Blog

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.

The payment methods that merchants offer really do make a huge difference to conversion success – and not just for cross-border merchants either.

The European e-commerce market was estimated to be worth over €700bn by the end of 2020, with nearly a quarter of the value of e-commerce transactions being generated by cross-border shopping.

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.

All stakeholders within the e-commerce and online payment industry are keen on ensuring the security of each and every online transaction.

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.

Payment fraud is one of the key ongoing challenges faced by e-commerce merchants, as fraudsters’ tactics and the technology to carry out fraud attacks gets ever-more sophisticated.

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.

The COVID-19 pandemic has pushed both consumers and businesses to rely on online channels, driving a surge in e-commerce volumes far beyond the increases that were predicted for this year.

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.

Already in use by Mastercard, Visa is also introducing new rules for high-brand risk merchants requiring global registration.

Visa is updating 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.

The new coronavirus (or COVID-19) has influenced our lives significantly. Not only has it changed the way we live and interact; it has also impacted the way we shop, pay, and accept payments.

Mastercard has announced updates in its fraud and chargeback merchant compliance programs. Take the opportunity to be familiarized with these new standards.

Mastercard is enhancing the chargeback process by making it easier and faster to handle disputes to improve the dispute handling processes.

Similarly to Visa’s VCR (Visa Claims Resolution) Mastercard has announced it is also updating and simplifying its chargeback processes.

Effective 18 April 2020, Visa is updating acceptance, disclosure and dispute policies for transactions at merchants that offer free trials or introductory promotions as part of an ongoing subscription service.

From April 2020, Visa will update its rules and requirements for free trials applying equally to merchants selling physical or digital goods, and services.

Fraud-related chargebacks make up the majority of all chargebacks TrustPay’s merchant receives. Take a closer look at fraud-related disputes (Visa).

Only one account in online banking, cost-effectivity, transparency, fast money transfer, no lost payments. Get the benefits of Virtual IBANs.

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.