Three Important Numbers About Credit Card Use

Merchant payment gateway

Picking out the best payment processing solutions and the most secure payment systems isn’t the easiest task for business owners today. You have to pay attention to things like merchant chargeback protection, card not present fraud detection, and secure payment gateway services.

There are a lot of factors that you need to consider when you’re picking out a system, but there’s one overarching factor that relates all of these details to each other, and it’s something that should always be at the top of your priority list when picking out a credit card payment system: digital security, for both you and your customers.

Take a look at the statistics below, and you’ll understand how important it is to use a secure payment system:

  • Experts estimate that by 2017, mobile shopping will skyrocket to about $140 billion annually. As more shoppers are turning to online stores and shopping apps in lieu of brick-and-mortar stores, they’re also putting themselves at risk for identity theft unless they’re making purchases from safe and trustworthy vendors.

  • That being said, about 65% of consumers today still prefer to talk to a real person when they have a question or concern about a purchase, as opposed to interacting online or through an app. Every little detail matters when it comes to providing good quality customer service to your consumers.

  • In 2013, American consumers spent about $4.6 trillion making purchases with credit cards and debit cards. Now more than ever before, consumers are choosing to pay with a card rather than pay with cash. Although this is more convenient, it’s also a bit riskier for the consumer and the business; the consumer could risk having their credit card information stolen, and the business could face high penalty fees from chargebacks if they don’t use a payment system with merchant chargeback protection.

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