“Secure, transparent and convenient”: the corporate philosophy of Amazon Payment Services

The shift to digital commerce has provided consumers with a greater range of services at their fingertips and customers now expect transparent and quality online shopping experiences. Peter George, Managing Director of Amazon Payment Services, explains how the payment services industry has transformed, why merchants need to closely monitor the customer experience, and how Amazon Payment Services is championing the delivery of secure services , transparent and convenient for end users.

How has the payment services industry transformed and what prompted this transformation?

The major shift in the payment services industry over the past few years has been the rise of digital payments, which is driven by consumer demand, government strategies, and innovation in the FinTech and electronic payments industries. .

The adoption of digital payment was already on an upward trajectory in the Middle East before 2020 and was further accelerated by the outbreak of the COVID-19 pandemic.

Customers in the Middle East have a strong appetite for digital payments, recognizing the convenience, security and speed provided.

In particular, the digital payments sphere in the United Arab Emirates (UAE) is a very dynamic and prosperous space, driven in part by government strategies designed to promote the growth of the local digital economy.

We are seeing several FinTech start-ups innovating in digital payments to eliminate customer problems and make cashless payments accessible to more people.

We were very proud to launch the Amazon Fintech Lab in the DIFC Innovation Hub in Dubai earlier this year, providing a forum for important discussions on digital payments and the future of the FinTech industry.

How has this transformation impacted customer expectations in terms of customer experience and enhanced security?

Digital payments have opened up new horizons in terms of customer experience. Customers now expect secure, transparent and convenient shopping experiences, from the moment they open the merchant’s website to payment and delivery.

A simple and seamless checkout experience is a big deal when people plan to complete their purchase and get back to you in the future. To achieve this, it is important that merchants remove all unnecessary steps from the process and streamline the customer journey as much as possible.

Merchants should set up easy access to the checkout page, with quick navigation to the cart verification and confirmation steps. And for loyal customers, look for ways to minimize repeated information entry by securely storing customer details for the future.

Customers expect to be able to pay via their preferred method, which makes it important for merchants to activate a variety of payment methods according to their customers’ needs, while robust security is also another necessity for them. online shoppers.

How should traders respond to keep pace with these changing expectations?

The key is to take a customer obsessed approach. This means focusing on creating a better customer experience, where customer needs are at the center of everything you do. In this approach, all decisions and processes flow from the customer’s needs and wants.

Customer-obsessed businesses collect customer feedback not to see how well they are performing, but rather to see where their business should be going.

By focusing on the needs of the customer, companies can identify potential pain points and work back to eliminate them.

We built Amazon Payment Services on the basis of the customer-obsessed philosophy, using our deep understanding of the needs of businesses in the region to provide organizations with simple, affordable and reliable online payment experiences.

How can traders and businesses best manage risk and build trust with their end users?

When you move from physical to digital commerce, transactions become faceless. The side effect of this is the rise of fraudulent and evil actors.

Data security incidents are disastrous for customer confidence in a merchant or business.

According to a study by PYMNTS and NuData, 65% of ecommerce buyers would abandon a merchant after a single data breach, forcing merchants to effectively manage and minimize fraud by following a risk-based approach that responds to risk unique challenges that every vertical business faces.

First, they must have solid fraud prevention solutions in place. This could mean tighter monitoring of all online transactions as well as the implementation of security protocols to facilitate authentication and storage of personal data.

Merchants should choose to use third-party real-time fraud prevention solutions that use machine learning to track customer behavior patterns in order to report high-risk transactions to an internal team.

In addition, they can protect their customers’ payment activities with the help of a dedicated fraud management team and use finely tuned and fully scalable security features to provide their customers with additional protection for all their customers. payments.

Maintaining constant vigilance with advanced fraud detection systems is essential to ensure that transactions are transparent, safe and secure, and that all issues are resolved quickly to customer satisfaction.

At Amazon Payment Services, we protect our merchants and their customers by using sophisticated anti-fraud measures that automatically assess transactions in real time for fraudulent behavior.

How does access to business information provide a competitive advantage and retain customers?

Access to business information enables merchants to better understand their customers and their purchasing behavior. Combined with a customer-centric approach, this knowledge enables merchants to optimize their payment process to meet customers’ needs and wants and address their concerns, as well as segment their online shopping audience for targeting. more efficient.

The right data will allow merchants to confidently strategize to meet their core business goals and adapt their approach to meet changing customer needs and retain long-term loyalty.

Merchants can also leverage data and information about the online payments industry to increase sales.

To help merchants delve deeper into the trends and markets that interest them, Amazon Payment Services provides cutting-edge consumer payment information free of charge covering the United Arab Emirates, Kingdom of Saudi Arabia, and Egypt, helping merchants to make better, more data-driven decisions for their business.

What payment services should businesses consider as part of their long-term strategy?

Businesses should carefully select payment solutions based on their unique needs, goals and risks, while focusing on customer needs in the decision-making process.

Amazon Payment Services offers a wide range of payment services and solutions that provide a seamless customer experience, including tokenization technology, local payment methods, third-party services such as advanced fraud tools and AWS Private Link, installments, Buy Now, Pay Later, digital wallets, gateway redundancy and reporting APIs.

Regardless of the specific payment technology, businesses should invest in robust fraud prevention solutions to secure the payment process. 3D secure authentication (three domains) is one of the most important pieces of the payment security puzzle.

Full 3D Secure support is one of a multitude of services and solutions from Amazon Payment Services that enable a safer online shopping experience for your customers.

Why is scalability so important to organizations today and how does Amazon Payment Services enable it with its solutions?

Scalability is crucial for ecommerce businesses because websites must be able to withstand spikes in traffic. If a customer sees that a merchant’s website is down, they’ll simply switch to a competitor.

Merchants are challenged to adapt to meet business growth and times of peak order volumes, avoid customer friction, reduce debit losses and fraud, minimize spurious declines, and maintain the cost of preventing fraud at a reasonable level.

Amazon Payment Services enables merchants to reach millions of customers with fully scalable payment solutions. Working with thousands of merchants at all scales, based on their feedback, we’ve completely redesigned the onboarding process to allow them to create their own payment experience that will allow them to select the services that match their needs. their clients.

Today we process transactions for thousands of companies across multiple industries. With such a diverse customer base, we have built a solid expertise that supports businesses at all scales, from SMEs looking to establish their online presence, to large businesses requiring a reliable payment service to handle high transaction volumes securely.

How does Amazon Payment Services stand out from others in this market and why should businesses view you as a strategic partner?

Founded as PAYFORT in 2013 as one of the region’s premier FinTech companies, we have gained a deep understanding of the needs of businesses in the region. In 2017, Amazon acquired PAYFORT as part of the acquisition of the Souq group. Since then, the focus has been on integrating the PAYFORT and Amazon offerings to provide businesses with convenient and reliable service.

Amazon Payment Services is now well established, with over 4,000 merchants in the MENA region and over 2,000 in the United Arab Emirates, and is already one of the region’s most trusted digital payment service providers, having processed securely millions of transactions to date.

Today, we bring together local know-how and global expertise from Amazon, which we believe to be a significant benefit for businesses and merchants, and ultimately customers in the MENA region.

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Elaine R. Knight