According to Analysis by ACI Worldwide, global eCommerce transactions have jumped by 19 percent in July 2020 compared to July 2019. Likewise, there was an increase in the number of eCommerce transactions for outdoor gear; a 9% increase in 2019, compared to a 12 percent increase in 2020.
As the COVID-19 pandemic has dragged on and businesses have had to adjust their services and processes, online transactions have continued to build. Consumers have had to or have come to prefer making purchases online during this time. And this trend is not expected to go away once things return to “normal”. In fact, experts say the pandemic has simply sped up the inevitable.
Unfortunately, fraud has also increased during recent months, and continues to do so. Criminals are busy taking advantage of card-not-present methods of payment, including buy-online-pick-up-in-store and click-and-collect. Fraudulent transactions by volume were slightly lower in 2020 thus far (2.3%) compared to 2019 (2.6%), but new data has revealed that fraud transactions by value have been higher this year (4.4%) compared to 2019 (3.7%).
“Fraudsters are targeting higher value items like electronics and luxury brand names, especially within newer channels such as curbside pick-up and in-parking lot pick-up,” explains Debbie Guerra, executive vice president, ACI Worldwide.
Guerra went on to say that, “As more brick-and-mortar stores reopen with COVID restrictions, we are seeing card-present transactions slightly increase; however, we expect the eCommerce trend to continue post-COVID as consumers experience the convenience and speed of digital payments.”
How Ecommerce Merchants Can Protect Their Business
One of the best ways you can protect your business and set it up for success long-term is to partner with a high risk provider like emerchantbroker.com. EMB is a leading merchant account provider that has served a long list of high-risk industries for many years that struggle with fraud. In fact, EMB offers some of the best fraud protection services on the market.
EMB is proud to offer both Verifi and Ethoca. Through these partnerships, our team is able to provide the anti-fraud systems merchants need to protect against criminals. These services can help you prevent and be proactive when incidents do occur.
- Verifi and Ethoca, which work in the background to recognize and predict any patterns of fraud.
- The combination of Verifi, its Cardholder Dispute Resolution Network (CDRN) and Ethoca’s alert system create an effective system, empowering businesses to resolve credit card disputes directly.
- EMB’s fraud protection services help merchants achieve the highest incidences of chargeback resolutions.
How to Secure Fraud Protection Services
To get started, your business will need to secure an eCommerce payment gateway. A payment gateway is a merchant service that processes credit card payments for eCommerce sites and brick-and-mortar stores. Essentially, it works as the middleman between your customer and the merchant, ensuring the transaction is fulfilled securely and quickly. The best way to maintain a healthy business is to take action today and safeguard your business and customers’ information.
Between securing a payment gateway, fraud protection services and chargeback protection tools, you are setting your business up for a safer future in these unusual times. If you are in need of a merchant account or a payment gateway, submit an application to eMerchantBroker.com. EMB works with merchants in high-risk sectors, and it works with businesses that have no credit card histories. Apply online today to get started.