Wed Mar 3 PST (8 months ago)
In your timezone (EDT): Wed Mar 3 2:00pm - Wed Mar 3 3:00pm
This session explores why alternative payment methods growing in popularity, and Online Banking Payments is a viable, feasible, and most secure APM for businesses and shoppers. Presented by Craig McDonald, CBO, Trustly, Inc.
COVID-19 has also accelerated online sales growth, causing a rapid shift in eCommerce penetration.
Ecommerce adoption has accelerated in 2020, and merchants need to be prepared for long-term effects. The growth of eCommerce payments has also driven some other changes that present challenges and opportunities for businesses:
New demographics of people started using eCommerce payments for the first time in 2020, and everyone else started using them much more than they did before. Since these groups might not be familiar with the new transactions showing up on their bank statements, they’re more likely to chargeback the payment. Between January and July 2020, the average dollar value of chargebacks grew by 124%.
Inevitably, as more businesses offer eCommerce payment options and more consumers use them, opportunities for fraud grow. When consumers get their identity stolen and report it to their bank, it’s often merchants that end up footing the bill for the fraudulent transactions. According to LexisNexis, the YoY cost of fraud has increased +7.3 recently.
More debit transactions:
The growth of eCommerce transactions in 2020 was also accompanied by another shift from credit to debit. According to Visa, consumers are using their debit cards more than their credit cards now, to the tune of $100 billion in transactions. As consumers begin to rely more on their available funds instead of credit to cover major transactions, businesses could benefit by offering some flexibility in how they accept payments.
In this session, we'll explore why Online Banking Payments are a necessity for merchants in 2021 and beyond. We'll also showcase how Online Banking Payments is filling the gaps in the alternative payment methods.