Through the continued integration of e-commerce and digital payments into our everyday lives, consumers have had greater exposure to the ins and outs of payment security. As payment utilities move to this online space, consumers have been pushed to become more aware of how they were being protected, for instance through tokenization. Alex Gatiragas believes that tokenization is vital for e-commerce payments and that it needs to be integrated into consumer-friendly interfaces, stating…

“While tokenization provides value in being able to secure transactions themselves, it’s also pivotal for consumers to be able to monitor these newly tokenized credentials. Indeed, as tokens are on the rise, the perceived challenge may not be the risk of personal information being breached but rather the need for a credential management capability.”

Clients may feel eager to further secure their data utilizing this new knowledge. However, increasing these security measures ultimately becomes counterintuitive to the satisfaction of your customer base, which is usually centered on overall convenience. Your customers may think they want an additional second or third layer of protection, but this overcomplicates the transaction, and ultimately pushing them to a platform with simpler payment procedures. You need to find the sweet spot between sufficient security, and convenience to satisfy your customers’ needs without sacrificing one or the other.

The Priority of Convenience

This further familiarization of tokenization to the public did not launch with the means for consumers to directly affect it themselves. They only were able to access backend information based on what the merchant was comfortable sharing, and what the bank could reliably provide. While this was sufficient in furthering awareness of consumer payment security, these limitations should be pulled back to allow further control for all involved in the payment process. Gatiragas states…

“As e-commerce shows no signs of slowing, the need for a seamless experience to be provided to consumers is vital as retail continues to change. Many consumers are now accustomed to instant digital services and will turn away from a multi-step checkout process, placing pressure on organizations to meet their demands.”

The Customer is Always Right

The idea of “the customer is always right” permeates every type of business. If your client base believes they need a specific something to ensure their satisfaction, they want that specific something now. In most instances, promoting transparency provides customers with a sufficient understanding of the payment process and information protection which allows for room to compromise. For example, if a business has a multi-step checkout process, customers will accept the longer procedure if they understand what it’s in service of. In addition, if a business has a swifter checkout process, clients will be comfortable with fewer security measures if it supports a more convenient transaction.

If you’re struggling to find common ground with your customer base, contact us at Revitpay. We facilitate the proper information between you and your clients, to reassure that they’re getting the most convenient and secure transactions possible.