3 Ways Top Payment Service Providers Can Deliver More Value to Your Customers
For large platforms and marketplaces, business owners are the primary customer. And like any customer, if they’re going to stick around, they expect to have their needs met.
In this post, we will look at three ways your payment service provider can make your customers happy.
1. Security & Fraud Defense
Customers crave the convenience of online payments, but many fear online security issues. To help business owners ease those security concerns, you need to show that their payment solution has the chops to keep them and their customers safe. When picking a payment provider, there are several key security features to look for — all of which are essential in protecting businesses and their customers from fraud and chargebacks.
Top payment service providers will offer the following:
- Address Verification (AVS), to match address to what is on file with the card brand, ie Visa, MasterCard, and AMEX
- Card Verification Code (CVC), to ensure the purchaser has the physical credit card by matching the three-four digit code found on the back of a credit card with what is on file with the card brand
- Tokenization, so sensitive account data is replaced by randomly generated numbers when transmitted
- PCI Compliance to demonstrate responsible credit card handling (an expectation by now, but important nevertheless)
Together, these tools do a lot to reduce credit card fraud—which means fewer chargebacks and unexpected costs. A solution that includes industry-leading security is attractive for small business owners, who often don’t have access to these tools on their own.
At Bambora, we design our payment tools with security in mind. The less time you have to focus on fraud and security, the more time you can focus on delivering exceptional customer service to your users.
2. Custom Integration
We all want flexibility — from our friends, our loved ones, our bosses. Top payment service providers are no exception. They should provide their partners with a range of integration options.
Integrated payment solutions mean payments are built right into your platform, so your customers will be able to accept payments as soon as they sign up with you. That’s a huge value add for small businesses who aren’t familiar with the payment processing industry, and who want to get set up quickly and carry on with business.
3. Tested Expertise
As the payments industry becomes more saturated, experience is what sets the best apart. When choosing a provider, look beyond the product and consider the people running it. How established are they? How reputable is their customer service?
Having been in business since 2000, Bambora's North American office (previously known as Beanstream) is one of the oldest and most experienced providers in the payments industry. Where others are just getting their feet wet, we’ve earned our stripes through nearly 20 years of tested innovation and expertise.
As a payments partner, delivering top-notch security and customer service is always front of mind. By aligning with top payment service providers, like Bambora, you’ll know that your clients are receiving the seamless experience they’re after.
Image credits: Stock Rocket / Shutterstock.com
Did you like this and want more like it? We can deliver more straight to your inbox!