These are opportunistic times for online merchants. Last year’s events dramatically accelerated the adoption of eCommerce around the world, revealing huge potential for future-focused online businesses.
At the same time, many merchants are constrained by outdated payment layers. So, rather than grasp the global opportunities presented to them with both hands, they are worried about the costs and disruption involved in upgrading their payment solutions.
The answer may come in the form of payment plugins. They act as a bridge between existing systems and processes while delivering merchants the advantages of the latest technological improvements.
Why add a payment plugin to your existing setup?
There are several reasons that you may want to add one (or multiple) payment plugins to your existing payments infrastructure. However, principally, adding a plugin allows online merchants to benefit from the latest technological advances and implement an enhanced payment orchestration layer without having to uproot everything you already have in place.
Solutions such as Nuvei’s payment plugins are provider- and technology-agnostic. In other words, you can seamlessly integrate them into your system to benefit from a broad spectrum of advanced payment tech with no noticeable impact on operations.
So, what are the benefits associated with implementing payment plugins into your online business?
Increase your number of alternative payment methods
Did you know that almost half of online shoppers will abandon the checkout if their preferred payment method is unavailable? That’s a considerable chunk of missing revenue for any online merchant.
A payment plugin presents an easy way of increasing this conversion by offering hundreds of alternative payment methods. They include local eWallets, mobile payments, prepaid cards, cash vouchers, you name it. No matter which country you wish to target next, you can use your payment plugin to configure the preferred payment methods of that nation, increasing the likelihood of a successful launch.
Access latest advances in payments technology to increase conversions
With 69% of eCommerce customers failing to check out after adding items to their cart, you need to ensure you are doing everything you can to get potential shoppers over the line. Payment plugins offer a suite of tools to ensure that you capture every possible payment.
For instance, leading payment plugins utilize a smart routing engine to select the acquirer most likely to approve a transaction based on hundreds of parameters analyzed in real-time. Similarly, the same solutions can cascade the transaction down through acquirers to make sure declines can be recovered into approvals.
Secure improved fraud prevention tools
Fraud is a growing issue for online merchants, with online criminals becoming more and more sophisticated in their attempts to steal money or merchandise. However, the good news is that payment plugins allow you to take advantage of the latest anti-fraud tools.
These artificially intelligent tools analyze hundreds of data points within milliseconds to decide whether the payment is fraudulent or likely to result in a chargeback. The imperceptible delay ensures a friction-free shopping experience while reducing the number of false positives you incur.
Better still, these fraud rules are customizable on the backend of your site without the need for any technical expertise.
Put your compliance on autopilot
Payments these days require a considerable amount of accompanying compliance considerations. For instance, for payments processing within the EU, there are GDPR and PSD2 compliance requirements. Don’t forget those compliance requirements come on top of existing PCI and 3DS2 obligations too.
However, with a payment plugin, all these considerations are taken care of. They are regularly updated and maintained by the payment experts that created the plugin, leaving you to concentrate on your core business activities.
Benefit from the latest payment features without any technical knowledge
Adding payment methods, updating fraud rules, and keeping plugins up-to-date can all seem technically challenging. However, plugins offer a user-friendly and intuitive option that you can quickly implement without the need to add custom coding to your site.
Most payment plugin providers offer 24/7 customer support, continuous updates, and a steady stream of new features that you can add or remove at will. There are no sleepless nights worrying about whether altering your checkout will break your site. Instead, you can relax, safe in the knowledge that the technical infrastructure supporting your payments is being handled by the experts.
Install your Nuvei payment plugin to unleash new payment capabilities
Nuvei offers industry-leading payment plugins that offer your online business a whole new world of opportunities. Our agnostic solution gives you the chance to take advantage of sophisticated payment technology without suffering any disruption to your day-to-day operations.
By installing one of our payment plugins, you can:
- Secure a portfolio of more than 500 alternative payment methods worldwide
- Process payments wherever you operate, with more than 200 local acquiring partners and 45 direct acquiring partners.
- Benefit from proprietary anti-fraud tools and a 3DS2 solution proven to increase SCA conversions
- Accept cryptocurrency payments with ease
- Take advantage of advanced decline recovery and approval-boosting technology, such as cascading routing
- Have compliance worries taken care of, with GDPR, PSD2, and PCI compliance all included.
We offer a payment plugin solution for all leading eCommerce platforms, including Magento, Salesforce, Prestashop, Shopify, Opencart, and Mirakl, to name just a few.
So if you work on one of these platforms, please don’t hesitate to book a call with a team member or approach me directly on LinkedIn. You may well be surprised just how much our technology can improve your business.
|Leon Lee, our VP of Channel Partnerships, joined Nuvei in 2020. He is responsible for building new strategic partnerships, with a focus on platforms, system integrators, and plugins.
Leon is from a small village in Somerset, England, and studied sociology and politics at UWE in Bristol. Leon’s parents are from Hong Kong where he lived for 5 years between 2009 and 2013, running his own digital agency and building eCommerce websites for retail merchants.
Leon, who also speaks Cantonese, loves spending time outdoors with his young family and restoring classic cars.