It’s no secret that many consumers have lost trust in financial institutions, especially millennials. This is underscored by the fact that the people in the age bracket of 25-35 years old carrying credit card debt is at its lowest since 1989.A recent survey conducted by Affirm, the financial service brainchild of PayPal co-founder Max Levchin, found that 64% of respondents worry about the final cost of items bought with credit due to a history of deceptive practices in the industry. In fact, more than half also said that the uncertainty of the final price—due to interest and unclear terms—made them enjoy their purchase less, which is never a good thing for a retailer. But is this reason enough for merchants to abandon financing? Absolutely not. It is, however, reason for merchants to look at more modern financing options that appeal not only to the millennial buying power, but to the masses.
Over the course of the year, the number of merchants using chip-enabled terminals more than doubled, with 39 percent (or 1.81 million) of all merchant locations using EMV technology. The majority of these merchants - 82 percent of them - were small and medium-sized businesses. Chip transactions comprised just about half (49 percent) of total payment volume in card present transactions.
Does your business operate on a monthly subscription basis? There are many types of monthly billing subscriptions, from standard subscriptions to metered (or usage-based) billing, base plus per user pricing, multiple subscription billing and more. No matter how difficult your subscription model may seem, being able to automate the billing process is possible and can save you time and money. Many of the shortcomings that previously were prevalent in Recurring Billing plans are no longer an issue due to advances in technology, such as Account Updater.
Topics: Recurring Billing
When it comes to payment authorizations for your online sales, the growing need for advanced security is often times at odds with the customer experience. While consumers are aware of cybersecurity risks, the perception that there are too many obstacles during the checkout process can often lead to abandoned carts. For consumers who order from you often, the friction at checkout can lead them to look elsewhere. How can e-commerce merchants achieve the necessary security to keep their data, and their client's data safe, while still satisfying a speedy, frictionless checkout process with less false failures?
Topics: Card Security
With CNP fraud on the rise since the EMV chargeback liability
It's a mighty thought to ponder given the latest data released from JP Morgan, but the state of all commerce is posed to take advantage of today's shoppers. The internet has opened up a wealth of product knowledge, consumers can research products, compare specs and read reviews well ahead of buying time. But, will the desire for instant gratification and a hand's on in-store buying experience ever disappear?
Report Confirms EMV Expectations: Counterfeit Fraud Down, CNP Fraud Up
According to a July 2016 Card Fraud Control Benchmark Study from Auriemma Consulting Group, counterfeit card fraud has reached its lowest level since 2013, falling 18 percent in Q1 from the previous quarter. Counterfeit fraud losses have declined steadily relative to other categories since the industry’s EMV liability shift took effect late last year, and have decreased by nearly one-fourth since their peak in late 2014.
Last year at this time, news feeds in the payment card industry were abuzz with information about the Chargeback Liability that was taking place in October of 2015. Not to disappoint, new deadlines have been set for October of this year that will have card security pundits talking. The first impacts Visa card issuers, and will be a blessing to both consumers and merchants when it comes to diminishing fraudulent card use via alerts. The second brings EMV back to the forefront, with a new deadline for ATM's to accept EMV chip cards. Here is some education on both deadlines:
ALERT: If you use a gateway or virtual terminal for payment processing --- Pay Special Attention (Remember, most integrated POS systems connect to a gateway).
EMV in the US has made life only slightly more difficult on fraudsters, finding the new security too cumbersome to overtake. So instead of wasting time hacking POS systems, hackers have taken to bypassing them altogether and focusing their criminal efforts on hijacking merchant Gateway accounts. They are accomplishing this simply by "acquiring" Gateway API credentials and Gateway user credentials, and are finding merchants to be ideal prey.
New SuiteApp, Solupay® for NetSuite SuitePayments®, Meets the NetSuite SuiteCloud Platform's Development Standards and Documented Best Practices
TWINSBURG, Ohio--(BUSINESS WIRE)--Solupay, a payments technology leader for credit card payment processing, announced today that it has achieved the ‘Built for NetSuite’ status. The new SuiteApp, Solupay® for NetSuite SuitePayments®built using NetSuite’s SuiteCloud Platform, provides enhanced functionality that can reduce fraud, cut payments acceptance expense and eliminate manual processes when accepting payments within NetSuite.
Topics: Payment Gateway Solutions