What Payment Processing Above the Standard Looks Like
If you Google “top ranked credit card processing for e-commerce,” you’ll get nearly 4.5 million results. The first two pages shows links to titles such as:
- Best Merchant Accounts for E-Commerce
- Top 10 payment gateways you should choose for your E-Commerce
- The 5 Best Small Business Credit Card Processing Companies
- Your Ultimate Payment Gateway Comparison Guide
- The Best Payment Gateway Services of 2017 | Top Ten Reviews
- Cheapest Credit Card Processing for eCommerce - Payment Depot
A quick survey of the topline features ranked on these websites shows a consistent focus on pricing:
- Fees and rates
- Flat/fixed vs. percentage-based
- No set-up or monthly fees
- No monthly minimums
- No-charge cancellation
Surprisingly, the issue of fraud prevention is only a rare afterthought, if mentioned at all.
Yet one of the most startling trends in eCommerce is the rising storm of card-not-present (CNP) fraud for online businesses. With EMV adoption in the US driving card counterfeiters out of card-present fraud, CNP fraud losses are projected to soar 80% over the next few years, hitting a record $7.2 billion by 2020.
And losses from fraud are only one way fraud impacts eCommerce operations. Javelin reports the fear of fraud causes merchants to mistakenly turn down $118 billion a year in valid orders. Or to put it another way, for every $1 dollar in fraud successfully detected, merchants turn down $13 in good orders!
There is also the cost of fighting fraudsters. Nearly 1 in 3 merchants think combatting fraud costs too much. For large eCommerce merchants, the feeling is even stronger, with 44% saying that “it costs too much to control fraud.”
But what if your merchants did NOT have to worry about fraud?
With the advent of Kount Central, that is no longer an idle or hypothetical question. Payment Service Providers like you can now offer Payment Processing Above the Standard that includes portfolio-wide fraud prevention.
What does it look like?
- MORE ORDERS AND HIGHER REVENUE. When your merchants no longer have to worry about fraud, they can confidently say “yes” to borderline orders. They can open new geographies and countries. They can expand into new channels. And what eCommerce merchant wouldn’t want all that?
- FEWER CHARGEBACKS AND REDUCED MERCHANDISE LOSS. When fraud isn’t a concern, merchant profits go up because lost/stolen product losses go down. And with Payment Processing Above the Standard, your merchants also get greater insight into every transaction, making it much easier to reduce chargeback losses due to other factors like friendly fraud.
- LOWER COSTS AND BETTER FOCUS ON CORE MISSION. When you provide merchants Payment Processing Above the Standard featuring portfolio-wide fraud prevention, they can suddenly spend less on manual reviews. What merchant doesn’t like saving money? What’s more, they can re-distribute these resources to focus on business-building initiatives, like SEO and advertising.
Discover why a growing number of Payment Service Providers – including BlueSnap, Braintree, Chase Paymentech, GoECart, Magento, and X-Cart -- are offering portfolio-wide fraud prevention as a baseline service to their merchant accounts.
If you’re an issuer, acquirer, payment processor, payment gateway, or ecommerce platform, download the eBook "Protect Your Merchants. Protect Your Profits" to learn how you can easily, affordably, and profitably deliver fraud prevention to your merchants.