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5 Advanced Features to Make Payments Effortless and Safe

“The eCommerce industry is a force that no investor can afford to ignore” Cushla Sherlock.

The quote is so true in the present scenario that everyone reading shall give it a nod. Technology is being upgraded at such a rapid pace that no one can even dare to stay apart. Same is true for eCommerce industry.

Magento released Magento 2.2.4 in the starting of this month. We have shared “ All you need to know about Magento 2.2.4” with you. Being digital marketers or Magento Developers or Magento Store-owners, we all have noticed that the giant has emphasized a lot on the safer and quicker completion of the checkout process. This will benefit both the store-owner as well as the customer.

Today we will share the five latest technologies which you should incorporate in your e-store and make the checkout process completely effortless and secure at the same time.

1. Tokenization
   With this feature, you will be able to store the cardholder’s information in a very secured and non-decryptable manner. In simple words, tokenization generates a random string of characters to replace the cardholder’s data. This random string also known as a “token” can only be decrypted by the token vault maintained by the payment processor. All the middlemen who might have been involved with the payment processing or even the hackers can in no way decrypt or break this token.Considering your customer’s safety as the top priority, tokenisation serves to be the most significant feature for your e-store. As storing cardholder data in any ways which leads to data breach risks might make your business to be a non PCI compliant. Hence, keeping in mind the security of data, convenience of your staff and even customers, tokenization provides you with an unparalleled advantage. Any business that does anything with storing, processing or transmitting the credit card information can do it well while staying PCI compliant with Tokenization.
2. One-Click Modification
   We all might have come across such a situation that we want a refund for the transaction or get a transaction adjusted for another. This is quite a routine for the online businesses. But many a times, the customer might get dissatisfied because you made him wait, or the adjustment process took too long. Now the challenge is to help an annoyed customer at the earliest without having him do more.Here comes the role of one-click transaction modification feature. With this you can easily convert an unhappy customer into a delighted one. All you have to do is to store their cards on files and easily edit, cancel or rerun the transaction from the cards without asking the customer to do anything at his end. Filling the transaction date, customer name or just the transaction amount will help you find the exact transaction for your worthy customers to stay with you longer. This will also relieve you of physically check the long transaction logs.
3. Recurring Billing
   In many businesses, subscriptions, memberships and instalments are the main source of income. This type of recurring billing and sending invoices every month for settling the accounts is a long gone process. With the advancement in technology, now the payment processing softwares do all this for you. With a feature called automated recurring billing, the cards that are stored on file with you can be utilised for such payments. Once you receive an authorisation from your customer, you can schedule the date and time and charge the card or provided account with the amount due for agreed duration of time. This will ease your job of sending manual invoices and will quicken the time-consuming process of following-up with clients.
4. Cloud Pos System
   Cloud PoS (Point of Sale) system is a very innovative feature for today’s eCommerce business. It stores all of your business information in a cloud and lets you perform a lot of functions with just an internet connection. Whether you want to check stock counts, reports, accounting, staff management or process your payments, Cloud based PoS allows you take the advantage from anywhere. Avoiding the installation of softwares at point of sale, conflicts between server and more importantly, save your working capital and easily keep a track of your stock in a better way with cloud PoS. It can further be integrated with tokenization and persistent data encryption so that the cardholder’s information stays safe.
5. Near-Field Communication (NFC)
   Contactless Payment as the name suggests, doesn’t require any physical contact between smartphones, credit card, and POS terminal. In other words, you can make payments without swiping or inserting your card in POS machine, just by waving your phone or card at POS terminal. Contactless payments are difficult to clone as the data associated with card is fully encrypted and is constantly varying making it way more secure than magnetic- stripe cards.The Contactless payment works on the cutting edge technology called NFC. Near Field Communication or NFC is a subset of technology called RFID (Radio Frequency Identification). This technology enables you communicate your card or smart phone with POS machine through radio waves when they are placed at a distance of 10cm or less.

   Google play, Android Play and Samsung play have installed NFC contactless technology in latest versions of the respective devices. The important thing to be taken in consideration while making contactless payment is, it’s mandatory for card, Smart Phone and PoS machine to be NFC compliant.

Conclusion
Keeping your eCommerce website equipped with these features will not only safeguard your customer but it will also build a good rapport among the customers for your business. More importantly have a secured checkout process also leads to loyal customers and increased sales, which no one can ever ignore. So take the above mentioned future-ready features in consideration for your business and make it work wonders for you and your customers.