Customers Are Tired Of Credit Card Fraud What Your Business Should Know

Customers Are Tired Of Credit Card Fraud  What Your Business Should Know

Chargebacks

How can you create a secure and trustworthy financial transaction for your client base? Secure payment is at the forefront of most modern small and large businesses’ mind due to the increasing complexity of the marketplace as well as growing expectations with the average customer. While in-store purchases aren’t obsolete by any means, digital shopping has moved to the front of the pack and shows no signs of falling out of favor in the coming years. When credit cards can be declined, shipments damaged and orders lost entirely, it’s essential to put forth extra effort in implementing safety measures for more effective buying processes. Look below to learn more about growing customer demand and how a merchant payment gateway can help your business run more successfully and smoothly.

Who Uses Credit And Debit Cards?

It’s estimated American consumers spent well over $4 trillion with credit and debit cards in the year 2013 alone, which also amounted to half of all payments conducted in the country. The same year saw a total of 278 million Visa cards being used in the U.S., with 522 million registered around the world. Global e-commerce sales have all but skyrocketed due to the ease of convenience and accessibility of online shopping, with $1.2 million in global sales occurring every 30 seconds. Due to the sheer amount of competing brands and customer demand, keeping this process running smoothly can make or break your bottom line. What are the commonalities that link customers together with these popular buying processes?

What Do Customers Look For?

Half of all digital buyers already know where to look for a product before buying, meaning customer loyalty is extremely important to garner if you want your business to thrive in the long-term. While 50% of Millennials in a study said they routinely browse for items online, two-thirds of Americans over the age of 50 seek out e-retailers in leau of buying in-store. The majority of shoppers have routinely reported they expect a consistent buying experience with their favorite brand and are likely to switch if this demand is not met. A recent survey also found out that six out of 10 consumers are concerned about credit card and debit card fraud when buying from any online retail store, that of which can be mediated with a secure payment service or credit card chargeback process.

What Is Chargeback Protection?

A cumulative study in July 2015 saw credit card fraud losses collectively obtained by card issuers, merchants and acquierers reaching over $16 billion, up a stunning 19% from the previous year. When online retail sales are predicted to only keep growing exponentially in the next few years, installing proper digital protection is essential to avoid these increasingly common pitfalls. Chargeback protection offers customers a variety of options in light of a technological failing, including but not limited to giving them a refund or providing them with evidence in case of a missing package or damaged purchase. Even simple e-notices, such as reminding customers the risk of double-clicking confirmation buttons, can go a long way in smoothing out the process.

How Can I Create Secure Payments?

Installing payment gateway services is as simple as contacting a payment processing consultant and seeing how this new technology can be implemented into your business. While it can take time to overhaul your entire system to accommodate the new digital features, they will go a long way in cultivating customer loyalty and confidence in your brand. Not only will payment processing solutions drastically reduce common problems, they can double-check potential scammers by placing limits on bulk orders and saving the information of loyal repeat customers. Contact your local payment processing company today and ask how you can implement secure payment technology into your business’ system.


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