COVID-19 has accelerated the move to the online shopping space. Digital sales have increased all over the world, thus making companies face fraud management challenges. Retailers’ focus is on payments. Are you wondering how you can get the best retail merchant account in the U.S? What about the growing concerns about payments fraud?
COVID-19 & Payments
The faster shift towards digital payment processing has placed greater focus on account-to-account (A2A) payments. This isn’t something new and has to do with fund transfers from one account to another. Moreover, this type of transfer is quickly gaining traction, and you need to take this into account for your payment acceptance strategy.
Peer-to-peer (P2P) payments are another money transfer method that allows one person to send funds to another. In this case, the sender should have the recipient’s email or other personal information. Last but not least, QR codes at the POS are also becoming more popular these days and leading to a significant change for merchants.
Digital Payments & Fraud: Best Retail Merchant Account
Did you know that fraud attempts have grown for 82% of retailers in the U.S. since the beginning of COVID-19? By the way, revenues have been hurt mainly by promo abuse (46%). Next come account takeovers (43%). According to Signifyd, this holiday shopping season is going to be “special” for merchants in terms of online payment processing fraud.
Let’s look at some interesting stats by Signifyd:
- In 2020, automated fraud attacks grew by 146%.
- During the 1st half of 2021, consumer abuse has doubled. This also refers to false claims about orders.
- By mid-2021, fraud pressure has grown by 35%.
So, merchants are being severely hurt by fraud attempts and attacks. To avoid such damage or be able to decrease the impact of fraud, you should work with a reputable payment expert. Be aware that 26% of global retailers consider fraud significant damage to their profitability.
Thankfully, there are expert payments comparison specialists in the U.S. that can get you the best retail merchant account featuring the highest level of protection against fraud. When applying, make sure the rates are among the lowest and the offered review is the most unbiased.
Rising Fraud and Merchants’ Focus on Payments
Online payment processing is turning into a norm. Digital payment transactions have skyrocketed in popularity during COVID-19, but cash payments plummeted. So, it’s no surprise that fraud has increased. Use the safest payment processing services to avoid fraud as much as possible these days.
Author Bio: Payment industry guru Taylor Cole is a passionate payments expert who understands the complex world of the best retail merchant account. He also writes non-fiction, on subjects ranging from personal finance to stocks to cryptopay. He enjoys eating pie with ice cream on his backyard porch, as should all right-thinking people.