Selling privacy-focused payments solutions

Payments solutions have, as an aggregate, improved their privacy practices in response to a tightening data-security regime. But some solutions rise above the pack, with established track records and stringent protocols that make for more protected financial transactions.

Getting these solutions to scale can be a challenge, however, given the potential for greater security to translate into greater friction during payments flows. Teams highlighting the following three variables can overcome these hurdles and help push payments into more privacy- and security-oriented directions.

The stakes involved

Privacy- and security-focused payments platforms are smart to kick off their pitches by highlighting the potential repercussions of a data breach or other malicious activity on their long-term viability. While convenience during payments flows can help boost traffic, developing a reputation for compromised security or privacy breaches can quickly turn consumers away from business client websites or stores.

Framing privacy and security in payments as part of a rational calculus can help potential clients understand these solutions’ value. While they may require slightly higher cost or some degree of friction on consumers’ part, they can help sustain a business over the long run and buoy its reputation for privacy.

Emphasizing shifting standards

Framing products as going above and beyond the market average can help bolster sales—but only to a certain extent. It’s also helpful to contextualize these practices in relation to improving regulatory standards.

With GDPR, SOC 2, and other compliance frameworks in effect, businesses have an obligation to choose solutions that meet the data protection, collection, and storage requirements of the jurisdictions they operate in.

Showcasing ease of use

Finally, cutting-edge payments solutions have also built out flows that mitigate the convenience costs traditionally associated with privacy and security. For instance, using AI to flag payments that deviate from the norm can help avoid requiring more steps into a payments process that risks creating leakages.