Online businesses and consumers alike expect online buying and selling to be easy, efficient, and safe. New technologies like mobile payments, contactless cards and e-wallets are making payments easier. Now comes the next phase in “innovative” payments and it is happening peer-to-peer.
What are the Main Business Challenges for Receiving Online Payments?
Credit Card Misuse
Credit card fraud and chargebacks are an everyday unfortunate reality for online merchants. With the rise of “card-not-present” transactions so too have the amount of fraudulent card misuse. In fact, unauthorized financial fraud losses in the UK alone across payment cards, remote banking and cheques totalled £844.8 million in 2018, an increase of 16 per cent compared to 2017. Chargebacks, in addition to being costly, can damage a business’s reputation and an excessive amount can in fact lead to the closing of the business.
Cross-border payments can be slow, inefficient and expensive and yet they play an important role in global trade. Traditional banking infrastructure and strict banking regulations are not always capable of handling international payments.
Payment Card Security
Payment Card Industry Data Security Standards (PCI DSS) certification should be implemented by every business accepting credit and debit card payment, online and offline. These standards are a set of requirements established by the credit card networks to protect cardholder information and reduce the risk of data theft.
Global E-Commerce Transactions
Multi-currency payment methods and currencies support the global ecommerce market. New studies projected that the worldwide retail eCommerce sales will reach a new high by 2021. Ecommerce businesses should anticipate a 265% growth rate, from $1.3 trillion in 2014 to $4.9 trillion in 2021. This shows a future of steady upward trend with no signs of decline.
For all online businesses, it is important to choose the right payment service provider with the necessary infrastructure to provide the needed support and payment facilities. With the options now available to merchants, businesses can easily collect payment in one currency and credit the business account in another.
PumaPay, The Innovative Payment Solution
PumaPay is an easy option for online businesses to start accepting cryptocurrency payments in just three simple steps. We put merchants front and center, incentivizing businesses to integrate with our system and encouraging their customers to use the PMA Token as a means of payment for everyday use. We aim to interrupt the payment space offering a real alternative to credit cards and eliminating the middleman. Merchants can use our Business Console to register, set up billing methods, start accepting cryptopayments and chose to settle payments in fiat.
We eliminate chargebacks since transactions are immutable on the blockchain, as well as eliminates all fees besides an Ethereum gas fee which is required to post transactions on the blockchain.
We are PCI DSS Service Provider Certified. We follow and comply with global data security standards which means your business data is safe and secure.
We already have over 100 brands committed. Some are already live, and the rest are in various stages of onboarding. We are expanding our ecosystem to include more and more businesses, providing crypto holders with real utility for their cryptos. The ultimate goal is to be considered a key player in the payment space alongside Visa, Mastercard and PayPal.
We have the potential, the innovation and the ambition to lead this revolution in the payment space. Do you have the ambition to join us?
If you are a business wanting to be part of the PumaPay payment revolution, register now!
Visit the PumaPay site for more information about our Payment Solution.