Are you a call center, collection agency, or an organization that specializes in Nutra products or financial products and services looking for secure payment solutions for verification and authentication? If so, you’re lucky, because new businesses are beginning to pop up to help merchants manage their payment processing into more secure payment systems.
This is being made possible by using patented technology that will grant merchants the unique ability to confirm the consumer information they receive from credit cards and the like, making it possible to avoid scenarios like card not present transactions. And because these types of services are new for the payment processing industry, there’s a lack of competitors!
This is a great service to have, because it also boosts consumer confidence when shopping online. And since shopping online seems to be the growing trend in society, it only makes sense that businesses would want to improve their payment processing systems. To get a better picture of how mobile consumers are shaping the future of doing business, check out these facts and figures below:
According to studies done in March of 2013, there are more than 278 million Visa cards in the U.S., and more than 522 million in other countries around the world. That’s a lot of Visa cards that will likely make some sort of online purchase over the course of a year.
A study in 2013 found that 73% of people online had made one or more purchases online. That’s a lot of people. To put it into perspective, by 2015, nearly 1.2 billion people around the globe will do some sort of online shopping.
The number of mobile purchases in the United States will increase from $52 billion to over $140 billion in 2019!
Why this growing trend of mobile shopping? It’s simple. Oftentimes, merchants advertise and offer incentives to consumers if they buy in bulk or buy online. But while online shopping and giving our credit card information is increasing, so too is the fear among consumers regarding security. In fact, nearly 6 out of 10 consumers worry about fraud and identity theft when making online purchases. One of the leading causes of fraud and identity theft is card not present transactions, because it’s hard for a merchant to properly verify if the consumer is who the card says they are.
That’s why it’s so important for businesses to really invest in improving their payment processing systems to make them as secure as possible. Not only will it instill greater consumer confidence, but it will go a long way in avoiding card not present transactions and other sketchy scenarios that might occur in less secure systems.