7 Payment Processing Tips for the 2020 Holiday Season

Welcome to 2020’s holiday shopping season, a critical time of the year for most merchants. With so much at stake, even more so this year due to the pandemic, now is the perfect time to re-evaluate your payment offerings. Doing so will help you better prepare your merchants for the busiest purchasing season of the year. In addition to a recently-released Holiday Shopping 2020 report, NMI has pulled together the following holiday checklist packed with ways you can provide additional value to your merchants through the NMI platform, from fraud prevention to QR codes and more.

ENABLE AUTOMATIC CARD UPDATER

Avoid unnecessary declines and outdated cards this holiday season by enabling Automatic Card Updater. It ensures your merchants’ cards on file are updated, recurring subscriptions process and transaction approvals increase.

SIMPLIFY PAYMENTS WITH GOOGLE PAY

Google Pay is the fast, simple way to pay at millions of places — on sites, in apps and in stores. It brings together everything your merchants need at checkout and protects payment info with multiple layers of security. Add Google Pay to your Collect.js integrations to ensure smooth checkout experiences or simply create a Collect Checkout button to include Google Pay by default.

REDUCE FRAUD RISK

With an increase in ecommerce transactions, fraud has been at the top of merchants’ minds, and that will continue through the holiday season. iSpyFraud screens suspicious transaction activity to help merchants stay one step ahead of fraud. Enable it now to protect your merchants through the selling season. If you already have iSpyFraud, now is a great time to check your rules and ensure you’re prepared.INTEGRATE EMV PAYMENTS NOW

If you have merchants who haven’t upgraded to EMV payments, now is the time. In fact, it’s never been easier to integrate EMV payments into your system. ChipDNA Cloud is a 100% browser-based solution, completely untethered to any specific operating system, offering unrivaled flexibility of use. You can enable EMV contact and contactless transactions in minutes using simple API commands via the Direct Post APl. Additionally, the Ingenico Lane Series is available now pre-certified with Elavon, First Data, TSYS and Worldpay.

DON’T OVERLOOK SUBSCRIPTION OPPORTUNITIES

The gift that keeps on giving! Subscriptions are a great way to guarantee recurring revenue and maintain relationships with consumers. Encourage your merchants to identify opportunities to leverage NMI’s recurring billing to set up payment plans and subscriptions using stored payment information.

GO CONTACTLESS

According to a recent NMI survey of U.S. consumers, 62% plan to spend at least the same amount they did in 2019, with about half of that group planning to spend more. NMI wants to ensure merchants have safe in-person payment options. The Lane or BBPOS devices offer a clean, contactless payment experience. Merchants who don’t have POS devices can even use Collect Checkout to generate QR codes that link to a hosted checkout experience for an easy contactless solution.

DON’T FORGET MFA

With phishing attacks on the rise, make sure you’re protected this holiday season by enabling MFA (multi-factor authentication) on your account. Implementing something so simple can help you avoid an unwanted nightmare scenario.