The Payment Process – the Final,
Crucial Step in the eCommerce Customer Experience

One of the most important steps in an e-commerce transaction is the checkout and payment process. Yet the majority of attention during an e-commerce solution evaluation is usually focused on the product selection experience. While there is no question that the way products and services are presented and selected is a vital aspect of the process, both parties (buyer and seller) want to have confidence in the ultimate financial transaction as well.  The checkout and payment step in the online shopping experience can be considered to have an equally significant impact on both the buyer’s and the seller’s involvement in the transaction. 

From the buyer’s perspective

, customers are more demanding than ever in how an online payment process is executed. Especially with the continued growth and shift to online purchasing compared to in-store sales. Buyers expect more today because they are exposed to a greater frequency of online purchasing transactions, and from a wider variety of sellers. They have also come to know the difference between a quality, trusted experience and one that is not. Customers want to interact with webstores that can provide the following:

• Flexible Payment Options

  – Whether it is a B2C transaction with a direct credit card payment or a B2B payment against an invoice, customers want to have some flexibility in their payment options, including recurring payments, partial payments, and emailed receipts and reminders. They may want to schedule their payments or make progress payments and receive email communications after transactions are made and reminders if payment is coming due. 

• Trusted Security

  – Knowing that the payment processor is using the latest technology with Payment Card Industry Data Security Standard (PCI DSS) compliance is crucial. Buyers will not become loyal, repeat customers, if there is any doubt about the security of their credit card or personal information when purchasing online. 

• Reliability

  – Customers want assurance that their transaction will be correctly processed, and have confidence that if there are any issues, they can be quickly remedied. Customer loyalty is also based on a reliance that there will not be an incorrect or double charge on their card. 

From the seller’s perspective

, businesses want many of the same qualities that the buyer is looking for, and much, much more. As a seller, implementing a webstore brings many benefits but it can also add an additional administrative burden to the organization if the system does not have the right payment management capabilities. On top of the buyer requirements, businesses should also consider the following additional features: 

• Transaction Cost Management

  – With every transaction being subject to a fee, it is important to have the ability to maximize payment, interchange discounts, and reduce transaction fees for better profit margins. It is also essential to be able to qualify cards at the lowest possible transaction rates and prevent interchange downgrades that could cause an increase in the transaction rate. Businesses need their payment system to help them manage the rising costs of their EFT transactions whenever they can.  

• Accounting System Integration

  – The processing of an online payment does not end with the funds transfer, as those transactions must be accounted for in the organization’s financial business system. Having the ability to streamline the process of posting payments to the ERP system’s accounts receivable and general ledger is critical in order to ensure online payments do not become an administrative nightmare. Businesses should also look for a payment system’s integration to include invoice reconciliation and accommodate features such as payment schedules, recurring billing, and automated customer notifications each step of the way. 

• Additional Security Features

  – Businesses are expected to protect customer data more than ever before, making it necessary to choose a payment system that provides the ability to store customer card information securely and off-site in the cloud. Data encryption and tokenization are also essential for maximum security. Security leads to trust, and trust leads to loyalty and repeat business. 

iSolutions Payments offers a payment solution that addresses both the buyer and seller requirements and works seamlessly with i95Dev Commerce implementations. The credit card payment processing industry can be a confusing, deceptive place. Many businesses are told by their processing companies that they are receiving the best rates available when, in reality, they’re hit with hidden fees and charges or are pigeonholed into plans and services they don’t really need. iSolutions vows to offer the best service possible at reasonable prices and to provide complete transparency with its customers. iSolutions makes it easy for businesses and their customers to conduct easy and secure payments and integration to the most popular shopping cart and ERP/CRM platforms for quick and smooth payment transaction management. 

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