Retail business problems and how Payop can help solve them
Retailers face a number of payment-related challenges all the time. For instance, a difficult checkout flow can lead to cart abandonment and, as a result, revenue loss. However, according to Baymard, an optimised checkout could increase conversion rates by up to 35,26%. So let’s look into the most universal issues and find out how you can solve them and possibly even turn to your advantage.
Payment security
Problem:
Retailers regularly face the threat of payment fraud and data breaches, with annual losses exceeding $40 million since 2022, according to Mastercard. As technology evolves, so do the methods used by cybercriminals, putting customer data and financial transactions at constant risk.
Solution:
Payop implements robust security measures to protect your customer data and prevent unauthorised transactions:
- Encryption technology ensures that every piece of data, from customer details to transaction information, is transformed into an unreadable code. Even if intercepted, the encrypted data remains indecipherable without the corresponding decryption key.
- Tokenisation is an additional security measure that replaces sensitive data with unique tokens. This means that even if a hacker gains access to the tokenized data, it holds no value without the corresponding reference to the original information. Simply said, it makes the data unobtainable.
- Real-time fraud detection allows to analyse transaction patterns, identifying anomalies or suspicious activities. In the event of a potentially fraudulent transaction, Payop promptly intervenes, preventing unauthorised access and protecting both the retailer and the customer.
Global payment acceptance
Problem:
Entering international markets is a desirable goal for many retailers, but they often face many challenges due to the diverse payment methods and currencies. Opening multiple accounts, the associated paperwork, regulatory requirements – the list goes on and on.
Solution:
Here, Payop acts as a bridge between businesses and customers in over 170 countries in which it operates. Retailers can conduct transactions in 100+ currencies using 500 local and international payment methods within a single contract, offering clients the flexibility to pay in their local currency in a preferred way.
This not only simplifies the buying process but also eliminates the negativity associated with currency conversion, creating a positive and inclusive shopping experience.
Integration with various payment methods
Problem:
It is not enough to simply connect one or two most famous payment methods. Many customers have specific preferences, including credit cards, digital wallets and alternative payment options. According to Forbes, if they don’t find a trusted payment option at checkout, 8% of the time it will result in cart abandonment.
Solution:
As was already said, with Payop retailers get access to over 500 payment methods within one contract and one integration. Merchants can choose one of the following connection options:
- Payop checkout page with all payment methods available for their industry
- separate methods that are particularly popular among their payers
- Payop plugin for WooCommerce, X-cart, Open cart and PrestaShop
This simplifies the process for retailers and offers their customers flexibility and convenience in choosing their preferred payment option.
Chargeback management
Problem:
A chargeback occurs when a customer contacts their bank and disputes a transaction, often due to unauthorised payment or dissatisfaction with the product or service. The first reason is the most common and can lead not only to revenue loss but also to reputational damage. And this last point cannot be underestimated, as no one wants to be considered unreliable. It can cause even the most successful business to collapse.
Solution:
With an advanced anti-fraud solution, Payop reduces the likelihood of chargebacks to a minimum by identifying and blocking potentially fraudulent activities. This prevents loss of revenue but, perhaps even more importantly, allows you to gain customer loyalty and trust.
Customer experience
Problem:
A complex checkout process can be a major obstacle to delivering a positive customer experience. According to Hotjar, 17% of shoppers will not complete a purchase if the payment flow is too long or confusing. This is especially true for the category of more expensive non-essential goods.
Solution:
When parting with money, the client should enjoy it. Difficulties with payment can often cause thoughts such as “Do I really need it?” To prevent this and recognising the importance of an overall positive customer experience, Payop offers a simple, intuitive and convenient payment process. The result is increased customer satisfaction.
With all of the above in mind, Payop is a comprehensive solution to the multiple challenges faced by the retail industry. By addressing issues related to payment security, global payment acceptance, integration with multiple payment methods, chargeback management and customer service, Payop enables retailers to navigate the complex financial landscape confidently. As the retail sector continues to evolve, Payop acts as a trusted partner, ensuring businesses not only survive but thrive.