3 Integration Challenges In Payments Processing And How To Handle Them

By Author: Amit K
Total Articles: 686
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The scope of the payment industry, more precisely the online payment industry, is considerably large. With emerging technology, online transfers are now faster, quicker and more comfortable. Stores demand a seamless sales process and consumers expect smooth shopping, the only feature common to merchants, as well as to customers, is stable and best payment solutions. However, with growing additional payment functionality and requests, the development of the payment industry is taking place in several directions. The challenges arrive with innovations and rewards. It is also important to be informed of these problems in order to decide on appropriate solutions.

Here are the integration challenges in payments processing

Technicalities
Simply placed, embracing online payments requires incorporating the technologies that enable a retailer to accept payment gateway solutions in India. But when it comes to the 'integration' component, it's more nuanced. Not all traders have the programming expertise that they need in the incorporation process, nor do all market platforms integrate smoothly with new platforms. Integration ...
... should be easy enough that the merchant does not require any programming skills. When it comes to incorporation with the company model, the optimized payment solution can be scalable. It should work into your business infrastructure as well as any other required business needs.
Many payment service vendors provide flexible payment solution integration. Based on your market infrastructure and specifications, you must select which payment solution vendor to choose from.

Chargebacks and frauds
Without a doubt, a merchant will accept that these two are the greatest obstacles for any company. Chargebacks can destroy the reputation of the consumer and can add incredible losses to the company. It has an effect on sales and an excessive amount of charges can result in the closure of merchant accounts.

Internet fraud is continually on the rise in the digital payment gateway solutions in India sector, not only causing losses but also harming the credibility of the company. Fraudulent abuse of internet transfers and infringements of privacy are holding companies at their fingertips.

When it comes to online payments, the convergence of modern and emerging technology such as tokenization, fraud management filters, cryptography is used by payment service providers to reduce fraud rates. Customers are now getting used to new technologies such as biometrics, PINs and OTPs.

In all of the aforementioned cases, companies must be diligent in identifying accurate answers.
Here are few general and basic practices to limit the chargeback instances.
· Clear refunds and return policy
· Shipment tracking
· Use detailed transaction reports
· Proficient service centre employees

Here is your chargeback guide

Compliances –
If your company is concerned with the best payment solutions processing, it is necessary to comply with the new privacy regulations. Any compliances emerge in the battle against cyber-crime, government and card schemes. The key purpose is to safeguard customer and transaction data (more confidential card information, such as customer identity, credit card number, address, etc.) in order to offer smooth and safe online transactions.

One such enforcement is PCI DSS. The Payment Card Industry Security Standards Council (PCI-SSC) has maintained standards for the privacy of cardholder records. This credential is required for any business concerned with online payment processing. The PCI DSS specifies security standards for these six regions.
· Build and maintain a secure network and systems
· Protect cardholder data
· Maintain a vulnerability management program
· Implement strong access control measures
· Regularly monitor and test networks
· Maintain an information security policy

The challenge is to select a payment system provider that can offer solutions that conform to the PCI DSS and still satisfy the government's regulatory requirements. Working with such PSPs can help traders establish trustworthy relationships with customers.