Make sure your alternative payment methods are secure

Medium-sized companies are catching up to larger entities by offering their customers alternative payment methods that make it easier for them to purchase goods through cutting-edge digital services.

PayPal, for instance, has made the online checkout process easier than ever for digital consumers to navigate while contactless mobile payments through apps like Apple Pay, Google Wallet and Samsung Pay are exploding in popularity.

The advantages of alternative payment methods are that they cut down waiting times and give users greater flexibility than ever before when managing their finances, especially when on the move. Alternative payment methods are also fast finding favour with users when it comes to transferring money thanks to their convenience.

Implementing the right payment solutions into a medium-sized business can also attract new customers as well as improve an organisation’s productivity and profitability.

Beware though; alternative payments are not a perfect plug-in business solution. it’s worth partnering with a payments specialist to avoid the disadvantages of alternative payment methods.

Partnering with an experienced and supportive payment service provider can be one of the best ways to keep your business and its customers safe. Read our blog ‘Can an online payment service provider keep your customers safe?’ to learn more about payment security.

What are the disadvantages of alternative payment methods?

Though alternative payment methods are fast being adopted by an increasingly tech-savvy population, it’s of little surprise that those services are also being targeted by ambitious hackers and cybercriminals looking to exploit the technology.

Juniper Research believes that mobile wallet transactions are expected to grow to $1.35 trillion this year representing a 32% increase on 2016. It’s little wonder the market is a target for cybercriminals.

While demand for consumers is growing for alternative payment methods, businesses that supply them are finding that securing those services and integrating them into their company culture is one of their toughest challenges.

Senior managers often feel themselves pulled between the benefits of greater visibility and efficiency for the business and customers, while at the same time having to get to grips with the nuances of a tech-savvy threat dedicated to phishing. With 30% of all mobile sales rejected by fraud, is an alternative future really worth it?

The advantages of alternative payment methods outweigh the negatives

We believe the answer is an unequivocal yes. Medium-sized businesses looking to take the next step can enjoy enormous benefits by introducing alternative payments to the way they work.

Counteracting the security issue is more a question of how you implement alternatives into your business structure, build relationships with consumers and financial institutions, navigate compliance and other essential factors.

The world of alternative payment technology can often pass time-poor managers and CEOs by. Understandably too; security is one of the primary reasons consumers shop with a business. Who wants to trade with a company who can’t guarantee the protection of a simple secure payment?

Knowing your customers, your market and how it acts is an essential part of the fraud prevention process, as is implementing the right systems to combat fraud and offer your customers an extra degree of security when they shop with your business. Putting serious effort into alternative fraud prevention can also increase consumer confidence and help your business to reach the next level.

If you’re looking at implementing alternative payment methods into your business to improve consumer efficiency, modernise your business and streamline internal processes, you need to choose the right ones. Contact Fibonatix to find out more.

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