Payment gateway solutions are investing more heavily in AI technology these days. Some of the leading companies like PayPal have discovered that payment AI technology can be tremendously useful.
PayPal has consistently actually been 10-20% more effective at preventing fraud in real-time through the use of AI. There are many other reasons that AI technology is becoming important for payment gateways. More payment gateways are using AI to improve training, streamline transactions and bolster security.
Some of payment gateways leverage AI to a greater extent than others. You can usually tell by comparing the success of their business models.
If you are not satisfied with the performance of their payment gateway, then you might to consider a new one. You would probably get better results by switching to a payment gateway with a robust AI platform.
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Consider the Benefits of Switching to a Payment Gateway with a Solid AI System
There are numerous payment gateways on the market that can offer better payment solutions to your business. Some of them have leveraged the power of AI to provide many advanced features and higher conversion rates. So, it may be an excellent time for you to consider switching to a new payment provider.
However, before you leap into a new payment gateway, check whether changing will affect your customers and your bottom line. Not all payment processors are created the same. Yo also need to know what types of AI technology the company has taken advantage of, so you can leverage it to its full effectiveness. So do your research before making any decisions. Establish whether your current provider fulfills all your business needs. Make sure that you know how they exploit AI to deliver on their promises to their customers.
Some payment processors may not be built to support your customer volume, and some may not support your current business model. They are usually the ones with the most primitive AI platforms. These are just a few of the factors you may need to consider when switching to a new payment gateway.
Today in this guide, we will look at the most common reasons for changing payment processors and the advantages of using AI to deliver on your needs.
1. AI Can Help Payment Gateways Offer Much Better UX
The checkout pages are one of the crucial stages of the selling process. So how your process from buying to the checkout needs to be flawless and easy to use. Users on your site need to make payments easily without being redirected to another page which may cause most users to abandon the whole process. If your payment processor is offering an outdated or complicated process, then it’s time for a more reliable solution.
Many payment gateways have started using AI technology to offer a better UX for your users. They take advantage of AI in a variety of ways. One of the biggest benefits is that they use AI to identify relevant demographic variables such as geography and other factors like previous engagements and the time of day to personalize content for their visitors.
2. AI Can Help Minimize Downtime and Refresh Content
AI technology can also help keep your content fresh and minimize downtime. There are a lot of ways that this can help. One benefit is that AI can use geolocation technology to make sure that visitors are directed to the closest web server to avoid overwhelming any of your servers with too much traffic. AI can also help update your system as needed.
The importance of AI in this regard cannot be overstated. Your payments technology system needs to be updated at all times. There shouldn’t be any downtime, especially during working hours. You want to prioritize working with a payment gateway with AI solutions that can meet these needs.
If your current payment processor keeps reporting constant downtime, your business will suffer because of unplanned outages. If customers are constantly having issues processing payments on your site, the chances of losing them are very high. Such downtimes increase cart abandonment. You lose customers and money. Every second the system is down, is a loss for your business.
So if your payment processor is causing you a headache, then change to a new one. But before you sign up with any new payment processor, check their systems and confirm that it goes above and beyond technology. Look for scalability and reliability. Search for a solution with integration and technology that offers more control over your payments.
3. Minimize the risk of having your merchant account terminated
Merchant accounts can be terminated for different reasons, such as an unsupported business model. Unsupported business models include dating apps, casinos, gaming and certain health supplements. if you have a business in any of the categories mentioned, your payment processor may terminate your merchant account. There are other issues that can cause your account to be terminated as well, which might be caused by issues with your payment gateway.
Termination of your account can be frustrating, especially after you have been receiving payments from the payment provider for several months. Before choosing a payment provider, ensure that they support your type of business, and they can access money from different countries you do business with.
Getting a new payment gateway isn’t just important for starting over with a new merchant account. It could also minimize the risk of having your account banned the next time around. For example, payment gateways can use AI technology to improve fraud prevention, which will reduce the risks of chargebacks. This will keep your account in better standing.
If you go into business with a payment processor who is aware of your business model, it will save you a lot of headaches later. Some payment processors don’t work with certain businesses, so it’s good to be clear from the onset. In addition, some will ask for more money to process your fees if your business falls in the unsupported business models.
4. Avoid hidden fees
Sometimes, you may pay more than you need to, which can be a problem. If you compare prices, plans, and pricing with other payment processors, ensure that they are honest and represent all their fees. It’s essential to know precisely what you are paying for. Hidden fees that you are unaware of can add up over time, making some payment providers more expensive than you think.
Take note, especially of the transaction fees. Some payment processors may charge per every transaction, while others may charge you a monthly fee, and then they are the ones who will charge you both monthly and transactional fees. If you are sure of how much you are being charged, it makes it easier to keep track of your expenses. If you do your math and you notice any hidden fees, then it’s time you switch payment processors.
Some of these hidden fees add up and may affect your bottom line. Also, note that better technology and advanced features will cost you additional fees, but it will offer better value.
5. Some payment gateways use AI to offer better customer support
When running an eCommerce store and processing payments online, it is essential to have a payment processor with good, responsive support. Some payment processors offer poor customer support to their merchants after signing up with them. If your payments processor customer support is lacking, then it may be time to switch to a better one.
Payment gateways that use AI are able to offer much better customer support. AI has helped companies take advantage of chatbots, which provide faster customer support for routine questions. They also improve the quality of customer support when people do need to talk to a human customer service representative, because they can spend more time offering the service you need. Furthermore, AI has made it easier for customer service representatives to find the resources they need for customers.
Although the industry standards for responsive support are generally poor, a few providers offer excellent support services.
When looking for a new provider, some things to look out for are if they offer 24/7 phone support live-to-chat options and have dedicated account managers who will be your contact if you have any issues. Check their reputation and reviews from other merchants about their services before signing up.
Use AI-Driven Payment Gateways if You Are Currently Unsatisfied
Over time as your business keeps growing, your needs will definitely change. If your current processor fails to meet all your growth objectives and can no longer keep up with your transaction volume, then it may be time to look for one with a better AI infrastructure.
In some instances, you don’t have to switch to a new processor that uses AI technology. You may need a second provider to assist you with the additional business needs. You can search for a provider that offers services that align with your business as it expands. Maybe you need better technology, security, advanced features to boost your business processes. AI helps them offer all of these benefits.
If you can’t find a payment provider to cover all your needs, consider taking on a second one to cover the additional payment processing needs. If the issue is security, changing to a new one is essential.
Switching payment gateways shouldn’t be a complicated process, and it doesn’t have to cost you anything in your business. If you feel like your business is growing, your needs are not met, security is shaky, customer support is poor, or the website design is pathetic, it’s time to upgrade to a better payment processor.