For retailers, it is a big challenge to survive the festive season from 11.11 to Boxing day sales and beyond unscathed.
Aside from the payment process, retailers need to pay attention to the big-ticket items such as availability, delivery and a laser focus on the needs and wants of your customers, as well as the back end that supports the purchasing process.
A great payment process means giving customers seamless experience through easy, secure and intuitive as possible from product selection to check out and receipt. Here are two key ways to harness the power of positive payment experience:
Fraud protection – Beware the chargeback
According to PayPal’s 2019 mCommerce Index, 63% of consumers said that security and trust issues are the top concern when shopping via mobile. It is normal for customers to avoid interacting with businesses with fraudulent record. Although all businesses are prone to fraud, there are steps they can take to safeguard against fraudulent activity like VS (Address Verification System), CVV (Card Verification Value), and risk thresholds that allow merchants to block certain high-risk transactions by cross checking geo location, proxy detection, IP tracking, and Bank Identification Number.
Prevent payment declines
There are two types of declines, 1.Hard, there is an irreparable with the customer’s payment method, 2. Soft, originate from the bank issuing the card or payment method and are
Common causes include:
1. Insufficient funds
2. Incorrect payment details
3. The issuing bank’s own fraud guidelines
The greatest loss of revenue is in the friction between checkout and payment, retailers must set up their checkout with various options like debit card, bank transfer or PayPal, this way, you can lessen the chances for a customer’s payment to be declined.
Source: Power Retail
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