You know the feeling when you find that perfect pair of running shoes in exactly your size? The shoes that were available at the local mall in the correct size, but the wrong color, or the correct color, but the wrong size. Finally, you have located just the pair you have been looking for on the internet. Just one little problem. You found your dream shoes on a site you have never heard of before. You have all of your credit card information entered, but you are a little nervous to hit the final “order” button.
Any time you provide your credit card information when your card is not physically present at the location, your are completing what is called a card not present transaction process. A card not present transaction process means you can purchase something even when your actual card is not at the transaction. Your number is, but you are not physically at the location. In today’s world, consumers do this all of the time. Whenever you enter your credit card information, but do not visually show your card, you are trusting that the website you are using is secure, and that your personal financial information will be safe. Whether you are entering your information on a computer, a tablet or a mobile device, you are entering a world that most of us take for granted. Even if you give your credit card number over the phone, you are completing card not present transaction process.
As consumers, we either buy into this process, or run away from it. Either way, consumers tend to think about the safety of their information and do not concern themselves with the merchant’s perspective. In fact, of those consumers making purchases online, 60% of millennials surveyed expect a consistent experience from brands whether they interact online, in store or via phone. Merchants, however, have even more to gain or lose based on the paying online or over the phone process. They have to be concerned with card not present fraud prevention. They must work with a trusted credit card payment system. If you are a really small or new business, this can be a challenge.
Often times the best practice is for business owners to work with a site created by and for merchants that can process payments virtually. These sites create a secure environment where consumers can buy goods across the country either by calling in, or by manually inputting their credit card information. In the past, common problems with this service created more credit card chargeback process instances, service not being delivered, service not being received, and claims that the consumer never ordered the product in the first place. Businesses must find a patented process which can eliminate these problems.
The most secure sites have the ability to confirm the consumer information and keep accounts active and profitable so the product is efficiently ordered and delivered to the consumer. The very best verification system has a process to help remind, confirm and validate purchases for merchants across the country and help manage consumer changes and modifications, as well as facilitate a smooth transition for service and product delivery.
By the year 2017, trends indicate that U.S. shoppers will spend $370 billion online. In fact, by 2019, the percentage of U.S. mobile purchases will climb from $52 billion to more than $140 billion. If every 30 seconds e-commerce generates $1.2 million in sales for American business owners, both consumers and merchants must have confidence in the site they use to process virtual payments.
