A fairly new website that offers creatively designed socks in sizes for both men and women.
A wildly popular, and relatively expensive, yoga store that sells both clothing and mats.
A watch store that features the latest trends in wrist wear.
A make website that offers daily holiday deals on makeup, hair care products, and styling appliances.
How is your Christmas shopping going?
If you are like many Americans, you may be making as many online purchases as you are in store purchases. And while the two methods for gift buying can seem very different from one another, in reality they are very similar when it comes to the payment gateway services that are used to process the sales. For while in store shopping involves busy streets and crowded parking lots and online purchases involve search engines and and laptops, phones or tablets, at some point both kinds of shopping cannot happen without a payment.
Whether you are using an online card not present transaction process or an in store wipe for a credit cards payment system, a gateway payment process is enabling the retailer to verify that you have the available funds for the transaction. And this same gateway payment platform not only verifies the funds, it also works to ensure the the security of your account and your funds. And while a number of people still pay for their in store transactions in cash, the economic research indicates that the majority of payments are made with the swipe or digital entry of some kind of payment card.
Secure Gateway Payment Systems are Essential to Today’s Holiday Shopping Lists
Although the evening news stories often feature another data breach with another retailer or credit card provider, we still live in a world where a growing number of customers make their purchases online or in store with a credit or payment card. When a data breach occurs, the swift and immediate action of the payment provider is necessary to regain the confidence of both retailers and customers. Ensuring the security of the payment process, in fact, is one of the most important factors in building customer confidence.
Consider these following facts about the electronic payment processing system:
- 50% of U.S. digital buyers are expected to make mobile payments for purchases in the near future.
- $8 million is the cost of U.S. card fraud every single year.
- 54% of data breaches in 2014 were related to identity theft.
- 17% of data breaches in 2014 were aimed at financial access.
- 11% of data breaches in 2014 sought account access.
- 12 % of credit or debit card fraud cases involve an internet Website as the initial point of contact.
- 50% of digital buyers already know where to look for a product before they buy it.
- 48% of digital buyers already know which online store they?ll buy from before they make the first click.
- With a 79% usage rate, PayPal was the most popular payment service in a 2014 survey.
- 1,540 data breaches occurred worldwide in the year 2014. This percentage represents a 46% increase from the year 3013, and led to the compromise of more than 1 billion data records.
- $16.31 billion worldwide fraud losses from payment card fraud were reported in the year 2014.
- $21.84 billion in worldwide payment card fraud occurred around the world in the year 2015. Experts predict that by the year 2020, global payment card fraud will reach $31.67 billion.
for most retailers, whether they are at a brick and mortar store or an online only store, the benefits of contracting with a gateway payment system far out weigh any costs. Risk is always involved when a business processes payments online. Both credit cards and other forms of payment can present an opportunity for fraud or data breaches. A gateway payment provider assists both merchants and make secure online payments. The provider administers transaction authorization services to ensures the safety of online transactions. For businesses, these providers validate customer authenticity, as well as identity.
In addition, when an online customer makes a purchase, the card not present transaction cannot be verified with the government issued identifications like they are for in-person payments. A payment provider verifies consumer authenticity and builds a profile to track further transactions, allowing a merchant to identify chargeback risk from previous transactions, whether for socks or watches.