3 Key Solutions for your Business Challenges

Companies currently face many challenges. Today more than ever businesses need to generate new connection channels with customers, provide greater payment facilities, reduce friction with users and, at the same time, provide protection from the different fraud modalities that arise daily.

The consumer demands more efficiency and convenience. Immediacy has become increasingly important for users and the challenge for companies is to respond to those needs. Following we explore some of the most relevant challenges that companies face today and how they can be addressed through different technological solutions.

2. Provide customers and users more channels including the option of digital transactions:

Today more than ever it is important to provide greater facilities to users to carry out their daily tasks and perform common transactions through digital channels. Even activating digital media to reach the unbanked consumer to try to attend the needs of a different type of consumer.

An option to address these needs can be virtual wallets, which provide the possibility of digitizing credit and debit cards, allowing financial information to be saved on a digital device giving users the ability to perform payments and non-monetary transactions (i.e. reports) via mobile.

It is no longer about simple websites to move money. Now there are applications to transfer money using only a phone number. This has allowed businesses to be closer to customers, providing consumers with an option that is more comfortable and easy to use.
Having more digital channels allows companies to be better positioned in the market, as it facilitates customer interactions which generates loyalty granting payment facilities that allow for mobility and promote social distancing.

2. Reduce friction to facilitate customer payment processes:

Friction in the digital world is considered one of the obstacles most present in user interaction processes within the channel in which the transaction is performed. To the extent that the customer has a better experience when making a payment and friction is minimal, greater fidelity is generated both with the channel through the purchase is being made as well as with the business thru which you are performing the transaction.

To reduce friction, it is important to establish clear, intuitive communication with the user so that the user can easily understand what steps to perform to complete the transaction desired. It is also important to request only the information strictly necessary to complete the operation, since the more forms/information the user has to fill out and the more steps perform, the possibility of abandonment before completing the transaction increases.

There are user authentication mechanisms that allow compliance with security protocols such as 3D Secure 2.0 to ensure that the user is the authorized payer, without generating a lot of friction in the authentication process. Establishing this type of mechanism increases business safety tools without adding friction at the time of payment.

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3. Reduce risk of fraud:

To the extent that more digital channels are activated, the risk of fraud increases. The same happens in the physical world: the more commercial establishments you have, the more security you must implement to protect them. That is why when a digital transaction channel is established, the necessary mechanisms must be established to minimize these risks.

Tools such as Scudo, part of our Placetopay ecommerce platform, serve to control the risks and maintain complete visibility of your transactions and payments, so you can see where the faults occur and are able to mitigate them quickly; even integrating with the 3D Secure protocol and secure Onboarding process is advised to work on a mixed strategy that allows combining monitoring and prevention techniques.

When fraud prevention mechanisms are implemented, an investment is made that favors both companies and users, because to the extent they are given greater safety guarantees, the level of confidence with your channel increases, therefore, the loyalty and usage with these digital channels will be much higher.

Looking to the future, companies must immediately begin to establish better communication channels with their clients, trying to understand their needs and offering them mechanisms that guarantee the safety of their personal and financial information. Taking advantage of technology and the different services provided by an Evertec, can benefit both businesses and end users by reactivating the economy through these services that facilitate daily life.

Although operational, personnel, financial challenges are still present, we believe that every crisis generates opportunities and if businesses take advantage of tools and technological solutions available to address customer needs, they will have a greater possibility of being profitable now and in the future.

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