Online Sales Dominate The Market How Can You Keep Your Business Transactions Secure?
Thanks to the Internet, buying a wide variety of products and having them delivered right to your doorstep is easier than ever. People have gravitated to this new form of business and, as a result, small businesses and corporations alike work day and night to accommodate these new standards and expectations. However, with all upsides there’s a downside — secure payment. Many customers are concerned about credit card fraud, lost transactions and a lack of oversight for their hard earned cash. With gateway services and chargeback protection you can spend less time offering refunds and more time selling what you need to keep your business afloat.
Online buying is the way of the future and shows no sign of slowing down thanks to convenience and accessibility for a wide variety of people. Nearly half of all digital buyers already know where and how to look for a product before buying, with many having a favorite store they frequent. A MineWhat survey conducted in 2014 found that, on average, a customer will visit three stores online before making a final purchase. According to Statista, the incentives to buy items in bulk or through special sales will see customers spending more online than they would in person. The average American shopper will spend nearly $80 per order, causing businesses across the country to abandon traditional methods in favor of new technology.
Credit Card Fraud
One of the most prevalent issues among frequent online buyers is that of credit and debit card fraud. The United States sees credit card fraud costing more than $8 billion every year, with a projected worldwide total of $16 billion in recent years. Many customers are understandably concerned about their ability to safely access one of the most popular and convenient ways of purchasing and are more likely to return to a business that has taken proper measures against fraud and data breaches. When global ecommerce sales total $900,000 every 30 seconds, it’s a wise decision to take as many steps as possible to secure your customer base.
While credit and debit card fraud qualify as data breaches, there are other forms of illegally accessing customer and business information. Data breaches added up to nearly 1,600 worldwide, up by 46%, and compromised over one billion different data records. Half of all data breaches related to identity theft, with 17% aimed at financial access and another 11% through account access. In over 12% of cases of credit and debit card fraud an Internet website was the initial point of contact. Nearly half of all online buyers plan to make the transition to mobile shopping in the coming years, as well. What methods can you use to make your business a more secure and trustworthy place to shop?
Chargeback Protection For Ecommerce
Secure payment is high on the priority list of both businesses and customers alike. Studies have shown over 80% of American Express card members and 79% of Visa and Mastercard members agreeing that, no matter the nature of the business, merchants should offer customers as many different payment options as possible. This includes payment protection, a backup option in case payments are lost or shipments go missing. The most secure apps will use data encryption techniques, able to deter even determined hackers, alongside high-level passwords. A little care goes a long way and nowhere is that more evident than secure payment options.