2C2P | What are Payment Platforms and Does Your Business Need One?
Payment terminal

What are Payment Platforms and Does Your Business Need One?

by Agnes Chua, Director of Business & Product Development of 2C2P

Think back to the last time you paid your electricity bill, bought a batch of coffee beans or purchased an insurance policy online.

Maybe you ordered a new pair of trainers from overseas, booked a domestic flight, or splashed out on a big-ticket item for the home like a new fridge.

You’ll probably have a memory of how the whole payment part of the experience went.

How did it go? Was it easy, secure and quick — or frustratingly slow, complicated and riddled with errors?

Today, the way we pay for a product or service has much bigger ramifications than simply handing over some money – it’s a core component of and rounds up the entire customer experience. The payments process can lead a customer to form judgements about whether the company is living up to their expectations and standards, even if the company does not have a direct hand in this area.

What Does a Great Payment Platform Experience Look Like?

So, how does one live up to expectations of a seamless and secure payment experience? Harnessing integrated payment technology is one solution. A superior payment platform can capture and transfer payment data between customers and businesses in an instant; authorising a transaction via multiple payment methods, including credit card, debit card, internet/web banking, digital wallets, and more. At the same time, everything that passes through the platform is kept secure and encrypted, safeguarding your customers’ right to privacy.

An efficient online payment platform doesn’t just give customers a better experience. It can also boost a business’s bottom line. An automated solution that covers the entire transaction lifecycle can generate greater efficiency. Automating administrative tasks can free up employees’ time, allowing them to take on higher value work and therefore making the business more productive.

In addition to automating tasks, a sophisticated payment platform like 2C2P can deliver other value-added services such as mass payouts to suppliers, multi-currency, multi-location settlement payment, refund, and chargeback management. 2C2P’s services cover everything from payment acceptance, card and wallet issuing to real-time cross-border payments and remittances. At the same time, the platform provides consolidated reporting to give a company a clear oversight of real-time transactions and access to online payment summary reports.

A One-Stop Solution to Deliver Payment Methods

Access to financial services vary enormously across Southeast Asia, so companies here face the challenge of having to offer hundreds of different payment methods to their customers. Winning in this environment means deploying an efficient full-suite payment gateway that aggregates all the region’s many payment options and ensures that your company can process secure payments across online, mobile and offline channels.

With an extensive network of business partners throughout the region, 2C2P can provide a secure, fast and reliable one-stop service that delivers exactly that.

All the Security You Need, Built In

With the right payment platform, there’s no need for an e-commerce business to go looking for third-party standalone fraud solutions.

For example, 2C2P features robust integrated fraud monitoring to detect and track fraudulent payments. A 3D Secure protocol securely authenticates the cardholder before processing a card transaction, while the platform is certified for PCIDSS as Level 1 Service provider for card processing, with data encryption integration such as SecurePay on the merchant’s side.

An Online Payment Platform for the New Normal

Making sure your company has the technology in place to deliver a great online payment experience is especially important right now, as businesses come to terms with the ways the COVID-19 pandemic has changed the business landscape.

Restrictions on mobility due to lockdowns, working from home measures, and a growing preference to avoid cash for hygiene reasons have all boosted demand for e-commerce and online payments. Contactless payments usage during the crisis saw a 60 per cent increase while paperless B2B payment flows grew eightfold.

New research from Google, Bain & Company and Temasek shows across Southeast Asia, new online shoppers generated more than one-third of 2020’s e-commerce, and eight in ten of them intend to continue buying online. As a result, the gross merchandise value of the region’s internet economy is now estimated at US$100 billion, a sum expected to triple by 2025.

To take advantage of this rapidly evolving digital marketplace, businesses need to have a proven online international payment platform with global interoperability, and they need it up and running fast.

2C2P ticks all the boxes, and even offers payment links and pre-integrations with shopping carts and platforms to help you with the transition process with minimal or no development resources required.

Building a Successful Future with a Best-in-Class Payment Platform

Delivering outstanding payment experiences today isn’t a luxury – they’re the expectation. Aim to exceed those expectations to be rewarded with increased revenue, customer loyalty and repeat business.

Want more details on how 2C2P can help give your business a winning online payment platform? Chat with our friendly team now!