Instances of failed transaction in payment is haunting the on-demand taxi industry. At present, more than 50% of the taxi fare is paid in cashless format. This is a giant stride in the on-demand taxi segment, but failed transactions are a serious issue that affects the reliability of the taxi service. If you are operating or yet to launch a taxi startup like Uber, then you must be apprehensive about it.
The overall time and cost associated with cash payment is considerably high, which make the need for digital payment inevitable. Some taxi startups may overlook the concept of digital payment, but while you are in an intense market, cost-cutting is good and hence, you don’t shift your focus from the vital cashless transaction.
Here in this blog, I have explained some secure and reliable payment modules. I recommend you to take notes on it and implement it for the year 2020.
Before going into the new payment types, let me explain some points to increase the success rate of the existing payment system. This you can discuss with your taxi app solution developer.
Super smart payment page
The payment page is where the mode and other details are collected. This page size, responsiveness, and validation have a huge influence on the payment success rate. Working with the app and web app developers will give you insight into building the apt payment page.
Neat handling of failed transactions
Sometimes transaction fails because of some internal issues in the network which you have less control with. Still, it can be turned around by reverting to the payment page and showing other options.
The latest payment gateway systems are having this feature. The reverting time to the payment page should be quick and look for this factor.
Intelligent routing in some gateway
Few payment gateways integrate with multiple processors. The benefit of it is that if anyone processor failed it will pass on to another swiftly.
Even if one processor is down for some reason you can still use the system. International transactions, dynamic currency changes, etc are not supported by some processors. So in all ways, an intelligent routing is better.
Status inquiry in the riders mobile app
This happens quite a few times, the fare will be debited from the account but the customer app will not show that the amount is paid. The payments page can be modified to have a status inquiry option to check completed payments.
Some gateway system sends notifications quickly to the user and so it is imperative to choose the right payment gateway system.
Payment methods for 2020
Debit card services
Uber recently launched its Uber debit cards which can be used for all their services. It was an instant hit among its users because of the security features, reliability, ease of use, and instant customer care response.
It is easy to tie up with payment companies for your company debit card. Payment commission is nil, quick transaction time, no minimum balance.
You can give exciting perks for riders who use your card services like discount for card users, free rides, etc.
This system is somewhat opposite to that of what I explained last; because this technology eliminates the use of typing digits from the debit card.
The code payment uses the latest EMV technology. Every time you use card payment, a unique digit is verified every time. But in the EMV technology, payment account is identified with codes and it changes every time a transaction is made. This is highly secure and computerized mode of transaction.
Frictionless payment using virtual card
Similar to the debit card services, you can have a virtual card embedded to the customer app. This type is called frictionless payment and is predicted to be the no. one payment method in 2020.
This frictionless payment using a virtual card follows a two-step process. If the account is already signed in, then payment can be sent in one touch. Amazon, Paypal, and a few more are some companies that currently offer frictionless payment.
If you have the idea of partnering with a development firm for your on-demand taxi app solution, then like I said before, find someone who is well versed with digital payment modules like frictionless payment and code payment system.
Generally, the payment module is third-party applications and the skill of a development firm lies in perfectly integrating the right system to the solution. I strongly recommend SpotnRides for your startup.
To get more queries and info about SpotnRides, send an mail to [email protected]. We are always available at your disposal.