Deciding on your next payment services provider is a big decision. Payment security, payment method accessibility, and fraud protection should be on the top of your list of priorities. Here are just some of the boxes you should tick before working with a new payment partner.
There is nothing more important than security when it comes to a payment services provider. PCI DSS compliance and data tokenization greatly increase the security of online transactions — so you’ll want these from your next payment provider.
PCI DSS Compliance
The Payment Card Industry Data Security Standard (PCI DSS) is a standardized set of security requirements. Since its inception in 2006, PCI DSS has become a constantly evolving and improving method of maximizing payment security.
Required for all Australian businesses that accept online payments, PCI DSS compliance is an absolute must. At its core, PCI DSS reduces the risk of data loss during secure transactions.
A cutting-edge method of data protection, data tokenization is an excellent way of gauging a payment provider’s security. Tokenization requires customers to input their real credit card number only once — that number is then secured in a digital vault. The customer is then issued a digital ‘token’ that’s used to process their online transactions, ensuring the real credit card number is never exposed.
Payment Method Accessibility
A payment provider must be able to cater for as many customers as possible. Lack of support for a customer’s preferred payment method is a surefire way to lose a sale. This means payment accessibility is another must-have when you’re looking for your next payment provider.
Visa and Mastercard
Visa and Mastercard represent more than 91% of the total credit card purchases made in 2018. On top of that, they comprise nearly 84% of the total value of credit purchases. It’s a massive market — missing out on Visa or Mastercard is a losing proposition for most business owners.
Debit cards under these same schemes also account for over 50% of non-cash payments in Australia. Along with cash, debit cards are the most popular payment option in common circulation.
A payment provider that offers support for both credit and debit cards has never been more important. The growth rate of debit card payments significantly overshadows the growth rate of credit card payments (14% to 7%).
While not as popular as Visa or MasterCard, American Express accounts for almost 9% of all credit card transactions. The American-based card provider, however, represents over 16% of the total value of all credit purchases. This means customers are more likely to use American Express for high-value transactions.
Australia’s most popular bill pay service, BPAY is used by over 60% of Australians to pay their monthly bills. With more than 1.5 million transactions per day, BPAY controls a significant share of the payment market, which means it’s yet another option you’ll want to offer your customers.
Fraud and chargebacks are two unfortunate realities of modern business. The right payment services provider is a proactive one that offers:
- Real-time merchant monitoring
- Automated transaction analyses
- CVV/CVC validation systems
- Post-order reviews and confirmations
- On-call fraud experts
Where to next?
If you’re looking for a payment services provider that gives you all these features and more, consider speaking with IntegraPay. Our team of friendly payment experts can help you improve your payment security, offer more payment options and reduce your exposure to fraud. To get started, simply get in touch today and we’ll be happy to help.