor on the customer’s end.
For vendors, the situation remains more complicated. The watchword for many is security and optimal customer experiences – as well as ensuring that all transactions are settled promptly. In the coming months, online businesses will also be urged to accommodate evolving user expectations by updating services, such as including additional flexibility for credit and debit card transactions and staggered payment options like buy now, pay later (BNPL). This will inevitably involve further adjustments to the payments process.
We can identify the common issues encountered by a wide range of businesses, and this helps us analyse where the impactful friction arises at each step of the payment process. The right payment processing system should guarantee secure digital transactions, cost-effective international payments and state of the art customer support in case anything does go wrong. These are just a handful of obstacles many businesses regularly have to deal with online. Explore our detailed guide to the top five most frequent online payment processing challenges, and find out how you can eliminate these problems for good.