As a business owner, one of the most vexing issues you must confront is figuring out how to process ecommerce payments. If left unaddressed, this problem could have detrimental effects on your enterprise; thus necessitating a swift solution!
According to an analysis conducted by eMarketer, in 2021 there will be an estimated 4.7 billion purchases made over mobile devices – a staggering 68% increase from last year. Furthermore, these figures suggest that nearly half (47%) of all retail transactions will be performed over smartphones and tablets by 2021; up from just 11% today! This veritable explosion in commerce across multiple platforms is sure to become even more prevalent as time progresses…
The future of commerce is poised for exponential growth – and eMarketer’s forecast suggests that it will unfold across myriad channels by 2023. By 2024/25, 61% of all retail visits will be made via mobile devices alone; whereas this figure currently stands at only 47%. Desktop browsing has also experienced a notable uptick: from 11% currently to 48% by 2024/25 – surpassing the current figures by leaps and bounds!
To remain competitive in today’s marketplace, merchants must understand how new payment options will affect their bottom line and adapt accordingly.
The market has undergone significant change over the past decade, offering merchants a multitude of payment alternatives to choose from.
Indeed, as one might expect, there is no shortage of viable options available – something that can be both an asset and liability depending on your point of view! What is more, with many accepting card payments becoming increasingly commonplace within e-commerce businesses, we find that merchants have ample reason for concern; security concerns regarding these payments are ever-present due to technological advances. Ultimately it all boils down to an individual’s perception of such matters; some perceive risks where others may not even consider them at all!
1. Utilize blockchain technology for increased security
Blockchain, the technological innovation behind cryptocurrency such as Bitcoin, has exploded into prominence over the past decade. Nowadays, numerous enterprises are utilizing this sophisticated technology to manage their data and enhance customer security.
At its core, blockchain is an incorruptible database that cannot be altered once it’s been added to. This makes it an ideal solution for safeguarding sensitive information like credit card numbers! In addition, many savvy businesses are also harnessing it for more secure payment systems such as one-step transactions or cashless transactions – enabling users with a more convenient and seamless experience all around!
Don’t let your current payment system frustrate you with inefficiencies and vulnerabilities compromising your business’ bottom line. Instead, utilize blockchain technology to increase security and decrease hassle when dealing with payments on your e-commerce site.
2. Invest in fraud and chargeback management systems
To optimize your payment options and streamline operations, it is essential to assess the potential risks associated with ecommerce payments. Fraudulent transactions pose a significant obstacle for both merchants and customers alike; leading many companies to purchase fraud management systems as a solution. Such software must be utilized judiciously, however – not all solutions are created equal!
Handy fraud management tools can help mitigate losses when fraud takes place. These programs are typically mobile-friendly, enabling convenient access at any time and place. Companies that utilize them regularly report less incidence of fraudulent activities than those without such safeguards in place!
