In the digital age, online merchants are grappling with a slew of challenges, one of the most intricate being the management of multiple payment service providers (PSPs). According to recent research, over 50% of online merchants use at least two PSPs. This staggering number reveals an unavoidable truth: merchants need diversified payment options. Each PSP uses its own form of tokenization, making it hard to bridge the gap between different gateways. For instance, if one gateway is down, recovering failed transactions becomes an operational nightmare.
Challenges for Online Merchants
To navigate this complex landscape, online merchants are confronted with several specific issues:
Token management: Using multiple PSPs means juggling various tokens, significantly complicating management and leading to costly errors.
Security and compliance: Storing and processing multiple tokens increases vulnerability points, raising security and compliance concerns.
User experience: The existence of multiple tokens can create friction in the payment process, thereby affecting user experience and conversion rates.
Conversion rates: A complex user journey may deter purchases, leading to revenue loss.
Handling payment failures: Switching between different gateways in case of a failed payment is not easily automated without the right tool.
Introducing Universal Tokenization
Enter NORBr’s universal tokenization, a cutting-edge technology specifically designed to tackle these issues. Rather than multiple tokens, NORBr generates a single universal token capable of interacting with multiple payment gateways. This groundbreaking innovation not only revolutionizes how transactions are managed but also how they are secured.
Strategic Benefits of NORBr’s Universal Tokenization
Universal tokenization offers a series of undeniable advantages:
Streamlined operations: A single token makes payment routing simpler, especially with our Routing Engine optimizing the direction of each transaction.
Enhanced security: Fewer tokens mean fewer vulnerability points, assuring better compliance with security standards.
Frictionless User Experience: A single token form offers a smoother shopping experience, leading to repeat purchases.
Improved conversion rates: Streamlining the payment process reduces interruptions and increases the chances of successful transactions.
Optimized fallback management: In case of initial failure, the universal token makes it easier to fallback to alternative gateways. Here, our Recover AI solution comes to the rescue, maximizing the odds of success for problematic transactions.
Simplify Your Payments World with NORBr’s Universal Tokenization
Universal tokenization is not just another feature; it’s a paradigm shift in the online payments world. This technology turns a series of challenges into a wealth of opportunities. So why settle for the status quo when NORBr’s universal tokenization opens the door to an optimized payment ecosystem?
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