Everyone has bills to pay, products to buy and payments to process. While the recent upsurge in technology sees the credit card chargeback process and protection more powerful than ever, it’s not without its share of problems. Payments can still be delayed and vital information can still be lost or stolen, which can cause unhappy customers and potential financial losses down the road. Moto card processing uses payment gateways that ensure products are delivered smoothly and payments aren’t lost in the shuffle.
U.S. Consumers And Credit Card Spending
The year 2013 saw U.S. consumers spending over $4 trillion with credit and debit cards out of $8 trillion payments total. There are over 200 million Visa cards used in the United States alone, with 500 million estimated worldwide. It’s expected that mobile purchases will hit over $140 billion yearly by 2019. Global e-commerce is expected to keep growing as technology advances and customers’ standards continue raising the bar.
Millennials And Changing Times
Credit and debit card usage evolves as the economy fluctuates and spending habits adapt to suit the needs of different demographics. A survey saw around 60% of Millennials expecting consistent experiences from the brands they buy, be they in-store, online or by phone. Online buying is quickly becoming the most popular form of spending and many who shop by computer already know what they want to buy and where, with over half of all consumers favoring specific online shops.
E-Commerce And Moto Card Processing
Collection agencies, online stores and small businesses all require secure payment options to ensure money isn’t lost and customers remain confident in their transactions. A survey found that six out of ten consumers were concerned about credit and debit card fraud when using online services, so establishing secure payment solutions such as a gateway service or chargeback protection will help to cultivate and maintain customer satisfaction. A business or service is only as good as its reputation and secure payment processing helps make that a reality.