If you are an adult in today’s world, it is about 99.9% certain you have purchased an item or service online or through mail-order. During the payment processing part, you were participating in what is called ‘card not present,’ or CNP. You probably do not give it much thought, but there is a company taking care of the transaction between the provider of the service or product and your bank.
A payment processing solution.
The company that verifies your preferred payment method and shuttles the information along to the merchant is a third-party service that also has the authority to decline the transaction. Reasons a sale may be declined are:
- 1. Expired credit card
2. Card information entered incorrectly
3. Max amount was withdrawn
4. Your bank will not approve an international transaction
When a transaction does not go through, contact your bank. They will be able to tell you what the problem was.
Secure payment systems.
E-commerce in the U.S. generates $1.2 million in sales every 30 seconds. With that much money being transferred around the internet, security is a prime concern. One study on the shopping habits of young adults found that 60% said a reliable experience over the phone or on the web is an important consideration when choosing where to shop.
A few years ago, when a well-known shopping store’s security was compromised, people took their business elsewhere. Customers want to trust who they are shopping with to provide the necessary security when they give out their bank information. A payment processing solution may be to redouble the checks made on security. People want secure payment options.
Customer Service still matters.
In a survey, 55% of participants admitted they would willingly pay more for products if it resulted in better customer service. Even when shopping online to avoid other people, customers want to know that there is a human being they can talk to if they have questions. Customer service is paramount when a dispute arises concerning a payment or refund.
There are many different companies that offer payment processing solutions to online stores. But more stores and service providers are making the leap to offering an easier way for customers to pay with a card securely and easily.