With the rapid expansion of online retail, the security of online transactions has also become a concern for merchants and shoppers alike. For businesses like collection agencies, call centers, Nutra Products (e-commerce and Moto), and others that handle financial products and services in an online environment, verification and authentication of online transactions can be an essential service. A secure credit card chargeback process can help to streamline online sales and improve the customer experience.
The convenience of online shopping
Online shopping offers tremendous possibilities and challenges for shoppers and merchants. Across all demographic groups, shoppers are looking for products and services online. That’s because the convenience of online shopping is hard to beat. It’s easy to look for products and services online, to compare prices and even look for the best deals.
A survey by MineWhat in 2014 found that half of all online shoppers have already researched a product before actually making the purchase. And 48% of them know the site at which they will make the purchase. The same survey found that before making a purchase decision, shoppers visit at least three online stores.
The challenges of e-commerce
The convenience and savings of online shopping have led to the rapid growth of e-commerce. In fact, at the present time, every 30 seconds, e-commerce sales worth $931,490 are completed around the world via desktop computers, and worth $269,683 through mobile devices.
However the growing popularity of e-commerce has also led to concerns about the security of online payment systems, including the credit card chargeback process.
In the U.S. alone, credit card fraud leads to loses of $8 billion each year. Worldwide, payment card fraud led to losses worth $16.31 billion in 2014 alone. By 2020, losses due to debit and credit card fraud are projected to reach $35.45 billion worldwide.
Secure payment gateway services
A verification and authentication service that can provide secure payment options is an important step for merchants and customers alike. A secure credit card chargeback process offers protection against data breaches and identity theft.
For a whole range of businesses that rely on online transactions, such as clubs offering membership, discount, and coupon services, magazine subscription centers, dating services, direct marketing, auto discount / warranty services, online art/auction companies, penny auction companies, tobacco sales (online and over the phone), bitcoin sales, medical marijuana sales, airlines, travel, and credit monitoring services, secure gateway services are vital.
Verification and authentication services for the payment processing industry help merchants by giving then the ability to confirm customer information. They improve customer service by making sure that products are delivered as ordered by the customer. They remind, confirm and validate purchases for merchants, and allow them to manage consumer changes and modifications. Overall, they make for smooth service and product delivery while keeping customer account active and profitable, and securing the credit card chargeback process.