Online Payments: What’s Important
If you’re thinking of setting up your own business or have taken the leap already then you’ll no doubt be aware of how important it is to get your online offering right. We’ve all had experience of surfing the net and coming across a really wide range of sites, some more effective than others in terms of usability, look and overall ‘customer experience’ and these experiences should be kept in mind when setting up your site. As such offering customers secure and convenient ways to pay is an integral part of a businesses online offering and here, serial entrepreneur and CEO of Voice Commerce, Nick Ogden, provides his advice on what to consider when enabling your customers to make online payments.
1. Window shopping is all well and good, but it doesn’t pay the bills
Of course the look of your website is important; it can help attract customers and make the site easy and intuitive to navigate. But once you’ve captured their attention and made them want your product or service, you need to enable them to buy there and then. Providing them with a phone number or email address is not enough; simple as it sounds, you need to make sure you set up your site to be able to process payments from the major credit card providers such as MasterCard and Visa.
2. M-commerce – stay ahead of the game
While internet shopping is now mainstream, three times more people own a mobile phone than use the internet and the value of goods bought by UK shoppers using mobile devices is set to more than double over the next three years . By this, I don’t mean consumers using their phones to call a retailer; I mean actually buying a product through applications and internet access on their handset. This is a growing channel and as such, a massive opportunity for businesses to capture a whole new set of customers. With this in mind, forward thinking entrepreneurs will set up their sites to process both e-commerce and m-commerce payments at the same time.
3. It’s not what you say, but how you say it
Unfortunately we live in an age where identity fraud is on the rise and online businesses can easily fall victim to fraudsters who’ve stolen cards and are using them to make purchases. Invariably these purchases result in charge backs for the business, with both time and money lost in the process. With this in mind forward thinking business owners should ensure they protect their bottom line whilst also creating an easy and intuitive online experience. A number of technologies are now available to enable you to do this including voice biometrics, which takes away the need for customers to enter any card details online and provides a simple way of ensuring against fraudsters or unauthorised people using a customer’s card.
Different to voice recognition, which is based on what you say, voice ‘authentication’ using biometrics, is about how you say it. Centred on a user’s unique ‘voice signature’ it works in a similar way to iris recognition or finger prints. The system calls the customer’s mobile when they click the ‘VoicePay’ button and matches their unique biometric voice signature against a pre-stored one, to verify that the customer really is who they say they are. Not only does this allow you to protect yourself from fraudulent transactions, but it also fills your customers with the confidence that they are in safe hands.