5 ways to ensure your PCI payment services strategy is ready for 2023

This is a guest blog from Jane Goodayle, chief marketing officer at PCI Pal.

Consumers have gone digital!

In 2023, with over 265 million Americans estimated to be shopping online, retail sales are going to be increasingly driven by digital commerce, and arguably so should your PCI payment services strategy.

Here are some tips to help retailers prepare:

1. Ensure payment security.

To stay in customers’ good books, retailers must ensure their security and operations are flawless. Given the quick shift to online shopping for many businesses in recent years, it’s not a huge surprise that consumers are nervous about their online security. In fact, in a PCI Pal survey over 89% of UK and 90% of US consumers say personal data security is the most important factor when choosing a payment method.

2. Support a hybrid customer experience strategy.

Despite the rise in businesses using alternative methods to handle customer service requests, consumers are still using traditional channels to make their voices heard. In a survey by TNC, when asked their preferred methods of communication with a company’s customer service department, 49% of consumers listed talking to a live agent by phone, and 45% would rather chat online with a live agent. These results indicate that retailers should adopt a hybrid customer experience strategy, that includes smart technology as well as the human touch. With customers sharing confidential information via these channels, it’s imperative that businesses have the tools they need to interact and transact in a secure way.

3. Be flexible.

Contact centers are at the center of customer and payment experience and are poised to deliver this next phase in digital transformation. Consumers want flexible and multi-payment options. The demand for flexibility in making payments is a prime reason for the rise in methods like Pay by Bank, Buy Now Pay Later, and Digital Wallets.

4. Go social.

Social media has had a mixed reputation—on the one hand, it’s a great place to connect with others on the other hand, it’s a great place for hackers to steal sensitive information. Unsurprisingly, this mixed reputation reflects on shopping and payments via social channels. However, social commerce is reshaping the world of retail with global social commerce revenue reaching $725 billion in 2022, with consumers purchasing from social media channels such as TikTok, Facebook, Instagram, and YouTube. Times are changing, and with more retailers than ever adopting social media as a commercial channel, they must ensure sensitive customer data is secure.

A convenient and intuitive online and mobile experience is crucial for retailers. 80% of Gen Z shoppers are influenced by social media when it comes to making purchases. This means, even for in-person transactions, customers start their journey by researching online. An omnichannel presence, payment, and CX strategy have never been so important.

5. Simplify PCI payment services.

Simplifying PCI payment services—while being compliant— improves both customer and agent experience in the era of PCI DSS v4.0. PCI DSS 4.0 significantly raises the bar for all organizations accepting credit card payments. With so many new factors to consider, contact centers need a simplified approach to address so many challenges. Reducing the scope of PCI DSS helps to do just that.

This strategy consists of three elements: stop storing credit card data, segment your work, and outsource aspects of card processing and security to a PCI payment services provider. Remove some of the burdens of PCI DSS from your organization and free resources. In doing so, companies can prevent data compromise and fraud, improve the CX and agent experience, address cyber and business risks, and consistently be compliant with the data security standards (DSS). Reducing scope and outsourcing to a PCI payment services provider are some of the best ways to lighten the workload associated with the planning, implementation, and maintenance of PCI DSS compliance.

Once a customer, always a customer.

If there’s one thing retailers can feel comfortable about, it’s the fact that most consumers stay loyal to particular businesses. But It’s important to bear in mind that 49% of consumers say that they stopped working with a company because of an instance of poor customer service. For the majority of consumers doing their shopping online, it’s crucial that businesses deliver a positive, secure experience—reassuring customers their information is being handled safely, while offering them choice in how they make payment and communicate with customer service. The good news is that it’s never too late to prepare your business to take payments securely and efficiently while maintaining compliance and delivering a positive customer journey.

Working together, Talkdesk and PCI Pal can safeguard your customers’ data and improve CX with our fully integrated PCI payment services. See how.