Compliance and Quality are Synonymous
For consumer-facing merchants, ensuring your payment systems stay compliant with national and international know your customer (“KYC”) regulations is important, especially as digital payment options become a more popular way for consumers to pay.
It’s important to demonstrate to your customers that you take the security of their personal and banking information seriously and prove to them that you’re a quality brand that’s safe to do business with.
Compliance and Quality with Digital Wallets
The Age of Digital Payments
Digital payments technology is advancing at a rapid pace, allowing us to connect with each other all over the world. As a result, the world is becoming more interconnected than it has ever been.
This creates a great amount of opportunity for businesses to expand their revenue streams into new markets (like China) by accepting digital wallets like Alipay.
However, with pros there also come cons. The technology that enables simpler and faster forms of payment also makes consumers’ payment data more easily accessible to tech-savvy criminals to commit different types of fraud and scams. All of which can hurt your company’s bottom line, as well as your reputation with consumers.
Fraud negatively affects everyone involved, especially businesses. Not only will businesses lose out on a sale, they could owe fees to their bank, and they could lose the trust of the affected customer. And that lost trust doesn’t stop with that customer. News travels fast, and with social media, hundreds or thousands can see a customer’s negative outlook within a few seconds of their posting about their discontent.
It’s easier to lose the public’s trust than it is to gain it back.
Quality Businesses Stay Compliant
It’s now more important than ever to ensure compliance with guidelines and regulations. No business wants to fall victim to a massive customer data breach, nor do they want to lose out on sales due to fraud. Compliance protects your business by protecting your customers, and solidifies their long-term trust.
Pockyt’s integration allows you to accept popular international digital wallets like Alipay and Kakaopay. With Pockyt, open up new global revenue streams for your business, and the over 2 billion international consumers who prefer to make purchases with digital wallets. There are no hidden costs. Interested in learning more about how your business can increase revenue by using Pockyt? Talk to our team today!