Being faced with a “Bad Payment Gateway” message can be a nightmarish experience for eCommerce store owners and shoppers. But that is exactly what can happen to Magento 1 store owners if they don’t migrate quickly enough.
Major payment gateways such as PayPal and Visa are urging merchants to migrate quickly as Magento 1 will no longer be in compliance with Payment Card Industry Data Security Standards (PCI DSS) norms.
With Magento announcing that future security patches will no longer be available for Magento-1, it can mean expensive and extremely time-consuming remediation procedures. All versions of Magento such as Magento Commerce 1 and Magento Open Source 1 are going to be impacted.
Why should eCommerce merchants care?
PCI DSS requirements clearly state that vendors need to keep systems up to date to prevent data breaches, security threats and vulnerabilities. It is essential for merchants to provide a secure shopping environment.
Failing to do so will result in loss of payment card data, huge financial impact and loss of brand reputation.
Non-compliance with PCI DSS regulations will expose eCommerce sites to hackers and this is precisely why all major payment processing companies are insisting impacted merchants to move from the deprecated version of Magento. eCommerce site owners who don’t migrate also risk failing the Approved Scanning Vendor (ASV) scan if they don’t make the transition before June.
One of the biggest conversion blockers is looming doubts about the privacy and security of credit/debit card information. Most customers abandon shopping carts at the last minute if they aren’t convinced about the security of their payment data.
Security is a key factor when it comes to bettering digital experiences and moving shoppers down the sales funnel.
The new-breed of informed, digital-native, and highly discerning customers are going to expect a shopping experience that offers top-notch security. By not moving away from a platform that is quickly reaching its end of life, you may just lose valuable customers and revenue.
In the prevailing uncertain and volatile climate, most eCommerce companies are hesitant to make costly investments. But what happens if change is not a choice but a necessity?
Here are 3 options you can consider if you’re struggling with budget constraints:
You could apply for a Magento migration loan here
Move to a less expensive eCommerce solution so migration costs are offsetted.
Avail of the COVID 19 Magento Migration package from TheCommerceShop and get a 40-60% discount.
It can be an unnerving time to be a business owner. Grappling with changes every single day can be a nerve racking experience. But you know what? You don’t have to go it alone. TheCommerceShop has pulled out all stops to help impacted eCommerce merchants and help them make a safe, timely and cost-effective transition. Please get in touch with us today and we’ll do all that we can and a little more to help you out on your migration journey.