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 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 the assurance 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 more. As a seller, implementing a webstore brings many benefits, but it can also add an additional administrative burden if the system does not have the right payment management capabilities. On top of buyer requirements, businesses should also consider the following features:

• Transaction Cost Management

  With every transaction being subject to a fee, it is important to maximize payment and interchange discounts while reducing transaction fees for better profit margins. It is also essential to qualify cards at the lowest possible transaction rates and prevent interchange downgrades that could increase costs. Businesses need their payment system to help manage rising EFT transaction costs whenever possible.

• 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 system. Streamlining the posting of payments to the ERP system’s accounts receivable and general ledger is critical to avoid administrative challenges. Businesses should also look for features like invoice reconciliation, payment schedules, recurring billing, and automated customer notifications.

• Additional Security Features

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

iSolutions Payments

iSolutions Payments offers a payment solution that addresses both buyer and seller requirements and works seamlessly with i95Dev Commerce implementations. The credit card payment processing industry can be confusing and sometimes deceptive. Many businesses believe they are receiving the best rates, but often face hidden fees or unnecessary services. iSolutions aims to provide transparent pricing, reliable service, and cost-effective solutions.

iSolutions makes it easy for businesses and their customers to conduct secure payments, with seamless integration into popular shopping carts and ERP/CRM platforms for smooth transaction management.

Want to learn more? Email us at support@isolutionsgroup.com or click here.