So, you’re the head of payments, and you already know standing still in this ecosystem isn’t an option. Rising fees, evolving regulations, and the constant pressure to deliver better customer experiences mean you have to navigate a rapidly shifting terrain.
Here’s the thing: waiting to react isn’t a strategy; it’s a liability. Future-proofing your payment strategy isn’t just about keeping up with change; it’s about staying ahead of it.
It seems like every year, the stakes become higher than ever. You need strategies that focus on scalability, security, and resilience – without compromising the customer experience.
So, let’s run through our five essential tactics to help you stay agile and competitive. Your payment flow won’t just be ready for what’s next – you’ll be one step ahead.
1. Implement Identity-Based Fraud Management
Fraud and inefficiencies in your payment flow can cause all kinds of headaches: frustrated customers, lost revenue, and unnecessary friction. Everyone seems to be implementing AI these days, and not always in ways customers actually want.
But in payments, AI is the easiest way to optimize fraud prevention. AI tools continuously adapt to evolving fraud tactics fed by data from millions of companies globally. Look for a solution that focuses on the customer’s identity, as it minimizes false declines and keeps legitimate transactions moving without a hitch.
2. Adopt a Multiprocessor Strategy with Predictive Routing
Relying on just one payment processor might feel simple, but it can box you in when it comes to flexibility, reduce your resiliency, and keep your costs high.
With predictive routing, you can send payments to the best-performing processor – whether you’re optimizing for cost, authorization rates, risk, or geography – without having to use your payments team’s own brain power.
It improves success rates while building resilience. When you’re not tied to a single processor, your payments flow stays adaptable, no matter what comes your way.
3. Leverage Risk-Based Authentication
One-size-fits-all authentication doesn’t do anyone any favors. It just creates friction for customers who expect a seamless experience.
Smart 3DS, on the other hand, knows when to step in and when to step back, applying authentication only where it’s needed to improve conversion rates. Striking a balance between security and simplicity is the name of the game.
Plus, this kind of risk-based approach keeps you in line with global regulations like PSD2 and Japan’s EMV 3DS mandate while helping to reduce checkout abandonment. It’s a smarter way to future-proof your payment flow without adding unnecessary hurdles.
4. Support Local Payment Methods (LPMs)
Expanding globally means meeting customers where they are. Supporting local payment methods isn’t just a nice-to-have anymore — it’s a win-win for your business and your customers.
Offering region-specific options that customers already know and trust can build trust and establish a smooth entry into new markets. This makes their decision to purchase that much easier and also reduces fraud risks tied to unfamiliar methods.
5. Invest in Frictionless Customer Experiences
As you already know, customers expect payments to be fast and secure and feel like they were made just for them. Features like one-click checkout and personalized payment flows don’t just make checkout easier; they build trust and keep customers coming back.
Card vaulting helps merchants create frictionless customer experiences by allowing returning customers to check out without re-entering their card details and ensuring subscription customers can continue payments without any service disruptions.
With Forter, businesses can deliver these seamless experiences without compromising security, striking the perfect balance between convenience and protection. Forter’s Trust Platform empowers merchants to future-proof their payment strategy with identity-based, AI-powered fraud management, intelligent 3DS recommendations, predictive payment routing to optimize processors, network tokens, and network rails, as well as secure card vaulting solutions. These capabilities enable merchants to support a multiprocessor strategy, maximize authorization rates, and reduce costs.
Insights from Spreedly
Building a Future-Proof Payments StackThe maturity of a payment stack is a journey, not a destination. Starting with an open payment platform sets the stage for long-term flexibility. While you may not know exactly where your business needs to be in the future, an open platform ensures you can adapt with minimal technical disruption. A common misconception is that compliance and fraud tools — such as 3DS or fraud prevention systems — add friction and hurt payment success. These tools enhance the customer experience by applying friction only where necessary. The result? Higher approval rates and better payment performance than traditional rule- or list-based solutions. To learn more about Spreedly and Forter’s partnership, click here » |
Stay Agile, Get Ahead
Future-proofing your payment strategy means staying agile in an ecosystem of constant change. You can get ahead by adopting intelligent optimization tools, multiprocessor strategies, risk-based authentication, and localized payment solutions.
The future of payments demands a balance of scalability, security, and customer-centric solutions. With the right tools and strategies, you can confidently navigate the road ahead.
