Thanks to advancements in payment technology and online payments platforms, accepting credit card payments online has never been easier. Many of these popular online payments solutions allow business owners to seamlessly integrate and take advantage of the rise in online shopping. While accepting payments online is definitely an advantage for business owners, it does have its set of challenges. Here are three online payment processing challenges that you should be aware of.
Fraud
Despite increases in payment security, credit card fraud has been steadily increasing worldwide. It’s estimated that in 2015, the United States quoted fraud losses at more than $8 billion. As new technological advancements attempt to address these trends in fraud, new kinds of fraud surface to combat the security measures. It’s imperative that your business takes adequate measures in securing customer information and reducing fraud.A great way to mitigate the chances of fraudulent activity is to choose a reputable payments provider that has systems already in place to reduce fraud. Most payments companies will have entire departments that check for fraudulent activity. Take the time to research what security measures are taken and how you can work with your payments provider to keep transactions legitimate.
