Whether you have an established eCommerce business or are just getting started, the question of how to deal with online payment processing is a critically important one. Even if a business has the resources to handle the various elements of payment processing in-house, there are a lot of reasons why it can be beneficial to consider outsourcing those processes. Using a 3rd party checkout process to outsource your payment processing seems like the best choice.
Reduce Complexity
In the “olden days” of eCommerce, merchants had few options when it came to online payment processing. It was a complicated procedure that required in-depth knowledge of web technology and how to navigate the vast and complex credit card industry. Many of the barriers to starting an online business have fallen away in recent years, but the complexity of payment processing is still alive and well. Handling it in-house can require dedicated and expensive staff resources that could be focused on other important business activities. Additionally, problems or needs can arise at inopportune times that require immediate attention, even outside normal business hours or in the middle of the night; handling these problems yourself can be burdensome and stressful, and you may not know how to proceed.
Improved Security
At first glance, it might seem almost counterintuitive to think of outsourcing your checkout process as a solution to improving the security of transactions, but one of the main benefits of outsourcing your checkout process is the ability to rely on the expertise of a payment processing service. The truth is that security technology is complicated and endlessly evolving; trying to stay on top of the latest software and security risks is a time-consuming activity that your business may not be equipped for.
Fraud Protection
An issue related to security concerns is the ongoing potential for fraud. Because the payment processing industry is so large and complicated, merchants often have very few tools at their disposal to actually combat fraud. When a fraudulent chargeback comes through, for example, the primary course of action a merchant can take is to dispute the purchaser’s claim and hope for a resolution in their favor. Outsourcing your checkout process, however, can provide a merchant with technology to prevent chargebacks as well as support for if and when they happen.
Mitigating Risk
Running an eCommerce business can present numerous risks – and not just in terms of chargebacks – particularly for merchants who are just starting out. Indeed, one of the biggest challenges for a new business is not knowing all the ins and outs of payment processing and how they might affect you. In the event of a security breach, for example, customer data could be stolen, and it is the merchant’s responsibility to be proactive with informing those customers; failure to do so could very well lead to being sued. It is precisely the risks you can’t think of that offer a compelling reason to outsource.
Compliance
Compliance is one of those words that conjures images of bureaucrats sitting at desks under fluorescent lights; in other words, maintaining compliance with various regulations can be a tedious part of running an online business. Nevertheless, businesses are obligated to comply with PCI Data Security Standards (PCI DSS). What are those standards? How do you meet them? What if they change? These are all questions best left to outsourced experts.
Trust Payment Processing to PayCafe
Having a partner to help ease the burden of payment processing can be part of a successful overall strategy. PayCafe wants to be a partner who can guide you through the ongoing process of accepting online payments while helping you reduce risk and allow you to focus on your core business. Outsourcing your checkout process to PayCafe means having access to bank-grade security, data encryption, compliance monitoring, fraud prevention, chargeback defense, and a hassle-free interface that is easy to use and simple to integrate into your site.