What are the benefits of online payments?

As more people get used to browsing from the comfort of their home, learn the benefits of taking online payments securely and efficiently.

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The popularity e-commerce has been growing steadily in recent years, but this has jumped to highs of around 30 per cent of consumers now shopping online due to the pandemic.

We’ve seen many small businesses adapting during COVID-19 by increasing their online offering, starting deliveries or even jumping into the world of e-commerce for the first time and learning new skills.

Whether you’re a digital guru or you’re ready to make your first online sale, discover how taking payments online can support your business to keep trading safely.

How do online payments work?

A payment gateway, such as Worldpay, links your website to a payment processing network to secure and authenticate a transaction. It typically comes with additional services such as Pay by Link for email, and virtual terminals allow you to take payments over the phone.

What are the benefits of online payments?

Speed

Think about the last time you bought something online – was it easy to checkout? No one wants to sit through a slow or lengthy process if your competitor has a better experience.

With many shoppers now taking a simple checkout process for granted, it’s a no brainer.

Offering faster ways to pay is something that your customers will appreciate, and this can lead to more conversions as a result.

Security

Integrating a secure online payments method is essential for giving your customer peace of mind and limiting the impact of fraud on your business.

When someone pays through your website, you’re not able to check the card yourself. However, a series of checks are carried on the card to help identify and decline fraudulent cards.

You can choose whether to use card verification codes (CVC) and address verification services to confirm that someone’s details are legitimate.

From 31 December 2020, new Strong Customer Authentication regulations will change how consumers in the EU pay online. The UK will also implement these regulations in September 2021.

These regulations are designed to protect consumers from fraud. When they take effect, you will sometimes need to prove consumers’ identities when taking online payments.

The most important change is to make sure if you are taking card payments you have enabled 3D Secure on all transactions. This will be used to prove consumers’ identities once the regulations take effect.

The options are 3D Secure Version 1 or 3D Secure Version 2. 3D Secure Version 2 offers an improved authentication experience on mobile devices. It will also protect you against the implications of Visa’s fraud protection liability cover mandate taking effect from October 2021.

Payment Card Industry Data Security Standard (PCI-DSS)

Accepting card payments means staying compliant with the Payment Card Industry Data Security Standard (PCI-DSS). Worldpay offer a Safer Payments programme that will guide you step-by-step to achieve compliance.

Flexibility

Don’t have a website or online shop? You can take secure payments over the phone with a virtual terminal, or through email with Pay by Link. These integrate with your online dashboard, meaning you can see all information about payments and invoices at a glance.

Your customers will have more choice and flexibility with how they shop, allowing them to pay in a way that suits them.

Real time data

Want to know how your new sale or product launch is going? With a live dashboard, you can quickly see when purchases are made on your website.

When a customer pays online or through another secure method, you’re able to see details right away through Worldpay’s online dashboard. Easy access to your daily figures can help you with your cash flow management and tracking the success of your marketing efforts.

If you need to refund a customer or get more information about an order, the information you need is only a click away.

Wondering if you’re hitting your monthly targets? With online payments, you can export reports as and when you need them, giving you greater flexibility.

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