Training Options Discussing Payment Optimization for the CNP Channel
Optimizing the payment methods offered in the CNP channel can increase sales and conversion. Knowing your customer base and their payment preferences is an important part of doing business online. There are many payment methods available in the online channel, from traditional credit card payments to a plethora of alternative payment options, but each of these payment methods comes with their own sets of benefits, costs and risks. The following set of online training courses from The Fraud Practice are specifically focused on understanding, selecting and offering different eCommerce payment methods.
The Introduction to eCommerce Credit Card Payments course is a fundamentals session defining the players, process flows, concepts and terminology associated with processing credit card payments. Although credit cards are the preferred eCommerce payment method in many countries, alternative payment methods make up a significant portion of eCommerce volume and must be considered as well. There are many alternative payment options for merchants and consumers to choose from, and The Fraud Practice offers courses providing an overview of the payment process flow, parties involved, benefits and risk considerations for several eCommerce alternative payment methods. ACH and online bank account based payments are a low cost payment method ideal for many verticals, such as with recurring billing. But as discussed in the Introduction to ACH Payments training course, there are fraud risks and bad debt risks to consider when adding this payment method.
Of course there are many other payment methods merchants may offer and consumers may prefer to use. Consumers may prefer alternative payments for security concerns, because they offer better payment terms, or simply because they have loyalty to that alternative payment brand. One of the largest and most recognized alternative payment methods in world is PayPal, and this e-wallet and payment service provider is discussed along with other e-wallets in the Introduction to PayPal Payments course covering cost, risk and other considerations regarding these payment methods. The Introduction to Credit Term Payments course discusses third party payment providers that issue consumers micro-credit for online purchases, such as Bill Me Later. In-house options for offering credit term or installment payment options are also discussed along with the cost and risk considerations for offering credit terms payments both through a third party and in-house.
Meanwhile the payment landscape continues to evolve, and in the Introduction to Mobile Payments course mobile commerce and mobile payment methods are discussed both in terms of eCommerce and Brick-and-Mortar mobile payment methods. Different mobile billing methodologies, including direct-to-carrier, WAP billing, SMS, Near Field Communication (NFC) and others, are all discussed in terms of how they work, current adoption and costs while providing sample providers for each mobile payment method. Additionally, the Fundamentals for Selecting eCommerce Payment Options course provides an overview of the main eCommerce payment methods that exist today, why businesses use alternative payments, and groups many alternative payment methods while providing the mind share, market share and major alternative payment players for each category.