Online Safety and Services for Businesses

Written by Business magazine. Posted in Credit card, Payment, Payment processing industry

Credit card payment system

As online and mobile shopping and purchases grow dramatically, the security of online transactions and record keeping is also a growing concern for shoppers and vendors alike. A new type of credit card payment service can help merchants keep track of online payments and offers the protection of secure record keeping that can be accessed any time and from anywhere. For any business that uses online payment services, easy verification of purchases and orders can provide the secure backup they need for their records.

It’s a digital world out there
The world of online shopping is growing rapidly, in the U.S. and worldwide, as market research shows. In 2013, 73% of all internet users in the U.S. had made at least one online purchase during the year, eMarketer reported in 2015. Also in 2015, Statista reported that 191.1 million people in the U.S. had shopped online at least once, or they had browsed items online and compared prices. This number is expected to grow to more than 200 million by 2015.
Worldwide, Statista reports that by the end of 2015, 1.2 billion people will be buying goods and services online. Not only are the numbers of online shoppers growing, so is the amount of money they spend on each order. Vendors often offer incentives and discounts for buying in bulk, or for buying expensive items online. On average, a shopper in the U.S. spends $78 on each order.
Online customers are savvy shoppers: nearly half or 48% of them know where to find a product online before they actually buy it.

Is your business prepared for online transactions?
For businesses like 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, keeping track of online transactions can be cumbersome. Most lack the tech know-how to confirm and validate purchases. Payment processing services handle all merchant credit card processing activities, making these accurate and convenient for both shoppers and vendors.
Credit card payment services allow customers to input their information in a secure environment, and to make any updates and changes as needed to their orders.

Online safety for businesses
With the rapid growth of online shopping, concerns about fraud are growing too. Consumers and merchants both face this problems, and as many as 60% of all shoppers worry about credit and debit card fraud while shopping online. Many of these fears are well founded.
It was reported in July 2015 that card issuers, merchants and acquirers faced credit card losses worth $16.31 billion in 2014. This figure represents a 19% increase from 2013 losses. It also represents the fourth consecutive year that losses due to credit card fraud outpaced the amount of increase in total card volume. Secure and professional credit card payment services can help to reduce the risk and loss.

With all the problems, global e-commerce sales continue to grow and generate $1.2 million every 30 seconds. Every 30 seconds, e-commerce sales worldwide generate $931,490 through desktop sales and $269,683 through sales made on mobile devices. This growing market cannot be ignored. With secure credit card payment services, the risks associated with online transactions can be minimized or avoided altogether.

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