E-commerce sales have been booming as of late. Their combination of convenience and variety mean customers are more confident searching for goods and services they want without the hassle of wasting gas or feeling limited in their options. However, a common issue that still sees itself cropping up as a major concern is just how safe online transactions are. With lost packages and fumbled payment processes dampening customer confidence in e-commerce capabilities, it’s on your shoulders to inspire trust through gateway services and card not present chargeback.
How Often Do People Browse Online?
The Internet has paved the way for some of the most accessible and quick browsing experiences imaginable. Nearly half of all digital buyers already know where to look for a given product or service before buying it — around 48% of consumers already know which online store they wish to buy from. A survey by MineWhat found out the average consumer will visit a store three times online before making a final purchase.
How Often Do People Buy Online?
It’s nearly impossible for businesses to maintain steady success without some form of online presence. Global e-commerce sales generate a stunning $930,000 every 30 seconds through desktop sales, with another $269,000 through mobile devices like phones or tablets. Nearly 50% of Millennials have said they regularly browse for items they don’t necessarily plan on buying later, with another 36% saying they only buy what they consider to be necessary.
How Bad Is Credit Card Fraud?
No customer wants to spend their time on an online store or service with the fear of their hard-earned money being lost in the transaction. The United States sees card fraud costing more than $8 billion every single year, with 50% of digital buyers expected to make mobile payments for purchases in the very near future. Card not present chargeback and general secure payment solutions are the easiest and most effective way of curbing these concerns.
How Bad Is Data Loss?
Last, but not least, we have data loss and infiltration. While some fear losing money, yet others are afraid their personal information can fall into the wrong hands. A 2012 survey saw 66% of interviewees in China securing their online payments by either using multiple passwords or high level security passwords. The most secure apps will use data encryption techniques — the maximum is a 256-bit encryption, widely considered to be difficult for even the most skilled hackers. Data breaches have totaled over 1,500 worldwide in 2014, up 46% from the previous year, and has led to the compromise of one billion data records.
How Can I Create A More Secure Business?
Whether it’s an online business or service, the difference between success and failure is how well you can incorporate merchant credit card processing in your payment models. With card fraud on the rise and e-commerce sales not expected to go down anytime soon, installing a card not present chargeback will go a long way in keeping your business afloat and customers satisfied. A payment gateway service will create a smooth and error-free transaction, while a card not present chargeback will make sure money isn’t accidentally returned to the consumer. Financial security isn’t just a boon, but a must, in modern times.