Payment transactions are a critical step in the customer journey of any e-commerce platform and the baseline for a positive customer experience. While organizations allocate substantial resources to enhance security against external threats, the importance of thoroughly assessing the code's quality is often overlooked which is something risky especially for financial organizations.

Today's online businesses have to deal with more than 20 different ways to pay, like regular bank transfers, cryptocurrencies, or afterpay plans. Plus, because they operate globally, they have to handle various currencies, languages, and privacy issues that you wouldn't encounter in face-to-face transactions.

Reading the statistics - misguided payment rejections led to a significant loss of revenue for merchants in the UK, US, Germany, and France, amounting to $50.7 billion in the past year, up from $20 billion in 2019 – marking a sharp 140% increase.

Recent research, conducted by Checkout.com, revealed that US businesses annually forfeit 2.1% of their global revenues due to subpar payment performance.

The term "false declines" was defined as "legitimate transactions mistakenly identified as fraud and subsequently rejected." Astonishingly, after experiencing a single false declined payment, 45% of consumers claimed they would not make a second payment attempt.

Checkout.com further established a clear connection between payment acceptance rates, customer satisfaction, and loyalty. A substantial 42% of consumers stated they would never patronize a business again following a failed payment attempt. The research also highlighted that US businesses lag behind their European counterparts in terms of payment performance. Of the $50.7 billion lost across all four markets, the US accounted for $42.4 billion in losses. While this can partially be attributed to the US being the largest of the four e-commerce markets, Checkout.com also revealed that the impact per individual company was more severe.

For organisations to be competitive and succeed in the long-term, automated testing has become an absolute requirement.

End-to-end Automated testing for cards & payments

Customers use different ways to connect with banks and payment processors. Each of these ways has its own unique way of handling things. The people or organizations making payments come in many varieties, such as regular customers, businesses, clearing houses, and other banks. They all send different types of transactions with various details, like clearing data, credit transfers, and direct debits. Also, these payment documents can come in different file formats, like plain text files, XML files (following the ISO 20022 standard), or custom-made formats.

Validata Sense.ai is an end-to-end test automation solution that offers a wide range of abilities, covering card and payment systems. These features are adaptable and can meet various banking and payment needs.

Cards

• Consumer, Corporate, Fleet Cards
• Pre-paid, Debit, Islamic
• EMV chips contactless cards
• Cards with Magnetic stripes

Payments

• Payment Processing
• POS
• ATM terminals
• Transactions Routing and switching
• Clearing
• Authorisations

Poor payment performance not only results in financial losses but can also damage a bank’s brand. In today's financial landscape, staying ahead requires not only adapting to change but also embracing technologies that can facilitate smoother operations. A comprehensive testing solution such as Validata Sense.ai can significantly contribute to your success, ensuring that your card and payment systems are not only functional but resilient and adaptable in an ever-evolving industry. It's time to harness the power of AI-powered test automation to de-risk your projects and drive faster time-to-market, ultimately enhancing your competitive edge.