2020 was meant to be a promising year for businesses - Brexit was being finalised, climate change mitigation introduced positive management directives and digital technologies driving commerce and growth continued to advance. Business confidence in the British economy had leaped to its highest level for a considerable time.
Then, COVID-19 effectively halted the global economy and UK trade plunged to its lowest levels in recent memory. Impacts will be felt long after the pandemic is over. Many businesses initially focused on cashflow management: implementing redundancies and the government furlough scheme. However, now that the dust has settled, businesses are assessing strategic opportunities, with Cardholder Not Present (CNP) payment solutions being central to that strategy.
Many merchants, who’d previously not had any online payment capabilities, are now hurrying to e-Commerce platforms, and those who already have CNP facilities are often looking to augment their existing platforms, to safeguard themselves.
The main challenge that merchants face with CNP payment processing is fraud; unscrupulous shoppers are emboldened by the fact that they can now embezzle highly lucrative products from the comfort of their own chairs. But this is being tackled – advancements in fraud prevention technology, such as ID Verification tools that validate the customer is who they say they are, multi-factor authentication and pattern detection, can confidently open a CNP revenue channel that efficiently identifies and negates fraudulent payment requests.
Businesses across the UK are evaluating their existing payment channels and scrutinising the gaps in their processing capabilities. This generally provides a valuable window of opportunity for new providers to replace the incumbents, as many providers do not offer a comprehensive set of products that meet modern payment processing requirements.
One thing is certain, any new implementation of a CNP payment solution will need to be future-proofed: including modular design, allowing additional functionality to be added as and when needed. Rich features too, will support numerous industry sector requirements and be flexible in configuration. Most importantly though, CNP must be accessible from any internet capable device, whether you are the cardholder making a payment on your mobile phone or the merchant making configuration changes from their home office.