With digital technology moving at an unprecedented rate, there’s no reason not to have quality chargeback methods supporting your customers. Every little effort or lack of effort can have long-term consequences for your livelihood, after all, and the market only continues to get more and more competitive. For all the convenience that digital buying has offered the world, the drawback are all the different methods that can be used to compromise both a buyer’s and business’ security. This can include lost orders, spying, hacking and improperly distributed private information.
Flow Of The Digital Market
Technology has changed almost everything as we know it, from ordering goods to payment options. Global e-commerce sales have been found to generate an astonishing $930,000 every 30 seconds through desktop sales alone, with another $269,000 through mobile purchases. A customer will visit a store an average of three separate times before making a purchase, with many choosing to focus on the business that has offered them the most favorable experience. Tablets and phones are quickly becoming one of the most popular resources for online purchases, though computers still fall close behind.
Customer Preferences
Did you know half of all digital buyers already know where to look for a product before they pull out their wallets? Studies have shown 48% of consumers regularly returning to their favorite online shop rather than searching for new businesses via search engine or newspaper advertisement. In the United States, half of all digital buyers are expected to make mobile payments for purchases on a frequent basis in a matter of years. In fact, it’s been found that websites that aren’t mobile-friendly suffer significant financial losses compared to their more updated counterparts.
Business Preferences
A business’ success rides on the happiness and trust of its customer base. Businesses large and small prefer to reduce their day-to-day costs in favor of a smooth and affordable process — for starters, many have attempted to reduce or outright eliminate the need for paper in favor of digital sheets, applications and receipts. A 2014 survey found Paypal the most popular payment service by a mile at a 79% usage rate. Even with these conveniences, there are many different ways these simple methods can be compromised.
Common Issues
Chargeback protection and merchant credit card processing are necessary fallback measures to prevent security breaches, lost products and dissatisfied customers. Why is this? Data breaches reached a total of over 1,500 just a few years ago, up a stunning 46% from the year before, and led to the compromise of one billion data records. Half of all these data breaches related to identity theft, with another 17% aimed at financial access and yet another 11% focusing on account access.
Keeping Your Business Secure
If you want to maintain a confident customer base and save money throughout the year, it’s essential you establish a chargeback protection program. These are simple services that provide both business and customer a variety of methods of security, from traceable packages to secure payment methods. Even a single lost or delayed package can shake trust in the consumer, potentially costing you and your business significant losses down the road. Back in 2012 over 65% of intervewees surveyed in China secured their online payments by using multiple complex passwords. In 12% of credit and debit card fraud, an issue many customers are concerned about, an Internet website was the initial point of contact. With chargeback protection and payment gateways, everyone is better off in the end.