There are many keys to being a successful online merchant. But in the end it’s really all about the customer experience, whether your customer is a business or an individual consumer. As a person who has overseen the creation and operation of a number of B2B and B2C eCommerce websites over the years using Magento and other technologies, I can speak first-hand about the importance of customer experience and two essential factors that are sometimes taken for granted or simply overlooked – convenience and choice. Online shoppers value these two things greatly and typically make the decision about where to shop and buy weighing these heavily in their decision criteria.
Fortunately Magento Commerce, in conjunction with its many technical partners, provides an environment that gives you, the online merchant, an optimal mix of convenience and choice. Nowhere is this more apparent than in the area of payment gateways. In case you are unfamiliar with the term “payment gateway”, it is a third-party service provider that automates payment transactions between an online store and its customers.
In today’s world of online commerce, customers expect both convenience and choice when it comes to paying for the items they buy online. Choosing the right payment solutions provider is therefore something you should take seriously. When selecting a payment solutions provider you don’t have to pick just one, although many of the major players in this space offer a wide array of payment choices so it certainly is possible to select just one. The goal is to provide your customers with both convenience and choice, so providing several payment solutions options would typically be preferable.
The universe of choice in this area continues to expand. Today I’ll focus on a few options; some of which you mostly likely have heard of, others perhaps not. This is NOT an exhaustive list of available choices. Remember that the payment solutions options you choose should align with your short and long term business goals and should also meet your needs in terms of price, security and functionality.
So let’s explore in brief a few of the major players - Amazon Pay, Braintree, APS, Authorize.net, and Cybersource.
One of the top payment solutions available for eCommerce businesses today is Amazon Pay. Amazon Pay is a solution that hundreds of millions of Amazon customers know and trust. Offering Amazon Pay as one of your payment options can provide a number of advantages to both you and your customers including optimizing and simplifying the checkout process in just a few clicks for those customers with Amazon accounts using their Amazon account information; enhancing the customer experience and improving customer satisfaction with Alexa by allowing delivery notifications via Alexa-enabled devices to reduce customer concerns about their order status and advanced fraud prevention which is a critical element in the online commerce world.
Braintree offers payment solutions that cover a number of popular and emerging payment methods. The company points out that they are the only payments platform that delivers PayPal, Venmo (in the U.S.), credit and debit cards, and popular digital wallets like Apple Pay and Google Pay in a single, seamless integration, so an online merchant gets a wide array of choices right from the start.
With Braintree solutions you can drive greater conversions, increase operating efficiency, expand your business reach and help to mitigate risk related to fraudulent transactions while keeping payment data secure and maintaining PCI (payment card industry) compliance.
APS has been in business for over 11 years providing reliable, omni-channel, B2C and B2B integrated payment solutions for businesses. APS Payments seamlessly integrates with multiple leading ERP, eCommerce, CRM, POS, and Mobile applications. APS Payments is a payment gateway and processor that is trusted by thousands of merchants daily to process payments.
The company works diligently to offer the lowest credit card processing rates, provide strong processes to help reduce risk and to supply the best payment solutions for its customers.
Authorize.net has been working with merchants and small businesses since 1996. As a leading payment gateway, Authorize.Net is trusted by more than 430,000 merchants, handling more than 1 billion transactions and $149 billion in payments every year.
Authorize.net makes it easy for customers to pay by accepting the payment types they prefer to use including major credit cards, signature debit cards, e-checks and digital payment solutions. Authorize.net supported payment types include Visa, MasterCard, Discover, American Express, JCB, PayPal, Visa SRC (Secure Remote Commerce), Apple Pay, Chase Pay and E-check.
As with other payment solutions, Authorize.net offers retailers a wide array of convenient features designed to make it easier for you to focus on your business and customers. Take the worry out of payments and payment processing with solutions from Authorize.net.
Started in 1994, Cybersource pioneered online payment and fraud management services for medium and large-sized merchants. Today, Cybersource’s modular platform lets you select the payment management solutions you need, when it’s right for your business - to help maximize growth. Aside from payment acceptance solutions, Cybersource also provides robust fraud & risk management solutions and top-notch customer service. Plus merchants can access additional services, including global tax calculation, recurring billing and more.
You can find a list of more of our technology partners by visiting the PARTNERS page of the Kadro website.
So there you have it, a glimpse into the world of payment solutions for online retailers. As you can see, there are many, many payment options and solutions providers for an online retailer to consider. And most of the providers make the same general claims about their focus on data security, PCI compliance, fraud protection, range of payment options and flexible pricing, so it will take an investment of your time to learn about the option(s) that may be best for you and your online store. It’s time worth spending as the payoff in terms of more satisfied shoppers and customers can be significant.
Kadro is here to help. Should you want to learn which solution(s) is best for you, contact your Kadro Account Manager. Don't have one yet? Give us a call at (877) 435-3453.