Even if your startup or eCommerce store is in a small town, as long as you’re doing business online, you’re part of a global village.
That brings with it another set of challenges, from processing cryptocurrency to credit card payments, privacy concerns remain an ever-present risk.
Modern payment platforms are developed to mitigate these dangers. However, some vulnerabilities are picked up too late. Herein lies the importance of payment testing.
So, what exactly is payment testing? Think of it as a virtual funnel that tracks a payment from its source to when it arrives in a business’s bank account.
Below, we’ll explain how to test your payments system efficiently, ensuring its robust features can withstand the rigors of any transaction.
Why Payments Testing?
Advisory firm Mordor Intelligence predicts the digital payments sector to be worth over $15 trillion by 2027. That’s a lot of money moving around in the virtual world!
Imagine if there were leaks in the funnel, causing you to lose some of that cash. Performance issues in your payment platform could be losing you valuable sales or customers.
It doesn’t matter if your business model centers around subscription management or SaaS software video games, the desired outcome is the same. The constants are a solid return on investment (ROI) and increased revenue streams.
Partnering with the right payment platform requires research and proactive and tailored integration. One solution can handle the headaches of global payments and help your company’s global growth journey.
PayPro Global explains that investing in an all-in-one platform ensures no stress with global payments, taxes, and regulations. You concentrate on innovation while your payments system does the rest.
Types of Payment Testing
Payment types vary by software. Some are released as Minimum Viable Products (MVPs) with limited payment options, and more types are added through later updates.
Today, we’ll concentrate on several payment testing types:
Functional Testing
Functional testing ensures that a software application performs its intended functions correctly. The test is based on specified requirements and focuses on user interactions, features, and outputs.
QA testing also allows you to identify mobile and web issues that might arise before your customer becomes aware of them.
Usability Testing
This applies to your payment gateway and your entire website. A user-centered approach in the purchasing journey makes things much easier for your customer.
For instance, does your gateway provide several payment options, considering international currencies? Are you offering your customer the freedom to choose their preferred payment method?
Analyzing the data will provide valuable insights into how you can improve on purchasing touchpoints.
Security Testing
This entails encrypting and securing financial data and personally identifiable information (PII).
It sounds like a no-brainer but a secure payment gateway is the most crucial aspect of running any business.
TechTarget notes that enterprises must protect the confidentiality, integrity, and availability of payment data for authorized access.
With regulations, the online publication stresses the importance of knowing your customer guidelines and anti-money laundering procedures.
Localization Testing
Localization guarantees an application looks and feels appropriate for the target audience.
The testing verifies functionality and usability in a specific region by checking language, UI, currency, and date/time formats to match local standards and cultural norms.
Digital Payment Types
We cannot stress enough the importance of supporting various payment methods.
Online E-payment systems include bank transfers, e-checks, and wire transfers. Mobile payment apps must accommodate less common payment methods besides PayPal or Venmo.
Digital wallets and cryptocurrencies will only become more popular among Gen-Zers. However, be aware that Bitcoin, Litecoin, Dogecoin, and others are not tied to banks or national currencies.
E2E Process
Investopedia describes the end-to-end (E2E) process as covering all the steps from initial concept to final delivery and customer feedback.
The aim is to deliver a seamless buying experience for new and returning customers, and the only way to achieve this is via payment testing.
Remember the virtual funnel metaphor? One small leak could lead to big problems, costing you money and loyal clients.
If you or your team have no experience in payment testing, consider outsourcing the task. Enlisting a software testing outsourcing service will give you peace of mind.
Due to the growing complexities of software apps, it’s best your payment gateway hits the mark on quality assurance requirements. Ensure it can host multiple online channels and optimize recurring revenue effortlessly while becoming a compliance expert.
Still not convinced to implement payment testing? The process helps companies reduce costs, increase efficiency, and ensure software reliability while meeting fast-release demands.
When it comes to cost-saving factors, that’s more than enough reason to carry out testing on your payments platform.