How secure is your business? With credit card fraud on the rise and data breaches exceeding previous years’ figures, analyzing any potential weak links now will go a long way in making sure you don’t lose money down the road. Card not present transaction and similar methods such as credit card payment services and gateway services are useful ways of reducing the probability of credit fraud and lost payments, currying a favorable relationship between business and customer all days of the year. Not sure how they work or which one would be best suited to your business model? Take a look at the comprehensive list below to get you started.
E-Commerce Sales And Success
Global e-commerce sales have been on the rise, generating over $931,000 every 30 seconds through desktop sales and another $270,000 through mobile devices. Since this number is only expected to increase in proportion to demand, it’s essential you stay ahead of the curve. A MineWhat survey found a consumer will visit three stores online before making a final purchase and nearly half of all digital buyers already know where to look for a product before committing to a decision. Since there are often incentives for buying items in bulk or buying expensive items with cheap shipping, shoppers often spend more shopping online than in-person.
Data Breaches And Security
Customers and businesses alike have good reason to be concerned when investing in e-commerce transactions. Data breaches totaled 1,540 worldwide back in 2014, up a stunning 46% from the year before, and lead to the compromise of well over one billion records. The most secure apps will use data encryption techniques, with the max a 256-bit encryption that is nearly impossible for even the most devoted hackers to crack. A card not present transaction or payment processing service can increase this difficulty and make sure your customers browse with confidence, not concern.
Credit And Debit Card Fraud
While it is impossible to completely eliminate credit and debit card fraud, this number can be drastically reduced with the aid of modern gateway services. In 12% of cases of either credit or debit card fraud an Internet site is the initial point of contact — 54% of data breaches back in 2014 were related to identity theft, with another 17% aimed at financial access and 11% sought for account access. This becomes more hefty during holidays, such as Black Friday or Thanksgiving — festive sales grew to a stunning 17% yearly growth and exceeded $1,500 million in sales.
Passwords And Security
Customers will do their best to ensure their own security if they feel a website isn’t entirely trustworthy. Back in 2012 an extensive study was conducted throughout China, with 66% of interviewees securing their online payment using multiple passwords or high level security passwords. By 2015 worldwide payment card fraud around the world exceeded $21 billion — by 2020, industry experts believe these figures will reach $31 billion.
Crafting A Safer Business
Secure payment systems will make sure you lose less money and less customers throughout the year. Payment gateway services provide a simple yet effective means of securing payment before it goes through, preventing money from being lost and customer trust from becoming shaken. Similarly, a card not present transaction will provide a buffer when the merchant is not present for a physical swiping or handling of a card. The United States is expected to see 50% more digital buyers making mobile payments for purchases in the next few years. Will you be ahead of the game?