Challenges of an increasingly complex online payment journey
Merchants find it increasingly challenging to detect genuine customers from fraudsters. Doing this right demands a lot of manual work and time (resources and costs) to review any suspicious transactions.
We all know that consumers’ payment habits in the online buyer journey have changed dramatically. With that, mobile payment methods such as Apple Pay, Google Pay, WeChat Pay, and QR code payments are becoming widely available and more common.
Many of us have numerous online personas. We possibly use two or three email addresses, a couple of phone numbers, are active on several social media platforms -each with its own user name- (work and personal), use different devices, and multiple online payment accounts to make various online purchases.
What a complex and complicated situation to be in! Wouldn’t it be easier if merchants could detect a fraudster from a genuine customer from the get-go, in real-time, without affecting a genuine customer’s buying experience?
What customers want: a seamless buying journey
Customers expect a frictionless and seamless online payment journey when placing an order. If for whatever reason, a customer faces frustrations in the shopping and checkout process, this will lead to an abrupt goodbye. He or she will most likely abandon the order and not proceed to complete the order with any payment. This potential customer goes off to find another competitor to order from. This means loss of sales and a negative experience that this customer is likely to share online through social media or by word of mouth.
In this digital landscape, customers do not want to be slowed down in their online payment journey. They expect their payment to be fast, easy and convenient. Make it a piece of cake that allows them to return to your website without any demands to their time.
What merchants want: increase conversion rates
However, merchants need to find that balance of determining if any new customers are who they claim they are (in the customer’s fields they provided online) while managing the customer’s expectations.
To be precise, merchants want to improve the online payment journey of their customers to increase conversion rates while reducing potential fraud. They need to find ways to increase authorization rates while minimizing losses to fraud.
How can this be done?
Fraud screening technology for frictionless payment flows
Luckily, solutions are available to gain high certainty on online identities while providing a user-centric payment journey. Advanced fraud screening technology uses digital identity intelligence to offer a real-time screening of credit card transactions. How does it work?
Fraud screening technology provides a real-time snapshot of the customer’s digital identity whenever an online order is placed and can immediately flag high-risk transactions. It determines whether the customer’s data provided is in line with their buying behaviors, and reduces friction associated with step-up authentication and false positives.
CM.com makes it easier for merchants to improve the online payment journey and grow their revenue while reducing potential fraud with advanced third party fraud screening technology. CM.com can build rules around pre-authorization transactions based on what merchants want. With our dedicated fraud manager, we can create route-specific configurations. For example, high-risk detections flagged by the fraud screening technology can be stopped immediately or rerouted to have 3DS used for a specific payment method.
Merchants can flag trusted or returning customers to create frictionless payment journeys where it will improve the percentage of trusted transactions, reduce manual reviews, and associated operational costs.
If you want to know more about this solution, to improve your online payment journey please contact us. We are more than happy to look at your business together to find a way to increase revenue and reduce fraudulent transactions.