Hey merchants! Reduce fraud with mobile payments!
With credit card fraud reaching all time record incidents, chargebacks, loss of products, loss of time and frustration are adding to merchants suffering huge monetary losses. Both retailer and eCommerce merchants have passed these costs along to the consumers in the past, but fierce competition is showing that merchants would rather suffer current losses due to fraud than to losses due to future sales.
This fraudulent environment hurts business as a whole, particularly small businesses, to the tune of $2.6 billion, or 1.8% of total online revenues, according to an The Cybersource® Online Fraud Report.
There are many ways merchants can reduce fraud, but one of the easiest ways that retailers and eCommerce merchants can quickly reduce the amount of fraud is by offering consumers mobile payment options.
3 other benefits of mobile payment solutions to retailers
Not only are consumer preferences of using mobile payment solutions increasing for both ecommerce and traditional retailer merchant payments, but mobile payment options have other benefits like
1. Reducing the need to protect customer data
Mobile payments reduce fraud because of increased levels of security with two factor authentication (2FA) as merchants do not hold customer data on their PoS terminal thus reducing the cost and expense of protecting customer data.
2. Higher speed of transactions relative to other payment means
Consumers always have their mobile devices handy, there are no signatures or swiping needed thus lines at the check out counter are quicker.
3. Provide more personalized experiences by integrating loyalty programs
Merchants like supermarkets and ecommerce retailers are always looking to leverage data to drive more revenue and make customers more loyal. Now data can be integrated into mobile payment and mobile wallet solutions to achieve these business goals.
Is your business ready for mobile payments like your customers are?
Even though mobile payments are slow to adopt in the U.S., mobile payment usage in mature overseas markets, like Europe and Asia, are commonplace and building support and technologies for higher adoption rates in the U.S. In Deloitte’s annual research report on the Technology, Media, and Telecommunications (TMT) sectors, they predict that in-store mobile payments will increase by more than 1,000 percent worldwide this year.
Hundreds of millions of smartphone owners have already submitted their credit card data (one or multiple cards) to a range of mobile payment apps like SEQR. With the idea of contactless payments using being better and safer for the customer this trend will continue and become more sophisticated over time.
If your not ready for mobile payments, give SEQR a call today…or click here to contact us via our website.