If you are in retail or other sales, then you know that the future of business is online. On any given day, global e-commerce sales generate around $1.2 million USD every 30 seconds, and that number is expected to keep rising. In a 2015 report, research firm Juniper Research predicted that the number of online and mobile purchases will only continue to grow and is expected to reach up to 125 billion transactions a year by 2018.
All of that change to how consumers shop doesn’t come without a price, however. When money and goods become 1’s and 0’s, shoppers can lose the sense of security that can come with a brick and mortar storefront. In a recent consumer habits survey, 6 out of 10 consumers reported feeling worried or concerned about credit card and debit card fraud when shopping online. If you’re an online retailer, how can you ensure fast, smooth transactions and secure payment processing at the same time?
The most popular of today’s available secure payment solutions is called a payment gateway. A payment gateway is a form of online card not present transaction, or CNP. CNP means that a consumer’s card is not present at the time of the transaction, because the card number has already been stored in a secured database operated by the payment gateway service. With other forms of online payment processing, common errors include duplicate charges, payment service not being delivered or received, and claims that consumers never ordered the product in the first place. With new CNP payment gateway systems, those problems are no longer be valid. These systems use existing Mastercard and Visa payment gateways which are already among some of the most secure options for online payment processing.
Consumer research firm Statista reports that at the end of 2015, it was expected that 1.2 billion people worldwide buy goods and services through mobile or online retailers. If you’re an online retailer, it’s vital to provide consumers with a safe payment processing system in order to gain their trust and avoid loss due to card fraud. New payment gateway systems are just the solution to ensure that your online retail experience is one that brings customers back for more.
