When it comes to card not present transactions, merchant chargeback protection, and secure payment processing solutions, the industry of card not present e-commerce can be incredibly confusing for businesses owners — and it can be incredibly expensive, too, if the proper software isn’t used to protect consumers.
For better or for worse, card not present transactions are only likely to increase, meaning that merchants will have to increase digital security and secure payment options as well.
But just how popular are card not present transactions these days? Take a look at the following statistics for a better idea:
4 credit cards: The number of credit cards that nearly one-third of all American households had back in 2010 — and let’s be honest, this number is probably (definitely) higher by now.
55%: The number of consumers who state that they would be willing to pay more for a better customer service experience when shopping online.
65%: The percentage of customers who prefer to talk with someone over the phone if they need assistance during an online purchase; compared to other forms of communication, like emails and live chat lines, more people still prefer to talk to someone on the phone when they need help.
$1.2 million: The amount of money generated every 30 seconds in e-commerce sales for American businesses.
$370 billion: The amount of money that economists and analysts predict will be generated through e-commerce sales — just in the U.S. alone — by 2017. Mobile payments are predicted to grow exponentially during this time, too, possibly accounting for as much as one-third of all online sales.
So what’s the real takeaway from these stats? Simple — if you own a business or you plan on opening one, online sales will contribute quite a bit to its success!