Expectations of both clients, and businesses holders are increasing in today’s era of digital technology, as both expect fast, and safe digital trials, with regard to the customer he expects shopping online, facilitating online payments, and surfing, in the case of businesses holders they expect marketing, showcasing, and transforming payments digitally, in this article it will be demonstrated the Challenges of Online Payments.
What are the Challenges of Online Payments?
- Poor Support
- Effectual Authentication
- Cross-border transactions
- Handling Cheating
A number of electronic payment service providers don’t offer easy, and effective solutions to solve the technical problems, that clients may sometimes encounter, as many payment service providers refer customers to the company’s website, in order to to search by themselves for a solution to their problem, or send them to the service center, where they spend long time waiting for their turn.
Before starting any transaction clients should be properly identified, and their behavior analyzed, to avoid new vulnerabilities, that cyber criminals could discover with the use of new APLs, so it better to use modern technologies like biometrics, geo-location-based authentication, the multi-factor authentication, and encryption mechanisms, in order to make all transactions more secure.
Cross-border online payments may be ineffective, slow, and high-priced, but it still represents a big place in global trade, as national banking features can’t deal with cross-border methods. therefore it is expected that payment systems will make more effort to improve that process through:
- Taking control of credit, liquidity, and cost risks.
- Increasing processing efficiency, and decreasing costs.
Online theft has reached more than $ 22 billion this year only, and it is expected to exceed more than $ 48 billion by 2023, to ensure that would not happen PSP should be compatible with the PCI, and have the necessary certificates, beside service providers, as they should also search for more effective security options online, in addition to traditional rule-based system can observe risks, process information directly, and make decision about the validity of transaction in real time, all of this will prevent unusual, as well as fraudulent transaction from going through the system.