Top merchant pain points that payment services providers need to address

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Merchant pain points need to be addressed by Payment Service Provider




1. Unstable Sandbox Environment

To get a feel for the system, a merchant needs a sandbox environment where he can test the application. An incomplete, unstable or unavailable testing zone makes it impossible for merchants to ascertain the capability of the service.

  1. Technical Integration Unavailability

Oftentimes during an upgrade or change of a merchant’s application like an accounting software, a CRM or an ERP, the linked Payment Systems become incompatible. In these situations, a custom integration by the payment service providers can help merchants.

  1. Number of Chargebacks

Chargeback policies, in general, are designed to favour the consumer over the merchant. Payment Service Providers that can minimize chargebacks through features like country BIN blocking, flagging suspicious transactions etc can help merchants save on Chargeback Fees.

  1. Complex troubleshooting

Sometimes issues arise while integration or normal processing of payments. The systems should be so designed that the simpler issues can be resolved by troubleshooting by the merchant himself.

  1. Card Data Security

Data breaches not only erodes customer’s trust in the merchant but can also result in a significant monetary loss. A PCI-DSS Compliance by the Payment Service providers ensures the security of all transactions on the network.

  1. Slow Processing

Slow payment processing both at the back and front end frustrate the user leading to high abandon rates. PSPs need to find the root cause of the issues and take appropriate measure.

  1. Declined transactions

Transactions can be declined due to several factors including, wrong details entered by the cardholder or a technical glitch in the PSP or card issuer network. If the issue lies with the Payment Service Provider, an early detection and resolution needs to done so as to minimize loses to the merchant.

  1. Mobile Payments

Some payment service providers still do not provide Mobile-friendly payment pages leading to bad user experience cumulating in loses to the merchant. With everyone using a smartphone it makes sense to provide mobile-friendly payment pages.

  1. Long Set-up times

From receiving, screening documents to creating accounts and setting up, PSPs can take up to a week’s time or longer before a merchant can start accepting payments. For merchants looking for a quick launch, this wait can be frustrating. All steps leading to launching should be automated to reduce the set-up time.

  1. Multi-lingual support

PSP’s serving a small geographic region don’t have the capability to offer payment receipts and payment pages to merchants, who might need multilingual applications to cater to an occasional customer.