Whether you run a tech support firm or are looking for ways to bolster the security of your online dating business, efficient credit card payment services are a must to keep your client base satisfied. Payment process is an incredibly important factor for any kind of business model and need to accommodate a wide variety of people regardless of their payment method. Below I’ll detail buying trends, common financial hiccups and resources you can access to improving security and cut down on losses.
Consumers In The U.S.
Did you know U.S. consumers spent over $4 trillion with credit and debit cards in 2013? Total consumer payments totaled over $8 trillion and, as of March of 2013, there were an estimated 278 million Visa cards in the United States alone. The age of the Internet has drastically changed the market, for better and for worse, when it comes to business handling and financial transactions.
Buying Trends
While many customers still order over the phone, it’s becoming more and more common for customers to use the internet to receive their purchases due to ease of convenience and speed. Around half of all digital buyers already know what they want to buy before they buy it, with a poll showing half of all consumers being familiar with their favorite online stores. A recent survey saw 60% of millennials expecting a consistent experience from the brands they prefer, regardless of whether they use the internet or visit in-store. Lastly, shipping options are a popular factor, with a survey seeing as many as 51% of customers saying they would abandon a purchase if it didn’t have timely shipping.
Gateway Service And Payment Processing
Credit card fraud losses are one of the most common financial pitfalls of any major business, with card issuers, merchants and acquirers hitting over $16 billion in losses combined as of 2013. When losses to fraud beat credit card growth four years in a row, a proper gateway service is even more essential in keeping finances running smoothly. A merchant payment gateway can be used to specifically track purchases, save customer information and prevent fraud. Credit monitoring services require vigilant attention coupled with up-to-date technology to be truly effective and any business, large or small, stands to benefit from increased security measures and happier customers alike.
