Powering online payments: Valitor’s best practices for mobile payments in 2019.

February 28, 2019

Studies show that mobile payments could account for nearly 70% of the eCommerce market by 2021. This adds fuel to the argument that mobile is more important than ever (and arguably – more important than anything else your business is doing right now).

Therefore, we have decided to put together a list of best practices for operating mobile payment systems in 2019, so that you can approach your eCommerce platform fully informed, and well prepared to compete in the mobile space.

Make it seamless

It may sound simple, and indeed that is the name of the game. Once your customer begins the checkout process, this should be all they need to focus on.

Removing distractions not only allows the customer to feel more confident in the service they’re about to order or the purchase they’re about to make, but it also removes any temptations for them to abandon their shopping cart during the process.

eCommerce stores reportedly lose over 75% of their sales to cart abandonment, so anything you can do to improve customer experience is worthwhile.

Save time and reward loyalty

Repeat customers spend nearly 30% more per order, but rewarding loyalty doesn’t always need to mean discounts or exclusive offers. In fact, customers can be rewarded by making their future purchases easier.

If a customer is registering for an account on your site, make sure you allow them to save and default payment options and delivery addresses so that when they come back for subsequent visits, they can breeze through the checkout process.

Keep compliant

By using machines with P2PE functionality, not only are you ensuring added security for your customers and your banking, but you’re also reducing the costs involved in becoming PCI DSS compliant.

The One-Time Encryption Key, which is a feature of every P2PE payment, can only ever be used once – it is destroyed afterwards as an effective security measure.

If your company has hundreds of stores and possibly thousands Point of Sale (POS) terminals and PIN Entry Devices (PEDs) that aren’t PCI DSS compliant, then achieving and maintaining compliance can be complex, time-consuming and expensive.

However, with P2PE-compliant PED devices, merchants can effectively remove their stores from the scope of PCI DSS compliance regulations. Not only this, but vendors that supply stores merchants with products can also make huge savings simply by using P2PE when accepting credit card payments.

You’re asking a customer to place a lot of trust in you. Getting your head around compliance can be a full-time job and we know you’d rather be focussing on your customers. This is why PCI P2PE certification is baked into our omni-channel payment solution as standard.

Avoid tech jargon

It’s important to make any instructional text as straightforward as possible, don’t confuse your customers with complex, technical language. Describe the process clearly and simply so people know exactly what to expect.

Provide the appropriate support

Though mobile payments are becoming increasingly popular, it’s still important for your customers to have access to a support hub. Make sure your users can easily navigate to a help section or an FAQ page.

Additionally, ensure you display your business’ contact details clearly for users who can’t find what they’re looking for or who may wish to speak with someone directly.

Utilise an omni-channel solution

Omni-channel Payment solutions can revolutionise the way that customers interact with your business and make payments. Our omni-channel payment solution simplifies payments processing, PCI compliance and reconciliation, no matter how complicated your business is.