How secure do you think your credit card payments and transactions are? In a time when the daily news frequently tells of the latest data breach, many consumers fear for the security of their accounts. Although all companies say that they offer secure payment systems, anytime a security breach occurs, more customers fear for their financial security and their privacy.
Offering secure payment options is one of the most essential parts of the economy. As the number of people who pay with debit and credit cards continue to increase, so do the safety measures that companies take to make every transaction both secure and safe. And as the number of card not present transactions occur during online purchases, the importance of secure payment options becomes even more important.
Americans have now perfected the process of purchasing nearly anything that we need at nearly any time of the day and night. Through the use of PayPal, for example, online customers can purchase merchandise from a gorwing numer of sites. In fact, a 2014 survey indicated that PayPal was the most popular service payment offering. In some research results, PayPal usage rates reached as high as 79%. Part of the reason that PayPal is such a popular option is that the site has a history of safe and secure transactions.
What Is Your Company Doing to Secure Customer Payments and Transactions?
A number of businesses depend on the secure payment platform. Dating sites, direct marketing campaigns, and magazine subscription centers are examples of industries that depend on the security of payment processing systems. And while these industries process thousands of payments every hour of every day, a whole other group of potential clients still fear the digital payment process. These reluctant clients fear the statistics that indicate in the U.S. alone card fraud costs more than $8 billion every single year.
And while as many as 50% of Millennials indicate that they regularly browse for items that they do not necessarily plan on buying, the secure payment platform must be ready to provide security and privacy in the event a purchase does happen. For the 36% of Millennials who indicate that they only buy items they consider to be necessary, secure payments are equally important. Both the frequent and infrequent online consumer deserves to have all payments remain secure and private.
Predictions indicate that the global e-commerce sales market generates $931,490 every 30 seconds through desktop sales. An additional $269,683 in sales is processed through mobile devices. Just as the economic history of America depended upon the reliability of banks and other financial institutions, today’s e-commerce industry relies on the safety and security of digital payment platforms.