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11 Payment Headaches You Can Avoid with Automation

Posted by Origins Ecommerce - February 2, 2018 in , ,

There are many advantages for businesses who embrace automated omnichannel B2B invoicing and payments. Overall, it's faster, less prone to error and provides a number of benefits for your customers.

Solutions like PayPal may work for companies just starting out, but it may also be holding back more payment opportunities. As you grow, payments increase in number and complexity. Platforms like Origins Ecommerce automate the time-consuming aspects of payments, alleviating many of the growing pains associated with scaling so that you can spend more time focused on your strategy.

Here are 11 payment-related headaches you can avoid with an automated payment ecosystem like Origins Ecommerce.

1. Payment Provider Agreements

Instead of applying for a merchant account with multiple payment companies, an account with Origins Ecommerce gives you the ability to accept payments from 15 of the most widely used payment methods in the world including major credit cards, PayPal, AliPay and SOFORT.

2. Delinquent Payments

Sometimes payments fail. The reason could be insufficient funds, a problem with the payment gateway or an expired credit card. Chasing these payments can be time consuming and success limited. To prevent or recover as many of these payments as possible, Origins Ecommerce incorporates a number of features.

First, Origins Ecommerce integrates with multiple payment gateways to increase the odds that a payment will be successful. For recurring payments, the platform includes intelligent retry logic and our account updater functionality keeps your customers’ payment information up-to-date. If these don't work, our dunning management capabilities kick in to automatically send emails to customers reminding them to update their payment information.

Origins Ecommerce taps into multiple payment gateways, increasing the chances that payments will be successfully processed

3. Security

Online security threats are pervasive, constantly evolving and your payment solution needs to keep up. PCI DSS (Payment Card Industry Security Standard) is the global data security standard for any business of any size in order to accept payment cards.

There are 4 PCI compliance levels and for your business to attain certification on its own, there is a rigorous process that is both time consuming and costly. Using Origins Ecommerce allows you to leverage a payment solution that is PCI level 1 compliant to keep your customers' information safe.

4. Chargebacks

Chargebacks can quickly be costly for businesses. In addition to fees and lost sales, if your chargeback rate is too high, you risk losing your ability to accept payments altogether.

To mitigate this risk of chargebacks, Origins Ecommerce supports flexible, user-friendly customer refund options and has a dedicated fraud analysis team to monitor for fraudulent transactions.

The Fraud Analysis team employs a robust fraud identification process and platform capable of growing and evolving as new patterns of fraud emerge. Through analyzing and monitoring transaction data across multiple merchants, the team is able to leverage a larger data set which puts them in a good position to more rapidly identify emerging fraud trends than would be possible by an individual merchant with a more limited data set.

Download our free ebook on "The Benefits of Automating your Omnichannel Payments".

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5. Checkout Localization

Customers around the world expect a checkout in their native language, local currency and with their preferred payment methods. This is why Origins Ecommerce's platform supports global ecommerce through localization in 24 languages, 33 currencies and 15 payment methods.

Our technology uses IP and browser preference detection to ensure that carts are localized regardless of where your customers are in the world. The cart will display in their preferred language and in the currency of their location. We also collect and remit applicable international sales taxes on your behalf.

And if you are selling to customers around the world, you need to accept much more than credit cards. In addition to debit and credit cards, Origins Ecommerce's platform means that you can also accept PayPal, AliPay, Qiwi, UnionPay and others.

6. Checkout Configuration

Whether it's a trial, upgrade, cross-sell, one-time fee, tiered pricing or a subscription, Origins Ecommerce allows you to configure the optimal checkout and pricing model for your business to grow your AOV and optimize your revenue.

Choose from a number of cart templates that are designed for conversions which can be customized with your branding. Origins Ecommerce gives you control over all these options through a self-serve platform backed by an award-winning Client Services team that will happily share their expertise.

7. Partner Payouts

For companies that use sales partners and need to pay out commissions, this can quickly become a huge task as you grow. Origins Ecommerce allows you to give sales partners access to your payment platform while managing their level of access by creating and assigning custom roles and permission levels.

Our partner portal gives your sales partners the tools they need to enable payments from customers while giving you real-time transaction tracking. The platform then automatically calculates and pays out these partners based on the commission you set either universally or on a per partner basis.

8. Integrations

The Origins Ecommerce platform can be integrated with virtually any third party platform using our open API or ITN system. This includes CRM, accounting and financial management, marketing automation, shipping and logistics, analytics or other key business systems. As part of our full-service solution, our integration experts can provide integration support for out-of-the box or custom integrations if desired.

9. Rebilling

Many businesses are moving towards a subscription model. While this model promises predictable, ongoing revenue streams, it brings its own set of payment challenges.

Origins Ecommerce's platform supports a wide range of subscription and SaaS billing options that are fully adjustable. You can easily define your customer purchase flow for upgrades, downgrades, rate plan management, payment terms and more. Origins Ecommerce allows you to set when recurring charges are calculated and what proration rules apply.

You can also set parameters around free or discounted trial offers, set-up fees and renewal periods.

10. Reporting

You shouldn't have to search multiple platforms to get the information you need to see how well your product is selling. Our platform brings sales data together to make it easy to run real-time reports to trace your sales performance or view a transactional breakdown by product, source, channel or region.

You can filter the data and view in a table or as a graph, and data can be exported in CSV format for use in other programs like Excel. The dashboard displays a snapshot of daily and trending sales volume, hourly sales breakdown, percent and dollar amount breakdown by product and daily conversion data.

The Origins Ecommerce reports dashboard will provide you with detailed, real-time data that allows you to make smarter business decisions.

Our real-time reporting for recurring revenue models provides reporting on renewal activity, monthly recurring revenue (MRR), cash flow, churn, customer lifetime value (CLV), term waterfall, cohort analysis and more. As with all of our reports, you can query by product, date range, region and transaction type, and all data can be exported.

11. Customer Billing Support

With Origins Ecommerce you provide your customers with the ability to look up their purchase history, print receipts, update payment information and manage their subscriptions. Our platform supports self-serve account cancellation and cancellation through account representatives, either on customer request or for business reasons including fraud or non-payment.

Automation is the Best Payment Headache Remedy

Payments should be a facilitator of continued growth. By having a solution that is configurable to your business needs and automates much of the day-to-day processing requirements, you can focus more on the strategy to take your business to an even higher level.

If you enjoyed this post, download our free ebook on "The Benefits of Automating your Omnichannel Payments".

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About the Author

Origins Ecommerce

We love sharing our expertise in online payments and helping our customers succeed. From the technical team to our customer service team, everyone at Origins Ecommerce is ready to support your success. Our goal is to reduce your expenses and risks while optimizing your revenue, by managing your online payments for you. The Origins Ecommerce payment solution is there to keep your payments in motion, so you don’t have to.
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