It’s no secret that the eCommerce and SaaS industry is booming. There are more online stores than ever before and thousands of new businesses popping up every day. New services and product offerings around the world are trying to sell us something, every minute of our days. Over the past 10 years our purchasing behavior has changed dramatically, and today, we tend to buy almost everything online: pizza, Nike shoes, the latest Xbox, CRM for small businesses, accounting software, and even the new Tesla Model S.
You can launch your own WooCommerce store in less than an hour, and all you need is a domain, a theme, some plugins, and a payment processor. It’s also easier than ever to start a SaaS business, sell your services, capture recurring revenue, and learn from others’ lessons !
eCommerce store owners and digital product providers want a piece of the pie, but as these industries grow, so do the incidents of card fraud in eCommerce/SaaS transactions. If you’re a business owner, you’re probably familiar with this situation and are always looking for new ways to reduce the number of fraudulent transactions and, even better, prevent them from happening as much as possible.
Just to make sure we’re on the same page, here’s a brief overview of online payment fraud:
Frustrating, isn’t it? I know all too well how it feels. They are a constant headache for your business and most importantly, they are very expensive. If you Digital Transactions find yourself using Stripe as your online payment processor, then this article is for you.
I’m going to show you how Stripe can make your life a little bit easier! Thanks to this machine learning solution, we at Kinsta reduced credit card fraud by 98%. We don’t have to waste time reviewing every questionable charge and suspicious login. And trust me, it feels great! Now, let’s dive into a little more detail.
Trends in eCommerce Fraud and Digital Transactions
I’m not surprised, but the volume usa email list of digital fraud is on the rise. Today, we’ll use some of the numbers from the survey conducted by Pymts and Forter in 2016. You can download the full study using this link . Here are some of the most interesting findings:
- In the last quarter of 2015, there were at least 27 fraud attempts for every 1,000 transactions.
The most affected industries are digital floors in the bathhouse in the washroom goods, clothing, electronics, food and luxury goods. We can see that these are worrying numbers and Digital Transactions we are talking about huge profit losses when it comes to online payment fraud.
Why It’s Important to Prevent Credit Card Fraud and Why It’s Bad for Your Business
Second, it can be devastating when you wake up one day and realize that you are offline because your payment processor cyprus business directory has suspended your account. Trust me, I know what I am talking about. In the early days of our business, our payment processor shut down our account due to fraudulent transactions and suddenly we were at a standstill. We were unable to collect our revenue and get new customers to sign up for our services. Yes, it was very bad, but thank God, this was resolved quickly. However, this is not always the case. You can read the terrible story here .