Cashless payments keep accelerating globally across services from e-commerce to parking meters. Meeting rising transaction volume and customer payment preferences depends increasingly on agile, seamlessly integrated software systems for processing traditional and emerging payment methods with speed, security and convenience.
Optimizing Checkout Conversion
Boosting online checkout conversion is pivotal for revenue, and software drives key capabilities like buy-now-pay-later flexibility, automated fraud prevention, and letting customers switch effortlessly between different payment options displayed in customized combinations. The right payment software also makes data-driven recommendations on optimal payment choices and terms for individual shoppers using machine learning algorithms.
Getting Payments Infrastructure Right
On the back-end, seamlessly syncing the latest customer payment data across accounting, billing, ERP, CRM and other systems is now essential. APIs allow easy integration between core business software and external applications for payment acceptance, data sharing with banks and processors, token generation supporting mobile wallets and emerging payment types, dispute handling and reconciliations. Reliable infrastructure software synchronizes everything.
Protecting Payments Data
With payment data protection now subject to compliance regulations around consumer privacy and industry governance standards on security safeguards, the software also plays a pivotal role upholding institutional obligations. Solutions encompassing data access controls, robust encryption, key management, Hardware Security Module devices, credential management and activity monitoring provide layered controls while enabling auditability.
Future-Proofing for What’s Next
Payments innovation won’t slow down, so payment providers need software built for flexibility. Whether it’s contactless credit cards, cryptocurrency acceptance, instalment plans, new mobile wallets or something entirely fresh, future-focused software offers simplicity in activating emerging payment products via configuration vs. needing new development. The right solutions continue adding capabilities without complexity.
Payments software must check all boxes for consumers, merchants and institutions across fronts spanning conversion, infrastructure, security and innovation capacity. As transactions get faster and smarter, software lays the foundation for payment platforms that improve yearly.
Author:
William Dawsey
Vice President of Sales for Finance and Payments William Dawsey is Vice President of Sales for Finance and Payments Technologies at Chetu, a global provider of world-class custom software development solutions. William has nearly a decade of experience in the financial technology space and has helped numerous brands and institutions develop and integrate the latest in POS and FinTech solutions. William Dawsey facilitates programmers with expertise in utilizing cloud-based, web, and mobile solutions for financial service modules such as payment gateways and POS software, accounting & tax preparation software, plus banking and finance service modules.
