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Month: April 2019

Friendly Fraud: What Can A Merchant Do To Prevent It?

Friendly Fraud: What Can A Merchant Do To Prevent It?

The growing number of fraudulent chargebacks is alarming and something merchants simply cannot afford to ignore and keep a firm handle on it.

In fact, 86% of chargebacks are most probably cases of friendly fraud and the number is increasing at the rate of 41% every year. It’s also predicted that going by current rate, by 2020 the frauds will cost merchants upwards of $25 billion a year.

The concern is especially high in case of e-commerce merchants and high risk businesses that face merchant account shutdowns due to high amount of chargebacks.

What is a friendly fraud? Friendly fraud refers to when customers dispute legitimate transactions. While some chargebacks are genuine and cannot be avoided, others have a malicious intent and strict steps should be taken by merchants to prevent undergoing the expensive chargeback dispute process.

How does a friendly fraud occur?
There are several reasons for a friendly fraud to occur. For instance, when the cardholder does not recognize the purchase made or forgot about it, a family member made the transaction using their card without them knowing, or sometimes they may simply regret the purchase they made.

Sometimes, well-intention customers unknowingly commit a friendly fraud when they are unaware of the difference between asking the merchant for refunds and a bank-issued refund.

But beware though because there are plenty who knowingly file for chargebacks to rip off the merchants.

Apply for a Merchant Account Solutions Inclusive Of Anti-Fraud Tools

What steps can a merchant take to combat friendly fraud?

Merchant Account Solutions with fraud protection tools:

While a business cannot avoid chargebacks completely, one can take security measures to reduce the likelihood of it occurring. Rising chargebacks can ultimately lead to merchant account shutdown which is a nightmare for businesses.

But chargeback risks can be mitigated with the help of the right merchant account provider. While approaching a processor, inquire whether the merchant account is inclusive of chargeback protection & anti-fraud tools. A reliable merchant account provider will help you navigate and offer security tools that will protect your business.

Setting up 3D Secure Payment Gateway:

A 3D secure payment gateway provides an extra layer of protection during card transactions, for customers as well as merchants. Since the customer card is verified during the purchase, it is difficult for them to claim unauthorized transaction.

Integrating 3D secure payment gateway with your merchant account reduces the risk of wrongly disputed or fraudulent transactions for the merchant.

Notify customers of recurring payments:

Before charging for recurring payments, make sure your customers are notified about the same. This is especially important in case of subscription based services wherein customers often forget about signing up for these billings and later demand refunds.

Provide excellent customer service:

Maintain regular and effective communication with your customer. Ensure that customer issues are dealt with instantly so that they are more likely to contact you first instead of filing for chargebacks.

Posted on April 18, 2019May 10, 2019Categories Merchant Account, Secure Payment GatewayTags 3D Secure Payment Gateway, Chargeback protection, Europe, Friendly Fraud, high risk merchant account, merchant account, merchant account provider, secure payment gateway, UKLeave a comment on Friendly Fraud: What Can A Merchant Do To Prevent It?
Top Payment Trends That Could Reshape Business In 2019

Top Payment Trends That Could Reshape Business In 2019

Payment Technologies are evolving at an unprecedented rate to keep up with customer demands and expectations. As a merchant you may be well-versed with current on-goings in the industry but are you aware of the future payment trends that could very well decide the growth of your business? It is important to be well-informed about the changes happening so you can be prepared and improve your overall customer experience.

Let’s look at some of the top payment trends for 2019:

Security is everything
As access to data becomes simple in this digital economy, safeguarding and securing sensitive customer information becomes even more significant. While partnering with a merchant account provider or a payment provider, increased prioritization is given to the security of payment gateway.
Along with offering varied payment options, a secure payment gateway with a smooth check-out experience will become a critical factor for merchants.

Increase in digitization of B2B billing for small- & mid-sized businesses
The B2B payment industry is a vast market with global revenue of $1.9 trillion. Although the majority of these payments are still happening using traditional paper checks with a clunky, expensive and time-consuming process.
Though steadily but the adoption of digitalized payment technology has seen an increase recently and will continue to do so this year.

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Simplifying payment stack and improving payments-channel integration
Businesses often partner up with multiple merchant account providers and banks to ensure all their payment requirements are fulfilled. So if a credit card processor is not offering mobile payments, they added another processor who does and so on.

This ends up causing payment integration & management issues for the merchant instead of improving the overall payment process. So, a simplified payment process with an all-in-one merchant account & payment solutions and a processor that helps navigate the complexities of payments are increasingly on offer for merchants.

Merchants Will Need to Improve Fraud Management Strategies
Merchants continue to find a balance between better fraud protection and improving customer experience. There is an increased emphasis on a seamless shopping experience that meets customer expectations without letting fraud rules get in the way. A simple example being, a product ordered having a different billing and shipping address. Usually, this raises a red flag. A merchant would then have the choice to either stop the transaction to manually investigate or let it move ahead to avoid bad customer experience.

If it is stopped and it turns out to be a legitimate purchase, it ruins the customer experience. Hence, in 2019 frictionless payments with the means of machine learning and advanced fraud management solutions should be used by merchants to determine risks and manage fraudulent ways.

Cross-Border Shopping is on the rise
Cross border transactions are experiencing explosive growth and are estimated to cross $1 Trillion by 2020. This is the perfect time for merchants to open up their businesses globally using multi-currency payment gateways that will allow buyers to shop from anywhere in the world.

Mobile Payments are the future
Global mobile payment transactions will be worth more than £3.5 trillion by 2023, according to Allied Market Research. As integrated mobile apps and services, usage of mobile payments will soar and evolve to suit customer demands.

Is your business ready?

Posted on April 5, 2019May 10, 2019Categories Merchant AccountTags B2B merchant account, credit card processing, Ecommerce, Europe, merchant account, merchant account provider, Mobile Payments, secure payment gateway, Top Payment Trends 2019, UKLeave a comment on Top Payment Trends That Could Reshape Business In 2019
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