IPTV business is among the most beneficial as well as most risky companies, and an efficient payment gateway is vital to reduce the risk. Payment processing is usually the weak point of risky businesses because hackers always look for a loophole to place fraudulent orders. They also steal a customer’s identity or create fake messages pretending to be the IPTV platform to get money in an undue manner. But don’t worry; here we will discuss several amazing advantages of a payment gateway for IPTV businesses and will see how it prevents merchants from insecurity.
What is IPTV?
IPTV stands for Internet Protocol Television, which is a multimedia service to deliver content through television/audio/video/graphics on an IP (internet protocol) network. The network provides services of uncompromised quality and security.
Advantages of an IPTV payment gateway
Now comes the significant reasons you should hire a payment gateway provider for your IPTV business. The list of benefits below covers the long-term as well as the immediate benefits.
Compliance with PCI-DSS safeguards business
When it comes to high-risk merchants, safety is always the prime concern. The IPTV payment gateway providers, unlike any other payment processing company, have to follow PCI compliance rules. Without this, no processing company or gateway provider can serve a high-risk merchant.
Three significant requirements for PCI-DSS compliance –
- Handling the entrance of customers’ credit card data securely and the transmission should also happen safely.
- Store data according to the 12 security rules that are compulsory to apply according to the PCI compliance rules. They include encryption or tokenization, security testing, monitoring, and access to data.
- Annual validation of all security controls ensures they are in the right place and working correctly. The validation process may include questionnaires, forms, vulnerability scanning, and 3rd party audits.
Convenient in-app payment acceptance
Mobile API solutions are beneficial for IPTV merchants because today, all type of content is accessible on mobiles. The customers can make payments to the merchant without delay and in a convenient manner. Thanks to the presence of online payment gateway companies that make payments easy. They transfer data safely and efficiently, which is why the rest of the processing system takes the procedure further.
- In-app payments help generate more revenue for a business because today, most of the time, customers use mobiles for making payments.
- Through in-app purchases, merchants can provide a customized experience to their customers. Account reports, paid amount, due amount, help center, everything is available in that one app.
- For customers, in-app purchases are more convenient, which in return, brings more customers to the business. IPTV platform is already a famous choice for entertainment, and with handy apps, it is easier to attract more customers.
Facilitate auto-renewal subscription
Auto-renewal of IPTV subscriptions is widespread, and the merchants find it quite profitable. Every time they do not need to annoy the customers with notifications to make payments to renew their accounts. Hulu, and Netflix, use this payment mode, and they are happy about these results.
- High-risk payment gateway companies facilitate automated subscription payments, ensuring the timely receiving of funds for the merchants.
- Along with card updater technology, auto-renewal works in favor of the merchant and the subscribers. When the card is about to expire, the card updater sends a notification to the customer, and the delay in payment can be prevented.
- Merchants receive auto-generated reports if a payment fails or has been canceled due to any reason. It means the business owner can stay informed and can take timely action.
Timely payouts to merchants
Oh, every merchant looks forward to it. Regular cash flow is one of the most important things for a business. Payment gateways must transmit the data efficiently and fast to process a merchant’s payout. Without the gateway, you know a company cannot receive its money.
- Some businesses take weekly payments, while some take monthly; in both situations, the payment gateway takes a lot of time.
- When funds reach the merchant account timely, business expansion plans can be implemented at the right time. No commercial task remains pending because there is usually no scarcity of funds.
- Businesses can pay their suppliers and other business partners on time because when cash flow is unaffected, there is no chaos of pending payments. Late payments can damage a business’s reputation.
A proficient international payment gateway facilitates easy refunds
We cannot deny that refunds are a reality for businesses. Money back is part of the process, whether it is a chargeback or refund for any other reason. Customers never like an IPTV platform where they cannot get their money back on time in case of an issue.
- In case of a refund, a payment gateway has to transfer the data immediately because the refunds can be time bounded. Without the excellent performance of the gateway company, refunds cannot happen.
- If any legal action is taken for a chargeback, the merchants must ensure the transfer of the right amount at the correct date. Nothing can happen without the gateway provider, whether it is a payment by a customer or a refund by a merchant.
- In case of a fake chargeback demand or friendly fraud, the data provided by the payment gateway helps the merchants prove their point and win. Transaction descriptors generated by the payment gateways clarify that the customer made the payment with complete responsibility. The date and product name is mentioned in this payment slip document.
The IPTV industry has a bright future ahead due to innovative payment solutions that bring opportunities for merchants to grow faster. With the varied benefits of payment gateways, the industry has already earned millions of dollars. However, to exploit all the advantages, hiring the right payment solution company is the most important thing. Paycly.com, which is well-known for providing the best services to the IPTV industry, can suit your requirements. Visit the website or talk to our expert and tell them precisely what you are looking for.