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by Lauren Cassidy
July 07, 2020
Those who previously trusted offline payments only have been given a significant nudge to online. Both business and consumer are now looking into digital options and handling their daily routine remotely. With that in mind, Kooomo has taken time to improve the payment and security offerings available on our platform, easing processes for our clients and their customers.
We’ve said it before – we’ll say it again. CONSUMERS LOVE OPTIONS. Whether it’s varied styles or colours – paths to purchase and even payment methods. In fact, retailers have seen a 55% increase in order value from shoppers who pay in instalments.
Our back-end development team has enabled the use of Klarna (via Adyen) on our platform to allow for instalment payments. Interest-free instalments give shoppers the freedom to choose how and when to pay. Klarna spreads the cost while merchants get paid in full, straight away. As an alternative to credit, instalments boost sales and loyalty when offered as an option in your checkout.
This can be integrated instantly on your eCommerce store by contacting your account manager.
3D Secure or 3DS is the umbrella name for each of the Card Schemes’ branded online payment authentication solutions. People may be familiar with its official title EMV 3DS and this protocol significantly improved the UX for both merchant and consumer. It was designed to reduce fraud, increase customer security and reduce merchant liability to chargebacks.
For customers, this will help to combat fraud and allow for less friction upon checkout as authorisation is optimised while also reducing merchant liability to chargebacks. 3DS2 was also designed to be optimised for mCommerce and is the only way to provide your customers with native in-app authentication.
3DS2 allows for intelligent risk-based decision-making based on advanced algorithms and smarter data sharing between the merchant, the customer and the issuer. The purchase is evaluated as to whether it is ‘normal’ or not. For example, considering user location, the amount spent and frequency of transactions. This means additional authentication processes are only requested when really needed.
We added the functionality for the 3DS2 to the platform and, for clients that already have global payment, this can be enabled in the backend. Clients just need to reach out to their account manager to activate it.
Apple Pay has been enabled through Adyen which can now be used by customers on apple devices which will speed things up for them. Through 3D secure payments, simply click “pay with Apple Pay” and you will be presented with a payment widget that will look for authorisation via fingerprint or face recognition scanning.
Those who operate on Apply Devices can be assured of:
- A simplified check-out: There’s no need for customers to fill in shipping, billing, or payment information.
- Greater privacy: The use of Device Account Numbers versus the credit card data makes the transaction even more private as merchants do not see the shopper’s personal information
- Higher conversion rates for your business: an eCommerce website can get a 35% increase in conversion rate through a better checkout experience. Apple Pay is one of the easiest and most efficient ways to make mobile checkout experience as smooth as possible.
Payment ordering per zone
We can now pass values to the payment methods based on the zone that the customer is coming from (ie. their billing address.) This changes the order that the payment methods appear on the front end.
Merchants can now to toggle payment methods on the front end and order them depending on the country of transaction. But why is this important? Preferred payments differ between each European country – not only this but local regulations have also called for this to be a requirement.
For example, in Sweden, the law now requires a direct payment option to be displayed first. If an online merchant accepts at least one payment method that does not involve credit, that payment method must be presented first in a list of available payment options.
However, a merchant might prefer to payment options in a particular order depending on the country – this update allows merchants to better adapt to local payment customs with ease.
Secure and diverse payment options are more in demand than ever. 42% of consumers who have moved to online shopping quote “enjoyment” as a reason they will continue to do so when the pandemic subsides. Diversifying payment methods available at the checkout is a great way to combat consumer hesitations towards eCommerce. Alternative payment methods that indemnify the online business will reduce the overall percentage of fraudulent transactions the business experiences
At Kooomo, our platform is continuously updated to reflect the urgent needs of the market – therefore, we took the time to focus on these security aspects in our recent sprint. If you wish to incorporate any of the above features simply contact or your account manager. Alternatively, if you wish to find out more about joining the Kooomo community, simply click here.
More to explore
In the next few years, we are foreseeing an impressive increase for the global retail industry. While this can be beneficial for the global eCommerce industry, it also means that there will be more competition, as well.
European Data Protection rules were launched back in 2018, to protect the confidentiality of our personal data but even four years later, there is still a lack of understanding among companies and consumers about how to comply with the best practices. Big tech companies, like Google or Amazon, usually refer to the acronym GDPR, to explain the rules that verify the data, so it is not used inappropriately, but to add details to create confusion.