Integration of payment providers: lighten your IT!
Diversifying payment methods is now essential to meet the expectations of all your customers and boost your conversion.
However, integrating new payment providers can be a real technical challenge, especially when your IT teams are already overwhelmed by other projects. Fortunately, there are particularly efficient solutions for adopting new payment methods easily, while keeping your roadmap under control. Discover how to revolutionize the payments of your e-commerce site, without burdening your IT roadmap!
The importance of integrating new providers and payment methods
Adding new providers or payment methods to your platform is not only a question of trends, it is a decisive strategic approach for the expansion of your business.
The benefits of such an approach are numerous:
- Increase payment authorization rates, thanks to smart routing. This technology makes it possible to send each transaction to the PSP or to the most suitable purchaser according to the parameters selected, and is therefore not applicable for merchants with a unique PSP.
- Benefit from greater flexibility and security and be able to ensure the continuity of service even in the event of a failure of a PSP or the purchaser, because transactions can be sent to another provider, configured as a backup of the first.
- Reduce transaction fees, by increasing bargaining power with PSPs. By working with multiple providers, businesses can compare offers, negotiate lower rates, and choose the most economical solutions for their transactions, reducing the overall costs associated with payments.
- Open up to an international clientele. Payment methods and preferences differ greatly by region. By offering a diverse range of adapted payment solutions, you can attract customers from different countries and thus access new markets.
- Reduce cart abandonment by offering the best checkout paths, as customers are more likely to complete a purchase if they find a payment method that works for them.
- Finally, integrating new PSPs is also a way to innovate and stand out from the competition. By adopting the latest payment technologies, you offer a more modern and efficient user experience, a key factor in ensuring customer satisfaction.
The challenges related to the integration of a new PSP or payment method
While integrating new payment providers offers numerous benefits, it can also present significant challenges.
First, there is the technical complexity : each provider has its own specificities, and adapting them to your existing system can require specialized skills and be very time-consuming.
La securing payment data also represents a complex issue and involves strict compliance with the requirements of PCI DSS standards, while protecting sensitive customer data.
In this sense, The regulatory aspect cannot therefore be overlooked. The standards of conformity may vary from region to region, and staying up to date with these requirements while integrating new PSPs can be complex. This involves a Ongoing regulatory monitoring and may require the intervention of specialized legal advisers.
Let us also add that the integration of a new service provider or a new payment method leads to the management of a new flow of accounting receipts. It can complicate accounting reconciliation, and involves an effort to adapt to properly monitor and integrate these new financial flows.
Finally, customer buy-in is a major challenge. It is therefore essential to ensure smooth integration that doesn't disrupt the user experience.
PSP: what solutions for simplified and effective integration?
Faced with these challenges and for facilitate the integration of a new PSP, it is necessary to be able to rely on efficient technologies and tools.
Integrate a new PSP via API
The integration of a payment service provider by API has several advantages, starting with a great deal of flexibility that allows businesses to customize The payment experience according to their needs. It is also the option that offers the most complete user experience since online payment is made directly on the site, without disrupting the payment process. This approach also makes it easy to automate workflows and transactions. However, this integration comes with a certain technical complexity, which may require specialized skills for the implementation of the solution and its maintenance, as well as a strong responsibility towards data security, requiring constant vigilance.
Choose ready-to-use modules and plugins
Ready-to-use modules and plugins greatly simplify the integration of payment solutions, making the process accessible even for businesses without extensive technical expertise. This approach reduces implementation time and costs. However, it is accompanied by a limited customization And a dependence on the updates provided by the creator of Plugin, which can lead to vulnerabilities if they are not regularly addressed.
Rely on reliable technical support
Choosing providers that provide a support and personalized support is fundamental to ensure simplified integration payment services. Dedicated support makes it possible to understand and adapt payment solutions to business requirements, thus guaranteeing a optimal user experience. In addition, responsive support is essential to quickly resolve potential technical issues, reducing business interruptions and maintaining customer trust.
Equip yourself with a payment orchestration solution
Adopting a payment orchestration platform is ideal for businesses that want to streamline and optimize their payment processes without increasing their IT workload. This centralized solution, accessible via a unique API integration, eliminates the need to manage each payment service provider individually, thus reducing integration complexity and associated costs. It allows a simplified connection to a extensive network of payment partners, a valuable feature to adapt to market trends and the diverse payment preferences of consumers, including internationally. In addition, a payment orchestrator can boost your payment acceptance rate. For example, the backup feature gives you the possibility to name a backup PSP in the back office. Thus, in the event of a technical failure, transactions will automatically go to this chosen provider.
Purse Is a innovative payment orchestration platform that is transforming the payment experience to accelerate business growth. By centralizing payment management, Purse allows a direct, simplified and “no code” integration of more than 80 international payment partners and certified. In a single integration, you benefit from all the innovation of fintech and an agile combination of several payment solutions at the service of your profitability.
The objective?
Boost your operational efficiency and make your payment a hyper-personalized service with high added value.
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