When your eCommerce or payments acceptance provider faces financial instability, your business could feel the ripple effects almost immediately. Delayed payouts, service disruptions, lack of support, compromised payment data, or even temporary or complete operational shutdown can shake customer trust and chip away at your revenue.
This situation might sound like one that is unlikely, yet the past years have brought businesses head on with the age of uncertainty which has caused compounded difficulties for merchants who have to shoulder their providers’ failure to deliver. Driven by inflationary pressure, looming recession, decreased demand after the pandemic, and the hardships of adapting to the future of work, it’s no wonder corporate bankruptcies hit an alarming peak in 2024, with 300+ businesses with turnover over EUR 50 million closing shop. These company failures created waves negatively impacting their business clients.
The eCommerce and payments sectors are not excepted from such crises. When an eCommerce provider starts to shake this can considerably negatively weigh on the merchants leveraging its services. But challenges like this also present an opportunity for vendors to strengthen their foundation by choosing a provider with a secure financial background, robust compliance, and a proven track record.
This guide will walk you through handling an eCommerce provider’s financial instability and what to consider when selecting a stable, compliant, and efficient partner for future success.
Your Payment Acceptance Provider’s Financial Stability Is the Core of Reliable eCommerce
Your eCommerce provider is the backbone of your online business. When they start showing signs of imminent hardships – think fewer investments in product development, decreased level of support, service disruptions or delays in payments made to your business – it can jeopardize your operations and taint the customer experience.
A provider’s stability isn’t just a matter of reputation and working with an established player. Their services are the ones that empower your business to sell online and collect payments for those sales. Their financial stability matters because it impacts your:
- Service Continuity: Providers showing signs of becoming financially unstable may struggle to maintain their core services or level of uptime, or fail to innovate their offering, leaving you vulnerable to operational disruptions.
- Customer Trust: A provider in crisis could amplify security risks, heightening data breach probabilities—a lawsuit that businesses dependent on consistent and secure service can’t afford to endure.
- Scalability: Undercapitalized providers or those dealing with shortages of cash flows can struggle with onboarding new merchants or rolling out updates, causing delays and operational bottlenecks.
There is no doubt that your provider’s strength directly translates to their ability to support ongoing innovations, maintain secure solutions, and grow alongside your business.
Verifone Is a Payments Market Leader with a Proven Financial Record
Verifone stands as a global leader in the payments and commerce industry, recognized for its unparalleled expertise and trust. Fully regulated by the National Dutch Bank, Verifone processes over $500 billion in transaction value annually through its gateways, handling more than 14 billion individual transactions each year—making it one of the largest payment solutions providers in the world. With a strong global presence spanning 65+ offices across continents, Verifone supports businesses of all sizes in creating seamless, secure, and innovative commerce experiences. Backed by Francisco Partners, a private equity firm renowned for its focus on technology and innovation, the Fintech leader continually evolves to meet the dynamic needs of commerce.
Verifone’s blend of technological leadership, regulatory compliance, and unmatched reach ensure its trustworthiness as a partner for merchants looking to scale their commerce operations anywhere in the world.
Secure Online Sales Rely on PCI Compliance for Unwavering Transaction Security
PCI compliance is non-negotiable when it comes to online payments. Standards established by the PCI Security Standards Council (PCI SSC) guarantee that providers meet a baseline for protecting payment account information. A PCI-compliant provider prioritizes customer safety and protects your business from data breaches.
PCI DSS (Payment Card Industry Data Security Standards) was developed to enforce consistent security measures across the payments ecosystem. Compliance implies technical and operational requirements that maintain a secure environment for cardholder data.
Why Is It Critical for Your Business?
- Reduces risk of security lapses and penalties related to non-compliance.
- Strengthens customer confidence in their payment security.
- Simplifies fraud dispute processes, which can otherwise drain company resources.
A provider that upholds the highest level of PCI certification demonstrates its commitment to safeguarding customer data, an invaluable attribute when securing a new provider.
Verifone’s Commitment to PCI Compliance Ensures Secure Transactions
With Verifone, you are guaranteed the highest level of security compliance. As a PCI Level 1 certified provider, we adhere to the most stringent industry standards for data security. What’s more, Verifone Payments BV dba 2CO is a licensed payment institution, regulated by the Dutch National Bank. This robust security framework ensures that your sensitive customer data is protected at every stage of the payment process.
Furthermore, the 2Checkout platform significantly simplifies PCI compliance for merchants. By handling the majority of security responsibilities, including data encryption, and secure data transmission, 2Checkout minimizes the burden of compliance for businesses of all sizes.
This allows merchants to focus on growing their business while maintaining the highest levels of security for their customers. When customers see a commitment to robust security measures, they are more likely to feel confident in their transactions, leading to stronger and more loyal customer relationships.
A Strong Ecommerce Provider Should Deliver Exceptional Service and Solutions
An ideal provider offers capabilities that align with your business’s tactical needs and long-term goals:
Offer the highest level of PCI certification and compliance to reinforce security
Choosing a provider with advanced PCI DSS certification means your business meets the highest standards for secure payment processing. This certification ensures the safe handling of sensitive customer payment information. By prioritizing security, you not only safeguard your customers’ data but also build lasting trust and credibility with your audience.
Adhering to the strictest standards of the Payment Card Industry Data Security Standard (PCI DSS), 2Checkout ensures that customers’ credit card information is securely processed, stored, and transmitted across all shopping channels. This robust protection is supported by redundant data centers that encrypt and store sensitive data, relieving businesses of the burden of managing credit card security. Furthermore, 2Checkout simplifies the often complex PCI compliance process with solutions like hosted checkout pages and JavaScript ordering forms, enabling businesses to meet compliance requirements with ease. These innovations empower merchants to focus on growth while delivering a secure, seamless online payment experience for their customers.
2Checkout also operates within a robust compliance framework, complying with the Payment Services Directive 2 (PSD2) for European payment regulations and the General Data Protection Regulation (GDPR) to safeguard customer data privacy. Furthermore, 2Checkout maintains the highest standards of security and operational excellence, as evidenced by its certifications to ISAE 3402 and SSAE 18, recognized internationally as the gold standards for service organization controls.
Ensure seamless migration and Go Live in days, and offer exceptional service from day one
A top-tier eCommerce provider is with you from the start, even before it starts servicing you. This begins with the migration process to their solution and how it is handled. Switching to an established eCommerce provider should not be a complicated process. When you opt for a reputable solution, they will draft up an ideal migration plan for your business, considering all specifics of your company, and get you to Live on the new solution within days, not months.
Such a process involves tracking and measuring the KPIs that matter for your business before and after the migration takes place and delivering uninterrupted service with no disruptions to your end users. A new provider that can service you the right way will be by your side with any specific integration needs, ensuring your tech stack is not affected when a piece of the matrix changes. This attention to the migration and onboarding process is also especially important when your product portfolio includes subscriptions, as recurring billing should not be disrupted in any way by a switch in providers.
The 2Checkout platform has a strong migration process in place, through a dedicated team that provides expert guidance and support throughout the entire process and works closely with you to minimize downtime, ensure data accuracy, and maintain a consistent customer experience.
Committed to taking all precautions to ensure data migration happens seamlessly, 2Checkout monitors several business metrics during the process, such as authorization rates, rejection reasons, renewal rates, refund rates, and all KPIs whose fluctuations need to be kept in check. By choosing 2Checkout, you can rest assured that your migration will be handled with exquisite care and expertise.
After onboarding, a strong eCommerce provider will evidence itself through ongoing, pro-active support. Prioritizing its customer’s growth through dedicated growth teams and proposals can enable companies to optimize operations and elevate customer experiences and better stand out on the market. Such an approach is something to seek out in an eCommerce provider, as it ensures not only smooth day-to-day operations but also long-term growth and competitive advantage on the market.
Demonstrate a proven history of growth and success
Strong providers showcase a history of innovation, including evolving their portfolio to match industry shifts and customer demands. A history of robust, scalable solutions speaks volumes about a provider’s stability and capability to support businesses in any stage of growth. Adaptability, level of solution robustness, focus on data-driven decisions and automation of workflows are just several of the features a strong, modern eCommerce provider should display.
Verifone’s remarkable track record of growth is showcased by our continual innovation with the 2Checkout platform. The latest platform release introduced forward-thinking features like optimized purchase flows, mobile SDK support for seamless in-app payments, and enhanced reporting capabilities to empower businesses with actionable insights, the type of advanced tools business need nowadays to stay ahead of the evolving commerce space. This dedication has earned 2Checkout numerous prestigious awards, including recognition for its payments and commerce solutions, its recurring billing capabilities and its leadership in delivering cutting-edge payment and monetization solutions.
Support sales across all digital channels seamlessly
Partnering with an eCommerce provider that supports sales across all digital channels is crucial for growth. A unified platform that seamlessly handles web, mobile apps, and additional channels like affiliate networks or channel sales ensures wider customer reach and maximized revenue potential. It also boosts your operational efficiency, as everything related to payments is handled through a unique provider, not multiple. This all-in-one approach allows businesses to provide a consistent, high-quality shopping experience, no matter how or where customers interact with the brand.
It also guarantees consistency and accuracy of reporting and metrics, enabling merchants to drive more data-driven decisions from their sales data and channel performance. The result is a stronger market presence, happier customers, and accelerated sales growth.
2Checkout empowers businesses to expand their reach across all digital channels. Our platform supports seamless sales and subscriptions on websites and mobile apps through versatile solutions like hosted checkout, payment forms, strong 2Checkout API and robust mobile SDKs. All options come with a market-leading suite of monetization tools, so our partners can seamlessly increase their Customer’s Life Time Value (CLTV).
To empower merchants to further scale their digital good sales, 2Checkout also offers its market-leading affiliate channel, providing access to a vast network of affiliates to drive traffic and sales. Recognized for the past 8 years as a leading global affiliate network in terms of Cost Per Sale, our affiliate network supports our partners in generating a considerable portion of their yearly revenue from affiliate sales.
Additionally, our comprehensive channel manager solution enables businesses to leverage a single, powerful partner order and revenue management solution. With capabilities like bulk ordering, license fulfilment, activation, billing and global payments, 2Checkout Channel Manager solution opens new avenues for monetization and expands our partners’ market presence.
Deliver advanced security and anti-fraud solutions to ensure around-the clock protection
Ecommerce fraud poses a significant and growing threat, with losses expected to exceed $107 billion by 2029 according to Juniper Research. This escalating trend impacts businesses of all sizes and chips away at consumer trust. To combat this growing challenge, leading providers are turning to sophisticated technologies to detect and mitigate fraud risks in real-time. These advanced tools analyze vast amounts of data, identifying suspicious patterns and behaviors to prevent fraudulent activities before they occur. Features such as encryption and continuous fraud monitoring provide an added layer of protection, safeguarding sensitive customer information. By ensuring their eCommerce provider leverages these measures, merchants can not only bolster security but also streamline operations, ensuring a safer and more efficient shopping experience for their customers.
2Checkout’s robust fraud management solution combines advanced technologies, such as machine learning and real-time risk assessment, with human expertise to combat online fraud. Our system proactively identifies and prevents fraudulent transactions, adapting to evolving threats like account takeovers and emerging digital payment methods. By leveraging a multi-layered approach and collaborating across the industry, businesses are provided with a strong defense against sophisticated fraud schemes while minimizing disruptions to legitimate transactions and ensuring a seamless customer experience.
Strengthen Your Business by Choosing the Right Provider
Discover Verifone’s 2Checkout solution’s strength!
A financially stable, secure, and efficient eCommerce provider is essential for protecting your online business. From ensuring compliance to safeguarding customer trust, your choice of a partner can make or break your operations. Even if a partner has been reliable in the past, recent disruptions that stick around for more than a couple of days or market news about their hardships can be an important red flag! This can be a sign that your current provider can no longer service your online sales to the level they were doing before.
If you’re currently working with a provider facing challenges, take this opportunity to assess potential replacements carefully. Prioritize financial strength, compliance, and innovative offerings that align with your business goals. The right provider is an ally that allows your team to focus on what matters most—growth.
Understand how Verifone’s 2Checkout solution can be the ideal solution for your cross-border sales of digital goods. With a strong footprint across the world, our market validated Merchant of Record model delivers increases in authorization rates, conversion rates and optimizes your shoppers’ experience, all while acting as a real partner in your daily operations. Get in touch with our commerce experts to find out the details about migrating to the 2Checkout platform and how our benchmarks compare to your current provider’s.
