Thanks to external payment systems, businesses and individuals don’t always have to make payments using cards. Instead, these systems offer an alternative channel for making payments. Examples of external payment systems include online payment systems and mobile payment systems.
Setting up an external payments system and ensuring it runs well is essential for businesses. The system helps businesses to receive payment promptly and is also an important part of the customer experience. Good external payment systems create convenience and allow customers to pay easily. They’re more secure as well and help businesses to keep up with their competitors.
But how can you tell if your external payment system isn’t working? Below is a look at how to test an external payment system, signs your system isn’t working, some of the best systems, with special focus on PayPal and why companies use it, and unreliable systems.
Testing your external payment system is working
Are there lots of complaints about your payment system from frustrated customers on social media? Are there any delays in payment? Have you stopped receiving payments altogether?
The above are signs that your payment system could be suffering technical issues and, as a result, costing you customers. Testing your payment systems helps you stay on top of issues and prevent losses from occurring. You should test:
- Functionality: Test transactions using valid details and incorrect ones, and ensure that the system handles them correctly. Test pending transactions and ensure that the system processes them as it should.
- Test card information: Test your system with expired or blocked cards to confirm whether the system validates details correctly.
- Security and compliance: Test encryption and other security procedures like MFA to ensure your system is protecting the transaction details adequately. Check, too, that your system complies with Payment Card Industry Data Security Standards (PCI DSS) requirements.
- Integrations: Test that any (third-party) integrations function with the payment system.
- Error handling and messaging: Sometimes, servers can have issues. Simulate them and see that the system is processing failures and sending error messages.
- Test refunds: Unfortunately, some customers may request refunds.
Best external payment systems
Companies have realized the importance of setting up suitable payment systems and providing customers with plenty of payment options. Here are some of the best systems companies use:
PayPal
The digital wallet PayPal is one of the biggest companies in fintech and has operated for more than two decades. Through PayPal, companies can receive payments in many different currencies in lots of different countries. PayPal allows global commerce across multiple platforms and creates new opportunities, which is why businesses trust it so much.
Online casinos are one that widely offers PayPal as a payment option. A review website like Casino.org checks PayPal casinos for players whose preference is for digital wallets when it comes to crediting their account or collecting their winnings from the casino.
Stripe
Stripe is a highly customizable payment platform for online retailers. To make the most of it requires having some technical expertise on your side, but once you’ve set it up correctly, you’ll be able to accept credit card and debit card payments in more than 100 currencies.
Apple Pay
Apple Pay is hugely popular and allows people to make payments from their mobile phone or tablet. They can do this at physical points of sale (POSs) or online. The system makes it possible for users to make bank transfers, payments by debit card or credit card, and in cryptocurrency.
Other industries
The online casino industry isn’t the only one where PayPal is popular. Several other industries have placed their faith in the digital wallet:
- Retail and consumer goods industry
- Financial services industry
- Travel
- Ticketing and events
- Groceries and food delivery
- Entertainment.
PayPal provides convenience for both parties. Customers can make payments securely and don’t have to enter their details every time they shop. Meanwhile, businesses can manage transactions, invoices, and customer data.
Untrustworthy payment systems
Security is a major consideration when implementing a payment system. Unfortunately, not all payment systems are as secure as digital wallets or other external payment systems.
Chip and PIN
Chip and PIN systems require a cardholder to place their card in a device and enter their PIN. Although these systems are less vulnerable than magnetic strip cards to skimming, criminals can still capture details from cards, using a technique called “shimming,” and create fake cards with your details.
Checks
Technology may be advancing, but some customers are still using paper checks. This payment provides too much sensitive information. When it falls into the wrong hands, the fraudsters can create financial chaos.
If you’ve not invested in a suitable external payment system (or systems) for your business, you should address this. Reliable payment systems provide your customers with a convenient, safe way to pay and allow you to receive payment more promptly. Not having one can see you lose business.
Leave a Reply