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The boost in online sales during COVID has come with a dark underside. Both friendly and deliberate fraud has risen during the lockdown, leading to lost revenue and higher chargebacks. Walking the tightrope between managing risk and conversion optimisation is now a major headache for online retailers.
Meet and get to know the professional and committed members of the TrustPay high-performance team in a new format on our blog.
We interviewed a hard-working and always-smiling Mária Potančoková, Head of Legal & Compliance.
Customers demand speed and convenience from their shopping experience. The standards set by the likes of Amazon are becoming the expected norm, and merchants need to ensure their customer experience is slick to make sure they consistently convert customers and keep them coming back for more.
Across Europe, COVID lockdowns and social distancing have created a retail environment where e-commerce has thrived. All demographics, across all retail sectors, are now choosing to buy online and it’s likely that behavioural changes will stick, long after the pandemic has abated.
Merchants have to deal with a larger, more complex range of operational challenges than ever before – and the payments process is certainly no exception. Navigating growth plans, regulatory hurdles, new technologies, changing customer preferences, fraud risk, and cost control are ongoing battles for merchants of all sizes and across all sectors.
Cart abandonment is still an ongoing battle for merchants, with an alarmingly high 80% average dropout rate at the payment checkout page. It’s essential to create a smooth and seamless customer experience at the checkout to diminish the number of customers who drop out at the last minute.
As previously published in our blogs, Visa had decided to update its acceptance, disclosure and dispute policies for transactions at merchants that offer free trials or discounted introductory promotions as part of an ongoing subscription service as of 18 April 2020. The changes applied to merchants selling either physical or digital goods and services if they offered free trials or introductory offers that roll into a recurring agreement.
As we enter the final part of the year, peak shopping season, pandemic-driven e-commerce acceleration and the annual change freeze period will collide. But this year the introduction of Strong Customer Authentication (SCA) will also enter the mix – and for some merchants, it may feel like the end of 2020 will be even more daunting and difficult than the early part of the year.
Fraud is a costly and ever-growing battle for merchants. Every euro, dollar or pound of fraud now costs merchants more than three times as much in associated fees and indirect costs. Unfortunately, the cost of fraud for online merchants is often higher still.
Strong Customer Authentication (SCA) is a mandate introduced by the Payment Services Directive (PSD2) enacted by the European Commission, which requires electronic payments initiated by the buyer to be authenticated by at least two of the following three factors.
With the number of disputes arising, and processing time and costs increasing, Visa has introduced the more efficient way of chargeback processing, meaning the shortening and simplifying the dispute-resolution process, with historic chargeback reason codes being consolidated under four groups only.
TrustPay brings a new version of payment gateway according to up-to-date trends and technologies. The payment gateway now provides all merchants with more comfort regarding the implementation, payment overview, and transaction processing while offering their customers better, faster, and more secure payments online.
