It’s really no secret that online shopping has grown significantly over recent years. According to recent studies, the average online order for a shopper in the United States is $78. An online shopper will visit an average of three sites before making a purchase, and the majority of consumers already know what online stores they will buy from.
Globally, e-commerce sites generate over $900,000 every 30 seconds through desktops and over $200,000 through mobile devices. Cyber Monday has had a 17% increase in sales year after year. E-commerce is already huge and it continues to grow.
The downside to this grows this growth is the dramatic increase in payment card fraud and the financial loss suffered by the card holders. This is why gateway services, card not present fraud prevention, ad merchant chargeback protection are so important. The card holders and merchants suffer in cases of fraud. The merchant loses the sale and the product while the card holder goes through the trial of proving the fraud and protecting them from future abuse.
Gateway service and merchant credit card processing services that are designed to help detect and reduce fraud are vitally important to the protection of an online merchant. This isn?t exclusive to retail merchants. Any online business that accepts online credit card payments will benefit from the protection of these services. This includes dating services, magazine subscription companies, online auction sites, credit monitoring services and more.
Payment processing services provide added protection without the merchant needing to understand how to set up that protection on their own. Merchants can subscribe to secure payment solutions and reap the benefits of another company?s specialty. Consumers are discouraged from buying from sites that do not offer secure payment because it creates a significant risk for them as well.
Secure payment systems are designed to protect merchants and consumers from data breaches. They do this, in part, by using sophisticated encryption techniques. All online companies should utilize a gateway service. In recent years several large online merchants suffered a data breach that not only impacted their customers negatively but caused the reputation of their company to suffer.