In the digital age we live in today, there is ever-growing advanced technology and ever-evolving global markets and access. Cash and coin are becoming less popular, being replaced slowly but surely by cards and online transactions. The ease of having one card to carry and swipe as opposed to handling cash has had a major impact on the way that people shop and spend their money. And while there are several factors in place to ensure the security of the cardholder, there are also a number of risks associated with online or otherwise “secure” payments, just as there is the risk of having someone physically taking cash from you. It shouldn’t be something that causes constant fear, but it should encourage constant awareness.
Reducing the risk of fraud and identity theft
With more and more transactions, business, shopping, and general traffic happening online as opposed to in person, more and more sensitive, personal information gets put online. While certain measures are taken to guarantee security, there is always the risk of an unwanted party gaining access to that information. So while we as a society seem quite eager to transition to an online world, there is certainly an uneasiness about letting our personal information get out there. In the United States, card fraud adds up to over $8 billion every year. In 2014, over half –54% — of data breaches were related to the theft of identity, while 17% were related to financial access, and 11% had to do with account access. So there is certainly a real risk involved with card and online transactions, but if you are careful and vigilant, you can help avoid these unfortunate situations. And know that the secure payment processing services that are in place are also helping to protect your information.
Payment processing gateway services
People love to shop online. It is quick and easy, and the convenience of it often makes it a preferred method. On top of that, online shopping provides access to some markets that may not be available to shoppers locally. And often times, there are attractive incentives to buy in bulk or from sites online. This usually leads to customers spending more when they shop online. In the United States, a shopper will spend about $78 on an average order.
Almost half of those buying digitally already know where to go to search for a product and have in mind which online store or site they will be heading to in order to make their purchase. This type of loyalty is a result of websites providing a secure service, and that starts with a secure payment gateway. Quite simply, a gateway service provides the information transfer from a payment portal, whether that is a website or a physical store location, to the bank. This of course needs to be a secure transaction, and many payment processing services are constantly evolving in order to be the most secure that they can be.
Online shopping and card transactions will continue to grow in popularity, and chances are, these types of transactions will continue to evolve as technology does. There is always the good feeling of having cash in hand, but the ease and efficiency of paying with the latest technology, as long as it is secure, will most likely continue to take over.