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What Does a Payment Gateway Do with Your Data?

PayTabs
Mohab Growth Hacks 0

What Does a Payment Gateway Do with Your Data?

A payment gateway is an essential element of online payment ecosystem. It allows businesses and consumers to carry out online payment transactions. While online merchants are not expected to have expert knowledge of payment gateway systems, it is still helpful to know about their mechanism so as to provide the best possible services to your clients. One of the most important aspects about a payment gateway is that it collects vital information about a business and its clients. It is important that the safety and security of such data is ensured. Following are some of the critical pointers about data handling by payment gateways.

PCI DSS Compliance: A payment gateway does not store the data in its original form. In order to provide the most secure form, the payment gateway should be PCI DSS compliant, which is the current gold standard when it comes to the security of data. The PCI Security Standards Council is a global organization which carries out the task of setting compliance rules with regard to the treatment of user data obtained during the online payment process. The current rules require the data to be encrypted for eliminating the risk of data interception. This implies that payment gateway never stores critical information such as CVV, password or pin. The information related to name, card details and address is only used for completing the transaction and is not stored.

Tokenization: Payment gateways also carry out tokenization of critical information. This implies that when you key in your card number, it is automatically converted into a single token. This token consists of a unique set of characters which replace the original card number. Using such tokenization, the payment may be processed without revealing sensitive details. As these token numbers are generated and assigned randomly, it is highly improbable that the original numbers may be retrieved by carrying out reverse engineering. There are different types of tokenization processes around, the main ones being format preserving and non-format preserving. Generally, non-format preserving tokenization is considered to be the safer option.

SSL Certification: As important as the PCI DSS compliance is, it is equally important to ensure that the websites are also securely configured. The payment gateways generally use SSL certification which secures the data using TLS encryption. Such certification may be verified by looking at the URL in the browser. If the website bears https:// protocol then it means that it is secure. This is especially important for ecommerce companies and websites so as to make sure that the integrity of consumer data is maintained.

Fraud Screening Tools: Most of the payment gateways offer you fraud screening tools which may help you in reducing the risk of payment frauds. Some of the most prominent tools used for this purpose are Address Verification Service, Card Verification Value and Card Code Value. With the use of these tools, the risk of online payment frauds may be curtailed to a large extent. A payment gateway endeavors to provide a secure channel between a business and its customers for enabling online transactions. It is important that proper measures are taken by such payment gateways to ensure the safety of critical data of all the parties involved.

Additional Measures: Websites may also use additional tools such as the use of the hash function for making the transactions more secure. Under this function, a signed request from the merchant is required for validating the transaction. Such signed request is a code and is known to only the payment gateway and the merchant. For further security of the transaction and the data, the IP of the requesting server is also authenticated, so as to filter out any malicious activity. Some payment gateways also use Virtual Payer Authentication (VPA), which is a 3D secure protocol. This step adds an extra layer of security, enabling online clients to authenticate each other, and thus adds to security measures.

Overall, several new tools and methods have evolved to increase the security factor of online transactions. While selecting a payment gateway, a business should take proper cognizance of the security measures taken for maintaining the secrecy of critical information pertaining to the business and its clients.

5 years ago
PayTabs
Mohab Ecommerce 0

5 Ecommerce Trends That You Need to Know in 2020

Ecommerce has come a long way since its beginning in the late last century. In the present era, most of the offline businesses have their online iterations live. With new technologies coming up and more and more people adopting the latest trends, eCommerce is not only here to stay but is bound to grow by leaps. The segment also sees frequent changes and new trends. So, here are some new concepts making waves in the eCommerce sector that you need to know to remain updated:

  • Mobile Ecommerce is on the Rise: While eCommerce in general is on the rise, mobile eCommerce has outpaced the general trend. According to a number of studies done on this topic, the growth in revenue generated through sales made from mobile devices have increased 15 percent since 2016. It is also estimated that 73 percent of the entire eCommerce transactions will be carried out on mobile devices. This trend is mainly fueled by millenials and gen Z. In order to fully exploit the opportunities thrown open by this trend, it is important to ensure that your business is mobile friendly. You can either optimize your website for mobile browsing or can develop a standalone app for this purpose. Whichever way you choose, the proliferation of mobile eCommerce will help you expand your market.
  • Social Media to the Rescue: As more and more people alter their shopping habits for eCommerce, the role of social media is becoming vital. Social media is not only important for promoting products and services of your business but is also required for engaging your clients. Through optimal use of social media, a business can create a loyal customer base and maintain rapport with them. Further, you may also engage the services of social media influencers which may help you in getting your products discovered by hitherto untapped markets. Social media channels employ different formats ranging from simple texts to videos, thereby providing your business with a wide range of choices.
  • Artificial Intelligence & Customer Care: Another big trend in eCommerce is related to the incorporation of artificial intelligence or AI. While AI is being used to manage various aspects of online businesses, it is particularly useful for addressing customer grievances and maintaining client relations. AI assistance and chatbots have revolutionized the way online businesses interact with their client base. These bots may be used for attending to customer inquiries and for handling complaints. Further, there is also ample scope of customizing these services to meet individual requirements. Clients are also becoming accustomed to interacting with these AI-enabled customer care personnel.
  • Personalization: In order to survive intense competition and prosper, online businesses are now personalizing their offerings. With this approach, the customers are made to feel more connected to the business as the products and services are modified to meet their specific demands. Personalization helps in gaining new customers while also helping in retaining the older ones. The main aim of personalization is to increase the stickiness so that the client keeps coming back to the business in future. Apart from customizing the products and services, the online businesses also seek to personalize their marketing and advertising messages to gain maximum advantage.
  • Social Concerns to the Fore: Ecommerce is recognizing its social and environmental responsibilities as well. The rise of green consumerism is the main force behind this change. Online businesses are now working towards more sustainable practices and products. Some of the main steps in this direction are to source materials from ethically proven sources and cutting down on plastic packaging, etc. Additionally, eCommerce is also working towards offering more environment-friendly products. The emphasis is on ensuring that the products use minimal chemicals which may harm the environment. These green products generally command premium pricing. However, businesses are now looking for the ways these products and services may be made accessible to and affordable for the masses.

While the above-mentioned trends are quite prominent, the other developments in this segment are also noticeable. Ecommerce is now experiencing resurgence in QR code payment and the use of augmented reality. It is important for online businesses to be aware of these trends and adapt accordingly.

5 years ago
PayTabs
Mohab Customer Experience 0

Top Ways to Deal With Unpleasant Customers

During your daily operations, you are bound to come across angry and upset customers. Many times, such anger is justified while other times the real reason behind their irritation is not related to your business. However, in both cases, you need to find ways to calm such clients and win their trust back again. Here are some top tips to deal with such clients and ensure that they not only stick with your business but also bring more revenue to you.

Keep Calm: no matter how worked up or rude your customer is, the foremost rule is that you retain your cool. If a person is verbally abusive then take a deep breath and listen to their problem. This approach will allow you to analyze the problem in a rational manner. If you immediately jump the gun and respond to the client in a reciprocating manner, then the issue is bound to get out of hand. If you are interacting with the person in an electronic manner, then re-read your response multiple times before hitting the send button. This stance will let you re-assess and remain calm. However, keep in mind that you are also responsible for your own safety, so if there is any threat of physical harm then report to the appropriate authorities as per your organizational policies.

Listen & Apologize: even if the customer is angry and rude, they still deserve your proper attention. Listen to them carefully when they state their problem. If you have any doubts or concerns then ask appropriate questions. It is also important that you let the customer vent out. Do not interrupt while they are speaking and let them finish before you offer a solution. This approach builds trust and confidence. It also lets the client know that you are genuinely interested in solving their problem. Whether the problem was on your end or the customer’s issue was not genuine, even then offer a sincere apology. However, in the latter case, you may explain the situation to ensure that the client gets the true picture.

Act Fast: once you are done listening to your irate customers, it is important that you take immediate steps to resolve the issue. If the issue lies within your jurisdiction then resolve the issue as soon as possible. In other cases, escalate it to appropriate persons. You should also ensure that you properly communicate all the steps taken to resolve the issue to your client. This will make your client feel valued. During the process, keep the communication channels open with the client so that they are aware of latest developments. It will also satisfy your customer that their grievances are being addressed in a proper manner.

Remain Firm: as important as it is to be courteous to your client, it is equally important to hold your ground too. Being polite does not imply that you have to concede to each and every whim of your customer. If there are any issues which are either the clients’ fault or some other party’s responsibility then explain this situation in a calm manner to the customer. If the customer is making any unreasonable demand then explain organizational policies to them. However, in all the cases, it is important that your business does not suffer on account of client side problems.

Solve the Problem: it is important that you follow up appropriately that the problem is being resolved in a time-bound manner. Also keep the client updated about the steps taken and listen to their feedback. If a client has some specific concerns then ensure that such issues are explicitly dealt with during the resolution process. However, if the clients’ demands are unjustified that clearly communicate such issues to your customer. In such cases, mutual negotiations may be undertaken to reach a solution which is acceptable to all the parties. Once the issue has been resolved, ask your client for feedback to ensure that the things are settled in a complete manner.

Businesses are now required to provide the highest level of customer satisfaction. In many cases, this may become an odious task. However, with above guidelines you can ensure that your clients are always happy and satisfied.

5 years ago
A Beginner’s Guide to Facebook Dynamic Ads for eCommerce
Mohab Ecommerce 0

A Beginner’s Guide to Facebook Dynamic Product Ads for eCommerce

Online advertising is a highly vibrant concept and is constantly undergoing drastic changes. It is highly challenging to draw customers’ attention and then to keep them engaged. Facebook dynamic ads are one of the most powerful marketing tools available today. Despite their unique features, these ads are not difficult to master. So here are some of the tips to get you started with Facebook dynamic ads.

What are Facebook Dynamic Product Ads?

Facebook is constantly innovating when it comes to product ads on its pages. The social media site has a well diversified product portfolio which contains different types of ad formats to suit different requirements. Its latest offering is dynamic product ads which are highly amenable to personalization, making them more effective. As per the definition given by Facebook itself, dynamic ads eliminate the need to create individual ads for different products. Instead, you are just required to provide a template and the data and images from your feed are automatically incorporated.

How to Set it Up?

Dynamic ads are highly impressive but fortunately, the task of setting them up is not that daunting. With a couple of directives, you can easily install your own dynamic ad mechanism. However, before you embark upon this journey, you need to make sure you have your basics down i.e. you already have a Facebook Page, a Facebook ad account and a Business Manager account.

Install Facebook Pixel: Before getting started with dynamic ads, you have to make sure that you have properly installed Facebook Pixel, which is a small code which is required to be embedded in the website. Alternatively, you can opt for installing Facebook SDK, which is highly useful for tracking the performance of the ads and providing analytics. However, if you are using any compatible eCommerce platform such as BigCommerce or Shopify, then you are not required to alter your code for creating Facebook Pixel. Instead, you can simply use a third party module to install Pixel.

Designing Product Catalog: For running dynamic Facebook ads, you are required to prepare a detailed product portfolio. This portfolio should contain vital information such as item description, pricing and pictures. A well-designed catalog is highly important as it acts as a repository of the product information. Your data feed should contain all the information which you want to be included in the ads. You can also create multiple data feeds.

Create Product Sets: For making dynamic ads more productive, you can go for creating product sets. This exercise is useful ensuring that your dynamic ads are more targeted and result in better cross sells and up sells. You can use different criterions such as availability, category, brand or product type. The ideal way is to create sets with broad themes as very narrowly defined parameters may lead to sparse products in each category. Facebook dynamic ads allow up to 5 custom columns for adding more data.

Define Target Market: Now is the time to identify the market segments you are looking to capture with your dynamic ads. The retargeting option allows you to focus on a range of visitors such as people who added items to cart but did not actually purchase them. You can also cater to specific customers to up sell or cross sell your products. Another interesting option is to go for custom combination where you can create your own filters to better meet your business’s requirements. You can also choose to broaden your horizons and go for broad audience targeting by opening up your products to newer market segments.

Create an Ad Template: Now comes the final stage of creating the ad template. For this purpose, you need to head to the Ads Manager option and click on Create and choose Catalog Sales. The process designed by Facebook for creating an ad template is highly intuitive. You can use your product catalog for populating various fields. There is also the provision of using dynamic placeholders to let you control the content.

Once your dynamic ad is live, it is important to keep track of its performance. You can accordingly change various parameters of ads to make them more suitable for your business and business objectives.

5 years ago
7 Online Payment Definitions You Should Know
Mohab Growth Hacks 0

7 Online Payment Definitions You Should Know

Online payment systems are a complex mechanism with very specific and specialized terminology. In order to fully understand the operations and working of online payment systems, it is important to be conversant with various terms associated with these systems. Here are some of the most important and widely used terms which you need to know to remain updated about online payment ecosystem.

  1. Merchant Account: This is the type of account which a business needs to acquire while entering into a contract with an acquiring bank. A merchant account has several features, the most important ones pertaining to the ability to process debit card or credit card payment system. Once an online transaction is executed, the acquiring bank proceeds to accept payment from the customer. The funds are then deposited into the merchant’s account after making due deductions. These funds are later paid into the merchant’s business account.
  2. Acquiring Bank: An acquiring bank is responsible for processing card payments, including debit and credit card payments for a business. Such banks are associated with different card networks including Visa, American Express, etc. The main function of these banks is to act as a middle person between issuing banks and the businesses. An acquiring bank carries out a large number of services such as accepting card payments from card issuing banks. It also carries out the verification of the transactions for approving or disapproving the payment.
  3. Issuing Bank: This bank is entrusted with the task of issuing debit cards or credit cards to customers. The name of such bank is printed on the card and thus is easily identifiable. An issuing bank is also known as card issuer. This bank is authorized to extend credit facility to its clients by implementing letter of credit process. Some of the major card issuers around the world are Visa, HSBC, MaterCard, Citi and Barclays.
  4. 3-D Secure: Ensuring safety and security of the sensitive information is very important in online payment ecosystems. 3-D Secure refers to Three Domain Secure protocol and helps in preventing fraud in online debit card and credit card transactions. This protocol establishes the identity of the card holder by assigning unique username and password to the cards. For example, Visa uses Verified by Visa service for this purpose while MasterCard uses MasterCard SecureCode to carry out 3-D Secure procedure.
  5. Chargebacks: A chargeback is a mechanism to ensure customer protection in the case of online transactions. It is done to provide security to customers in the case of disputed transactions. Under this system, the money is either reimbursed to the cardholder or to the merchant, depending upon the particulars of the transaction disputed. Some of the main events which may trigger charge-backs are the non-receipt of the goods, dispatch of wrong goods or the use of the card without being authorized by the card holder. Excessive charge-backs may lead to revocation of online payment privileges for the business organization. Alternatively, they may be saddled with high fines.
  6. Rolling Reserve: This term refers to the proportion of the transaction value which is kept in abeyance by the acquiring bank. The amount is later released in a staggered manner to the merchant. The main purpose of rolling reserve is to protect against various risks associated including chargebacks with online payments. Rolling reserve ensures that the merchant has enough liquidity to honor chargebacks. Acquiring banks carry out periodic review of rolling reserve ratio applicable to different merchants. Such limits are decided based on volume of online transactions and the risk profile of the firm. This constraint is not universal in nature and thus is not applicable to a large number of businesses.
  7. PCI DSS: This protocol refers to Payment Card Industry Data Security Standard, as defined by the PCI Council. The main purpose of this protocol is to improve the security factor of online payments. It enumerates various policies and procedures which need to be adhered to so that the sensitive information pertaining to the business and its clients is handled in a well-defined and recognized manner. The Council was created through the collaboration of various credit card companies such as Visa and MasterCard.

Though these are the most important ones, there are other terms also which are important to know in the context of online payments. The need of the hour is to keep oneself completely updated about the changing norms in online transactions.

5 years ago