By Michael Auger
Everything is important when it comes to running your business. As an online store owner, getting money from point A, your website, to point B, your bank account, should be at or near the top of your priority list. New payment technologies surface daily to make this process safer and easier. There are a number of exciting technologies on the horizon, from scanning a QR code to complete the checkout process, to order completion that happens on a mobile device instead of on a PC. From a risk perspective, here are a few things you need to consider when looking at new payment technologies.
Having multiple ways to collect money from your online store is a great idea, but you need to be sure that the ecommerce platform you are using, as well as the payment gateway, meets or exceeds all Payment Card Industry (PCI) requirements. While PayPal is a tried and true method that may not be considered a new technology, it provides a number of different processing options that should be on your shortlist of tools. In 2014, PayPal will launch Payment Code. It will allow consumers to make purchases by scanning a QR code on their mobile phone, as well as receive a four-digit code on their phone to complete a purchase.
Tokenization of payment information is a newer technology that has enjoyed some growth recently. First Data and Shift4 utilize this “token” method to encrypt site visitor payment data. It is extremely secure because sensitive data is replaced with a unique identifier. This method helps prevent theft of stored credit card information.
If your site does not have a simple, elegant and fast way to process payments from mobile devices, you are most likely missing out on a piece of revenue. A mobile version of your site that allows for credit card or PayPal order completion is a requirement for any online store that is thinking about alternative payment methods. A miniature, hard to read version of your main site is definitely not mobile friendly. Keeping up with new payment technologies and keeping your site mobile friendly ensures that you can provide your customers with the best experience, and one that is also safe and secure.