Developers

What type of payment(s) suits you best

Different vertical markets, eCommerce products and consumer demographics require different payment product sets. A key consideration to boosting your conversion rates and maximizing revenue is by allowing your consumers to pay the way they want to pay, with payment products that suit your business model. Three options to offer are:

1.    Appropriate Payment Options

Whatever alternative payment methods you choose, make sure that they are appropriate for your business. Consider your consumer demographic, average transaction value (ATV) and whether the nature of your business relies on one-off payments, subscriptions or recurring payments.

2.    Locally Appropriate Payment Options

Giving consumers the option to pay using their preferred method is a great way to significantly boost your conversions and in some markets, this can be considered a critical success factor for your online business.

3.    Enabling In-app Payments

Take full advantage of your mobile-centric marketing strategy and allow consumers to perform payments quickly, easily and conveniently, directly from your mobile app.

Use a payment model that suits your business

Depending on your business model, you may want to authorize and capture payments immediately, wait until goods are ready for shipping before capturing payments, use a card for recurring payments or returning customers, or authorize a card for later use.

Key components of the GlobalCollect platform are:

Create order and payment in one call

Using the REST API, you get real time authorization and capture in one simple call

Pre authorization ("Authorization hold")  and delayed settlement

You may want to ensure that a card is valid and the funds on the consumer’s account are reserved, for example to check the availability of stock before shipping, or to allow for a ‘cooling off period’ before charging the card.

Delayed/Partial Settlement

Assuming a successful pre-authorization, you have the ability to capture funds once stock availability is confirmed, a cooling off period is completed, or a guest checks out (for example).

Zero Value/1 Unit Authorization

You may wish to ensure that a card is valid before any payment attempt is made without reserving an actual value on the consumer's account, for example to enable a consumer to register for a free trial period or to create a payment "token" for future payments (see "Tokenization").

Tokenization

If you have consumers who are likely to generate repeat business, pay on a subscription basis, or be given the option to pay for goods or services with a single click, you can take advantage of the "tokenization" option to enable payments without a cardholder having to re-renter their card details, all in a way that minimizes your PCI compliance requirements.

Recurring Payments

Use tokenization to make repeat captures based on securely stored card details and minimize your PCI compliance obligations.

Returning/Regular Consumers

When consumers make the decision to make repeat purchases, you want to make the experience as easy, secure and frictionless as possible. By tokenizing consumers card details, you can enable them to make a payment with one simple click, meaning no cumbersome or time consuming entry of card details, and a quick and frictionless payment experience.

Best Practices

3D Secure

Depending on the market and payment culture, 3D Secure can be a mandatory requirement; a conversion booster or a conversion killer. You can also make value judgments on when to use 3D Secure based on factors such as your average transaction value, likely consumer demographic, or product/service fraud risk profile.

Managing Failed Payments

There will always be circumstances where a consumer's payment attempt fails. Do not scare them off with a red rejection message - let them know that this particular attempt was not successful and offer the option to pay with an alternative method, keeping the consumer happy and improving your chances of converting another successful sale.

Managing Consumer Drop-off

If you have captured a consumer's e-mail address, do not let them just walk away if they fail to complete the payment; they may have simply been distracted or not fully convinced about the proposition to make the final payment step. Send an e-mail reminder, maybe with an additional incentive, as a means to convert and finalize more sales.

Use Soft Descriptors

Prevent ‘friendly fraud’ by showing consumers an accurate description of the services supplied on their card statement (based on acquirer capabilities). Part of the automated fraud screening, is screening transactions before authorization and the implementation of fraud rules.

Consider Finance and Reconciliation

For every order, we will generate an Order ID to track and manage the payments end-to-end. Provide your own Merchant Reference to support effective and efficient payments tracking and reconciliation within your commerce platform, OMS and financial systems.

Get in contact with us to discuss the most appropriate options for you. For more information, check the best practices info on Digital content, Video gaming, Retail, and OTA.