Like every other business system, accepting electronic payments can come with unique challenges. Here are some of the best ways to address them.
- Shopping Cart Abandonment
Consumers love shopping online. However, it’s commonplace to have prospective customers completely abandon their carts. This can happen for various reasons. Shopping carts are abandoned at a 69.57 percent rate. This number is extremely high. Luckily, there are ways for small businesses to minimize shopping cart abandonment. This can include informing the customers about the shipping costs, shopping policies, return policies, and more. Also, it can have a lot to do with making the shopping cart clean and the entire checkout process seamless.
Some criminals tend to always follow the money. With an increase in E-commerce, it was only a matter of time before the fraudsters came out of the woodwork. This makes it ever so important to ensure you are deploying the best security technology and practices to minimize instances of fraud. Send and receive money securely with Textbit.
This is a very important tool that can help to process identity validation. It does so by verifying the billing address of the cardholder to ensure it matches the issuers. Along with this, both encryption and tokenization technologies are designed to minimize the risk of theft of customer’s sensitive data.
There are a lot of different things that businesses can do to minimize the risk of fraud. This can include informing customers about the importance of having strong passwords and enforcing password requirements. Likewise, it’s important to have firewalls properly in place and keeping all of your antivirus software protections updated.
A lot of companies look at chargebacks as an unfortunate cost of doing business. The truth is, chargebacks can be extremely costly. They can completely wreck a business’ profit margin. Along with this, it can negatively impact their reputation. These types of chargebacks can occur for various reasons. For one, they can be the result of actual fraudulent activity, but they can also occur when a customer doesn’t get the products that they ordered or when they aren’t completely satisfied with what they got.
To minimize chargebacks or the negative impact on them, you will want to utilize prevention techniques. There are plenty of different ways to prevent them. For one, you want to use tracking services along with delivery confirmation. By doing this, you should be able to minimize “undelivered” chargebacks. Another key thing you should be doing is listing accurate product descriptions. You should also clearly display reviews of products to set expectations. By posting the right estimated shipping information, delivery requirements, and return policy – you should be able to ensure the customer has the right expectations before making the sale.