Thanks to modern technologies, business-to-business (B2B) and business-to-customer (B2C) experiences with mobile payments, e-wallets, and contactless cards have become simpler and smoother. The online payment processing market is growing, and users are increasingly demanding additional payment features and options.

Traditional banking models are not enough: providershave to provide peer-to-peer (P2P) payments and to promote a cashless society that can enable any purchase, even mechanical transactions like parking meters or vending machines. Merchants, processors and usersface technical challenges as a result of these demands. These challenges include:

Fraud and Chargebacks

Online transactions are card-not-present or CNP transactions. With the expansion of e-commerce, fraudulent transactions and data theft have grown simultaneously. Chargebackscan not only cost you much but also damage your business reputation and kill your business. Sometimes, chargebacks are the result of legitimate issues. However, chargebacks can be reduced or eliminated if you provide customer services based on know-your-customer principles, and merchant accessibility.

Cross-Border Transactions

Cross-border payments may not be fast, efficient and affordable, but they are of special importance from the aspect of theglobal trade. New developments result in new cross-border payment requirements. For example, payment systems will manage credit risk, liquidity, and costs more effectively.

Card Data Security

Every merchant or business accepting credit or debit cards online or off should get Payment Card Industry Data Security Standards (PCI DSS) certification.Customer and card data security is top priority. Anyone doing business online should either acquire PCI DSS Level 1 certification or use a PSP-hosted payment page.

Multi-Currency and Payment Methods

Global e-commerce implies accepting variouspayment methods and currencies. Thanks to e-wallets, mobile payments, and credit/debit cards, online merchants compete in international markets and enable their customers to pay in their native currencies. When it comes to merchants, multi-currency, cross-border transactions can require new bank accounts, new business entities, and new regulatory obstacles in national markets. Thanks to a payment service provider with the right infrastructure, merchants can get effective and immediate solutions to the mentioned problems.

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Technical Integration

Credit card-affiliated payment processors provide more security but can be costly for online retailers. The lack of interface between processing systems can make it difficult or impossible for a PSP to connect with other systems, which can result in processing and payment delays, lost transactions, and higher fees.

In true real-time processing, integrated systems and gateways are important for liquidity issues, minimize delays, and preserve online transaction integrity. Thanks to a payment processor that provides immediate and individually processed transactions, it’s possible to open client accounts in more than 1 acquiring bank. This will help avoid the delays often found with automated clearinghouse processes.