Over the past few decades, digital technology has changed everything, from the way we communicate to how businesses and consumers pay and get paid. Consumer behavior has also changed across all age groups, it is not just the millennials shopping online, but people of all ages. Consumers use multiple devices and want an intuitive and seamless user experience across all applications.
There is no doubt that the current pandemic has been a catalyst for an accelerated digital transformation. One of the areas we have seen change the most because of this is the use of contactless payments instead of cash.
Virtual Pay is helping businesses of all sizes and industries stay relevant. We provide intuitive and user-friendly payment products that allow you to receive payments effortlessly, so you can focus on growing your business.
Electronic payments lower costs for businesses. The more payments you can process electronically, the less you spend on paper and postage. Offering electronic payment can also help your business improve customer retention. A customer is more likely to return to the same e-commerce site where his or her information has already been entered and stored. Some of the advantages of digital payments are:
1.Convenience and Accessibility
Customers no longer need to carry cash or visit an ATM. In fact, they don’t even need to be physically present to pay. They can pay anytime from any part of the world.
2. Lower risk
Digital transactions are much more secure than traditional transactions because they are processed by secure gateways which are hard to tamper with.
3. Easily traceable
Details of payments are stored in merchant-specific databases. Both merchants and customers have easy access to payment information. This avoids ambiguity and confusion while tracking payments.
As consumers increasingly welcome online experiences, digital transformation has become vital for businesses. At Virtual Pay, we provide an enterprise-level payment technology that is sufficiently adaptable for all business needs to process and reconcile payments. Our platform is designed to scale and onboard new users rapidly. Our low-cost, frictionless B2B payment network automates manual processes, lowers transaction costs, and speeds up time-to-cash.
Several key features of the Virtual Pay platform are:
1. Simple Integration
Virtual Pay manages your end to end payments, from acquiring to settlement – quickly, reliably and securely.
2. Advanced Reporting
Get the transaction insights you need to effectively run your business. Payments are complicated, but reporting on them shouldn’t be. We make it easy to track your transactions using our sleek and customizable reports for your specific needs.
3. Revenue Optimization
We make the payment process simple, and at the same time, more beneficial for you and your customers. Therefore, increasing revenues across the payment flow by an increase in authorization rates and an improved user experience.
4. Risk Management
From basic to cutting-edge and everything in between, our suite of tools is designed to help your business detect and prevent fraudulent transactions while receiving payments from your customers.
Virtual Pay has satisfied the highest levels of global security standards:
- PCIDSS Certified Facebook Icon
- Multi-factor Data Authentication
- Encryption of Sensitive Data
- Tokenisation Technology
- 3D Secure
You can now easily monitor and detect fraud, reduce false declines and stay on top of the latest fraud prevention trends.
Virtual Pay adds value to each buying experience by ensuring simplicity, seamlessness, and above all, security. If you need help with collecting online client payments either through social media or your website contact us, we are well positioned to help.