Getting hit with double charges pending on your credit card statement after a night out. Trying multiple cards while a line of people grows behind you. We’ve all been there more times than we’d care to admit. When a payment fails, consumers don’t direct their frustration at the payment processor. They direct it at the business, and will likely take their buying needs elsewhere and hope for a better checkout experience.
That’s why it’s crucial for commerce businesses to prioritize choosing the right payment solution to ensure a smooth and reliable transaction experience. “There’s a lot going on behind each transaction and it all has to work flawlessly,” says Mike Lozanoff, Global Head of Merchant Acquiring Product and Engineering at J.P. Morgan Payments. “If a card isn’t working, or the website isn’t working, how many times will a customer come back?”
A seamless customer payment experience should be a given. Lozanoff and his team at J.P. Morgan Payments believe that a robust, secure, and innovative payment system is a huge advantage for businesses looking to strengthen their relationship with customers. By prioritizing transparency, end-to-end security, and driving innovation, business owners can take a more strategic approach to their payment processes.
Use data to build a robust ecosystem for consumers and businesses
Building solutions around how consumers shop today is crucial to attracting new shoppers and retaining existing ones. By diving into all the ways that we buy things — from tap-and-go to digital wallets — J.P. Morgan Payment’s is building omnichannel payment solutions that take a customer-first approach.
“J.P. Morgan Payments has processed millions of transactions a day for decades,” says Lozanoff. “This experience gives us the capability to know when and how to build solutions that solve for pain points that customers experience.”
Post-pandemic, consumers expect the safety offered by contactless payments, combined with the ease and convenience of flexible pickup and delivery options. Merchants need a nimble overarching payment solution that offers multiple ways to pay, allowing their customers to shop and buy how they’ve come to expect. J.P. Morgan Payments’ is investing in omnichannel payment solutions that will allow businesses to go to market faster and provide more flexible payment options while simplifying all the backend processes. What is good for the customer is also great for the business.
J.P. Morgan Payments sets businesses up for further success by providing cash flow transparency, which is critical for companies in rapid growth mode. Seamless pay-in and pay-out solutions offered within an embedded finance platform provides decision-makers with a holistic view of their revenue stream, which is much more challenging when information is scattered across different platforms.
Anchor innovations in advanced security solutions
Peace of mind is priceless for consumers, making a sleek, efficient payment system only as good as its security measures. “Security and compliance form the backbone of J.P. Morgan,” says Lozanoff. “There’s security in everything we build and launch.”
J.P. Morgan Payments combines the firm’s treasury services, trade, commercial card, and merchant services capabilities to process more than $9.8 trillion in transactions daily and uses these insights to inform proprietary algorithms for AI-powered machine learning.
Since its launch, this algorithm has detected double the amount of potential fraud. These stalwart security measures give the J.P. Morgan Payments team the confidence to launch new technology, knowing they won’t be sacrificing security.
Taking a thoughtful approach to innovation
With a steadfast focus on security, Lozanoff and his team also showcase their agility in swiftly adapting to emerging fintech trends that shape the future of our shopping experience. “Payments move fast,” says Lozanoff. A few years ago, many smaller payment processors built systems for crypto payments, only for demand to sputter as the crypto bubble burst. J.P. Morgan Payments has a global team with its ear to the ground.
“What we think we’re going to work on could be completely inside-out in nine months, which is why we need to have the right architecture, and the right culture to react and change,” Lozanoff adds.
Approaching payments as more than daily transactions, but as a growth tool, a security bulwark, and a touchpoint to connect with shoppers is key for business owners when assessing payment partners. With an eye on the long term and not just the flash-in-the-pan trends, J.P. Morgan Payments sets merchants up for success in how we pay today, and how we may pay tomorrow.
