Christmas is usually a period when people make a lot of online purchases. It is also a time when online customers are at a high risk of falling prey to fraudsters’ activities. This is especially true now that most countries are on lockdown and online transactions are preferred.
In this regard, statistics show that sales grew by 16%, which is an indication that people are embracing online transactions more than ever. However, there is also a 31% increase in fraudulent transactions in the past three years, as we have overviewed in one of our posts.
This article will show you how to keep your payment transactions safe to provide your customers’ best services. Here are a few tips for online merchants to prevent fraud, keep transactions secure, and their customers happy.
Chargebacks are one of the most unwanted incidents in online transactions. They can tie up your funds and make transactions impossible. It also drops the profit margin of the business. Furthermore, it slowly crumbles the reputation of the business if not properly handled. Several tools can help in the prevention of chargebacks. They include Address Verification service, Blacklists, chargeback alerts, and card security codes.
Online fraud has increased tremendously as the world has gone digital. As for online merchants, it is essential to pay attention to any suspicious transactions. In this sense, It would help to get fraud detecting tools to flag fraudulent transactions, since it is no news that fraudsters are very innovative and always find new ways to operate. At this point, analysis of digital presence and text is one of the best methods to detect fraud. A careful study of activities combined with machine effort will reveal hidden patterns that you ordinarily will not see. Software programs like Fraud scoring, biometrics, and device fingerprinting also go a long way to authenticate transactions.
A happy customer is a happy business. Improved customer service will help you to keep the customers happy and loyal. To do so, first of all ensure that the product description is well detailed and is written in simple terms. The customer care service should be accessible and helpful to the clients. In addition, the delivery of products should be as scheduled. Chargebacks can be a result of unsatisfied customers. As a merchant, let all your activities be transparent so the clients will have no thought of returning goods, which will incur a chargeback.
Merchants can create a blacklist to flag all suspicious clients. This list will ensure they do not have any transactions with scammers. On the other hand, the creation of a whitelist is necessary to acknowledge trusted and reliable clients.
As an online merchant, you can get help from a payment processing company to ensure all your transactions are keeping up with safety and transparency. At PurePay, we attentively monitor online transactions, flag untrusted sources, and help you prevent chargebacks. As a result, we analyze, evaluate, and determine the best ways to avoid chargebacks.
PurePay aims to provide a platform for safe, secured, fast, and successful online transactions. Ensuring safe transactions for clients is the best way to keep them happy.