Embracing Innovation: Payment Processing Technology and Your Association
Is your association evolving with today’s payments technology landscape?
In a digital world where convenience and cost-efficiency drive member behavior, if the answer is “no,” it’s time to reassess your payment solution.
Your payment processor is essential to your association’s operations and member experience. The central gateway receives, validates, and transfers payments from your members to your organization.
Members entrust your organization with their most personal identifying information and financial resources, whether processing annual dues, conference registrations, donations, or merchandise.
In turn, your payment service provider should safeguard your revenue and member data while providing you with a modern and seamless solution.
Is your payment service provider exceeding your expectations?
As the payment landscape evolves with more payment options, advanced features, and robust fraud detection, your organization and payment solution should follow suit. Being left behind the payment technology curve can be detrimental to your member experience and bottom line.
Why Your Organization Needs a Modern Payment Processor
Many associations and nonprofits rely on legacy payment providers to handle revenue-generating transactions. While it may be easy to stick to what’s familiar, many innovative providers are making it simple to do what’s ethically and financially responsible for your community.
Legacy payment platforms can be ill-equipped with the resources to adapt to the needs of your members. However, recognizing the growing demands of customers, modern payment providers are steadily moving in the right direction to protect everyone’s assets and improve the overall user experience.
Providers have implemented valuable features and requirements within the last few years that grow revenue, reduce fraudulent transactions, and save costs.
Acceptance of more international payments
No matter where your organization is based, as a merchant, your services are tailored to a diverse community. Some modern payment processors provide merchants with an embeddable UI component that accepts up to 18+ payment methods worldwide. This is significant to the association landscape as organizations meet the needs of members around the world. Accepting major international payments, and global wallets, is transformative to any organization and prioritizes a seamless member experience. By diversifying payment methods, associations can substantially grow annual revenue.
Mobile Wallet Accessibility
Completing financial transactions anywhere on the go has given vendors reasons to expand payment accessibility. Mobile wallets, such as Google Pay and Apple Pay, are becoming increasingly popular with members due to the convenience of using your phone to scan a QR code or tap a card reader and complete a secure transaction in seconds.
Auto card update
Your members are busy, and sometimes, unfortunate things happen. Leveraging advanced payment features like auto card update can save your organization and community headaches. This feature detects an expired, lost, or stolen card on file and automatically updates the credit card information. An automatic card updater is beneficial for recurring payments like member dues and ensures payment details are accurate and always up to date.
Card-Not-Present Fraud Protection
Card-Not-Present fraud is of great concern to merchants and customers. Bad actors commit CNP fraud by hacking company databases or executing phishing scams to access members’ personal identifying information and credit card details. These data points are then used to complete digital transactions without a merchant having a physical card present.
Payment service providers are implementing advanced security requirements, such as 3DS 2.0 and SCA, to increase fraud detection. With 3DS 2.0, merchants have added layers of authentication to protect themselves and their members from fraud. For example, members can use facial or fingerprint recognition to verify their identity to complete a transaction.
Payment Innovation that Improves Your Customer Experience
Members deserve to have a fluid, transparent, and secure interaction with your organization. The systems utilized for everyday operations are vital to the customer experience, from email campaigns to dues collection.
The latest enhancements from payment service providers aim to improve the user experience, expand payment options, reduce fraud, and much more. As a result, providers and organizations can no longer think one-dimensionally but must take a more forward-thinking approach to payment solutions that will alleviate the challenges members face.
An interface that lacks simplicity and functionality can deter customers from completing transactions and abandoning carts at checkout. Today’s payment processors are embedding and customizing UI components that foster a more streamlined, sleek, and user-friendly digital transaction. The better the web and mobile application, the more likely members are to finalize their decision and support your association.
How Integrated Payments Solutions Get It Right
Software companies are changing the trajectory of the payment landscape. Instead of integrating with legacy payment systems, companies are now embedding payment processors within their solutions.
This approach is critical to organizations that desire an all-inclusive platform that addresses every aspect of operations. An integrated payment processor knows the specifications of your organization, members, and industry. Therefore, providers are more agile, responsive, and innovative with payment offerings allowing organizations to adapt without constantly adopting a new system.
Adopting an integrated payments solution is also time and cost-effective. Solutions are generally ready, out-of-the-box, quick to implement, and easy to use. While third-party vendors tend to have higher platform costs, integrated service providers are customer-driven and promote transparent monthly or annual pricing.
Utilizing a payment processor that works in tandem with your CRM streamlines operations and gives a comprehensive view of member behavior, transactions, and revenue for informed decision-making.
Today’s payments landscape aims to address the challenges and advancements in digital transactions and consumerism. Your payment solution should shift how your organization thinks, operates, and works alongside your members. Protecting customer data is essential to sustaining a loyal community. Safeguarding and growing your association’s revenue drives operations forward and positively impacts your member experience.
Consider investing in an integrated payment service provider like Fonteva Payments that values your community, bottom line, and the latest in payment innovation. To learn more about Fonteva Payments, contact us.