As consumers shift more and more of their shopping habits to digital platforms, the threat and risk of fraud continues to rise. New, unrelenting fraud tactics are emerging everywhere you turn. According to a recent study commissioned by PayPal, “Adaptive ML: The Future Of E-Commerce Fraud Management”, 97% of global fraud prevention decion-makers at ecommerce companies experienced fraud over the last two years.
Another study sponsored by PayPal found that 81% of organizations are in a more vulnerable position because of the digital transformation of the last few years. This fraud has led to losses in sales and revenue, wasted resources focused on resolving issues and damaged customer experiences. For growing businesses today, it’s a delicate balance of protecting customers while also delivering a satisfactory experience that builds loyal relationships.
What is the Business Owner’s Answer to Fraud?
Managing fraud and risk is easier said than done, but there are solutions that can help. While there’s no one-size-fits-all fraud protection solution, there are services available that you can customize to meet your business’ specific needs. Here are a few ways you can strengthen your organization against fraud:
- Secure chargeback prevention services. Unfortunately, chargebacks are a normal part of running a business. Even so, you shouldn’t have to handle them all on your own. There are many tools available today that will help you be proactive and automate disputes.
- Collaborate with industry experts. Fraud is not an isolated incident. It is an ecosystem that reaches far beyond your business and customers. That being said, collaborating with experts and industry partners can help you come up with solutions that save time, money and resources. This includes reaching out to your processing provider to see what solutions they provide.
- Strategically use existing data. In the end, fraud management is all about how you use existing data. To prevent high chargeback rates, you need to stay on top of the latest trends and new threats. You need a partner that has the resources and tools to anticipate what will come next.
Maintaining Merchant Accounts with Chargeback Protection
As mentioned, chargeback protection services play a huge part in protecting your business. Partnering with the right credit card processor is a great way to safely and securely accept electronic payments. Industry leading payment processors will specialize in providing merchant account services for businesses of all sizes and industries, including high-risk merchants.
All in all, managing fraud without damaging the customer experience boils down to having the right tools, resources and partnerships in place. Some of the best payment processing companies on the market today can help eligible merchants get approved for chargeback protection services in 24 to 48 hours. Once approved, they gain access to a chargeback mitigation system and other personalized merchant services.
Embrace the Future: Secure Selling
According to recent data, in 2021, U.S. consumers alone said they lost more than $6.1 billion to fraud – an increase of more than 70% from the previous year. Don’t let chargebacks and other fraud risks discourage you and chip away at your bottom line. And don’t let them negatively impact your customer’s experience with your business.
WIth the right services, you can get notified of chargebacks immediately, learn more about chargeback insurance, become proactive in the process and keep your hard earned money. Most importantly, you maintain the ability to deliver the best shopping experience to your audience and build a loyal customer base.
Blair Thomas has been a music producer, bouncer, screenwriter and for over a decade has been the proud Co-Founder of eMerchantBroker, the highest rated high risk merchant account processor in the country. He has climbed in the Himalayas, survived a hurricane, and lived on a gold mine in the Yukon. He currently calls Thailand his home with a lifetime collection of his favorite books.