Sales & Marketing
Game of Thrones is over for another year, but you can still win the Game of Payments
6 min read
12 July 2016
With season six of HBO’s Game of Thrones finished, normality can resume. So, assuming you don’t own a fire-breathing dragon or wield a sword to get your point across, we’d like to present to you the six tips to conquer the world of online selling, as inspired by the beloved TV show.
Proven again and again by partnerships such as the House Baratheon and House Lannister, House Tully and House Stark, alliances must be formed in order to achieve success and security.
Whether you live in Essos or Westeros, you will need strong allies by your side to conquer the Iron Throne of ecommerce. Not everyone has three dragons at their disposal, but with the right houses as support, you will stand a good chance of ascending to power.
Do you have what it takes to secure the Iron Throne of ecommerce? Here are a few things to help you choose the alliance you need and conquer the world of online selling…
(1) Align yourself with a loyal, cost efficient house (payment service provider) to maximise your profits
Avoid House Lannister (too costly), and opt for a house that will offer support and counsel rapidly to avoid any potential loss of profit. When choosing the right payment service provider as your ally, find one who will not only be able to offer low processing costs, but also able to offer a relationship management team with great support in case you run into any problems with your payment processing system.
(2) Speak the common tongue and cater to all kingdoms
Today, alternative payments represent approximately 50 per cent of all online transactions. This means you are going to need a versatile house that offers alternative and local payments to help you accept payments and sell across all seven kingdoms and free cities.
Given the dynamic nature of the online payment landscape today, it is more important than ever for you to extend your international customer base and maximise profits by accepting regional alternative/local payments alongside global credit and debit cards.
Read more on Game of Thrones’ role in business:
- Charlie Mullins: Game of Thrones addicts in flip flops – what are schools teaching?
- Why are UK workers planning to take the day off on 25 April?
- Jon Snow – not that one – likens political party leaders to Game of Thrones rulers
(3) Do not deal with the Iron Bank
Align yourself with a powerful house who has a direct acquirer status with all major credit and debit cards, and who can take full accountability across the payment value chain.
What this means is that without third parties taking an additional “cut” between you and your PSP, you will be able to receive competitive pricing determined from the interchange rate. All of this would ultimately lead to lower transactional costs for your business, maximising your profits.
The world is large and full of payments – the three remaining steps to make it to the top can be found on the next page.
(4) Avoid the walk of atonement
Want to be compliant when accepting payments online? Be sure to work with the High Sparrow of PCI compliance and not against him (Margaery Tyrell learned her lesson and so should you).
In order to secure and protect cardholder data during a transaction, the Payment Card Industry Data Security Standard (PCI DSS) enforces a baseline set of requirements for any party wishing to process, store or transmit cardholder data.
What this ultimately means is that you must either be PCI Compliant yourself or find somebody who will be able to do this for you when accepting payments online.
(5) Be watcher on The Wall
Make sure you are well armed to protect The Wall in the North to keep the White Walkers (fraudsters) from attacking. Fraud is every online merchant’s nightmare. It is a common cause of chargebacks, which results in billions of dollars lost in revenue for merchants each year.
Some red flags of fraudulent transactions for your Night’s Watch to look out for at The Wall include: large value or rushed orders, usage of multiple cards or buying in bulk, and a mismatched between the shipping address and the issuing country of the card.
(6) Use the Night’s Watch (3D Secure) to keep your business safe
One way to keep the fraudsters out of world of online payments is through the usage of 3D Secure.
Introduced by Visa and MasterCard in 2001, 3D Secure was originally created to help decrease fraud with Visa and MasterCard debit and credit transactions by adding an additional layer of security to the transaction process. Visa and MasterCard implement 3D Secure through “Verified by Visa” and “MasterCard SecureCode”, respectively.
Not only does this extra security layer work to reduce the losses incurred from chargebacks, it also transfers the liability from you to the card issuer, a major benefit for merchants like yourself.
The three-eyed raven predicts that cross-border shoppers are coming with their spending to reach £28.5bn in the EU this year. Be prepared to sell, align yourself with the right house and the Iron Throne of ecommerce can be yours.
Best of luck and remember… the world is large and full of payments.
Dustin Gallagher is a digital marketer at Avalaunch Media
Don’t miss the Game of Thrones guide for building a successful business.