2019 Retail Spending Increases the Demand for Frictionless Card Security

Posted by Joe Musitano on Oct 29, 2019, 1:58:05 PM

shopping increaseA report this month from the National Retail Federation stated U.S. holiday sales are expected to rise between 3.8% and 4.2% in 2019. Fueled by a hot summer (pun intended) with near record low employment and steady wage growth, along with the surprising impacts of Amazon Prime Day extending to all retailers, 2019 is shaping up to be a banner year for retailers, especially online. For online retailers, steps taken to protect their client's payment information has become a necessity to stay competitive in this consumer-driven market.

A Look Back at the Prime of Summer 2019

Summer has expanded into more than just a season for sun and vacations; it’s become a time to shop! From Memorial Day through Labor Day weekend, the summer shopping period has become the 2nd most popular purchasing time of the year (second to the holidays, of course).

Those two bookends of summer are huge shopping weekends on their own, but when you add 4th of July sales, tax-free weekends, back to school shopping, and possibly the biggest of all, Amazon Prime Days, summer has become a shopping-frenzy time of year. In fact, Amazon reported that this year’s 2019 two-day Prime Day sale was “the largest shopping event in Amazon history”, beating out both their Black Friday and Cyber Monday sales. And not just for Amazon: The Prime Day sale event brought on a boost to many of Amazon’s competitors--on average of 68%--according to Adobe Analytics. Because of this online summer shopping bonanza, the need for credit card security is more important than ever.

 

Protecting Not Just You, But Your Clients

“Recent figures suggest that over 80 percent of credit cards currently in people’s wallets have already been compromised,” said Markus Bergthaler, Director of Programs and Marketing for the nonprofit Merchant Risk Council. Credit card fraud, data breaches and identity theft have become extremely common, but unfortunately, with the amount of time consumers shop online today, that’s not likely to change. By offering multiple levels of security, while eliminating the chargebacks, businesses can be more appealing to customers, offering them a safe and easy checkout experience.

Solupay offers advanced fraud management tools that help to avoid fraud and chargebacks without putting up roadblocks between your customers and the sale. Solupay’s 3D Secure Advanced, along with integrations with Kount and Signifyd, provide the fraud and risk management tools that detect and prevent credit card and eCommerce fraud that you need, without creating any friction at the checkout.

 

Advanced Fraud Management Tools that Reduce Cardholder Friction

Solupay's approach to security is paramount in all innovations. 3D Secure Advanced is a patented, rules-based 3D secure engine that eliminates cardholder friction at checkout. Collaboration with Signifyd brings Solupay clients a 100% chargeback guarantee with Signifyd eCommerce assurance. Additionally, we partner with Kount to provide fraud and risk management that detects and prevents eCommerce and credit card fraud for online and card-not-present merchants. Various levels of integrations with leading ERP systems, such as NetSuite, will ensure we have a card security program that is fit for your business.

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Topics: Integrated Payments, NetSuite SuitePayments

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