WorldPay and Visa team help businessmen fight fraud
WorldPay is expanding its partnership with Visa to enhance the company's 3D security solutions.
WorldPay said in a press release on Wednesday (June 11) that the tool helps merchants reduce fraud, while alleviating consumer friction and enhancing authorization.
“Instead, it's a balance that requires merchants to understand how security, identity verification, authorization, fraud detection and the impact on the shopping experience live in harmony with each other,” Cindy Turner, chief product officer of WorldPay said in a press release.
“For example, the sincere purchase and other steps in the checkout process of false positives present serious challenges to fraud mitigation strategies,” Turner added. “That's why we work with card networks like Visa to enhance authorization – and ultimately, it helps merchants achieve the highest standards of security while improving the overall customer experience.”
The company notes that if multiple attempts are required, more than half of shoppers will give up on the deal, stressing the importance of ensuring effective payments are made in the first attempt.
Meanwhile, PYMNTS Intelligence research found that 56% of consumers in the U.S. had dropped payments in the three months before the survey.
“Reduced payments can seriously affect customer satisfaction and business revenue. About 40% of global consumers reported recently experiencing false payment declines, with 79% indicating that diversified payment methods are critical to building trust with brands,” Pymnts wrote. “To alleviate these issues, open payment platforms provide enhanced licensing rates by improving backend connectivity and simplifying transaction processes.”
Recently, PYMNTS collaborated with WorldPay to examine the importance of factors such as convenience and payment options in driving customer satisfaction and acquisitions.
According to the PYMNTS Intelligence/WorldPay report “Big Three: Choice, Confidence and Convenience Pay Optimization”, first of all, more than half of the convenience is first when choosing payment.
“The collective expectation of shoppers from these three elements – the choice of payment methods, the speed and convenience of transactions and refunds, and the safe environment – has an impact on their decisions about where to spend money. It's not enough to stand out in one area alone,” Pymnts wrote earlier this week.
“Modern consumers around the world prioritize the approach they are familiar with. Ensuring customers have their own preferred payment method is the main driver of customer loyalty.”
