Most online merchants are familiar with the basic necessities for accepting online payments – beginning with the payment gateway. Merchants using services like Shopify, Wix, and other off-the-shelf e-commerce technology typically have access to an integrated payment gateway through their chosen webshop provider. But this provides only limited functionality.
For merchants seeking to optimize their online payments, or who need to accept payments in a wider range of global markets, it’s a good idea to consider working with a partner who can deliver multiple integrated payment services.
Here are some examples of typical value-added services to look for which can optimize the processing of online payments:
1. Supported payment methods and geographical locations
When choosing a payment provider, check if it supports the major credit card networks and popular e-wallets. Make sure that it also offers a broad range of local payment methods if you’re planning to target specific geographic locations, and alternative payment methods beyond just the typical global e-wallets and bank transfers.
At the same time as customers expect to see a variety of payment method options upon checkout, local and alternative payment methods are also one way to increase approval rates, lower transaction costs, and battle false declines. In addition to carrying lower fees, in most cases local payments have a better chance of getting approved and are less likely to trigger fraud filters.
For these reasons, choosing a payment provider with global reach can be a smart move. The PayU Hub allows merchants to sell anywhere in the world through one platform while offering hundreds of local, global, and alternative payment methods tailored to the needs of individual markets.
2. Security and Compliance
Next, merchants should check whether their online payment processing company meets the Payment Card Industry Data Security Standard (PCI DSS). PCI DSS applies to anyone that handles user credit card data, and is governed by over 400 sub-requirements and test procedures based on each party’s level of data handling or “PCI scope”.
In the payment world, security goes hand in hand with compliance. Incorporating key security features into your payment provider is the best way to stay compliant with PCI and other industry standards.
PayU leverages our status as a PCI Level 1-certified online payment processor to deliver industry-leading payment security as part of our global payment offering.
3. Automation and payment AI
Merchants can benefit from multiple levels of AI and automation when it comes to managing payments. Automated tools are a must-have for managing payments and help merchants boost customer retention.
At the same time, innovative AI-based functionalities like instant retry and intelligent routing can help merchants lower costs and boost approval rates by sending payments through the optimal combination of global providers. PayU’s Smart Routing Engine holds a US patent and gives merchants the opportunity to establish customized routing rules that can also block unwanted transactions.
4. Cost efficiency
With so many parties involved in each global transaction, it can be a challenge to find efficiencies when working with too many payment providers at once. PayU offers an advanced payment technology stack with a quick onboarding of just a few minutes to set-up the platform.
In addition to benefiting from tools like smart routing, a good way to limit excess transaction costs is to use one global payment solution that can deliver the full payment package at scale and offer lower costs on each payment.
PayU offers a global acquiring strategy with a local approach resulting in higher authorization rates, lower transaction fees, and faster settlement in each market.