In today’s day and age both consumers and online merchants naturally assume that buying and selling online should be an easy, seamless and safe process. However, most people don’t understand the intricacies that go into ecommerce transactions and how complicated they can actually be.
A typical ecommerce transaction triggers complex automated processes that involve downstream players such as, banks and payment processors to name just a few. Additionally, technological advances in smartphones and e-wallets, changing purchasing behaviors, and demand for cross-border, multi-currency electronic payments have caused payment service provider competition to maintain and increase market share.
There are many solutions to B2B and B2C experiences with new technologies such as, mobile payments, e-wallets and contactless cards. And, as the online shopping market grows, demand for additional payment features and options grows with it. This puts payment providers under pressure to provide payment solutions beyond traditional banking models, and to facilitate a cashless society that can enable any purchase. However, with these demands comes technical challenges for merchants, processors, and users up and down the transaction path.
Learn more about the 5 main challenges in online payments and how to combat them in the presentation below: