How to Reduce Fraud this Festive Shopping Season
Black Friday and Cyber Monday are synonymous with big sales and deal bonanzas that kick-start the festive shopping season. These deals are not just online or in-store, many purchases, particularly high-value, luxury purchases are often done over the phone in consultation with the retailer.
Indeed, many luxury retailers’ staff use web chats for more personal shopping assistance to guide customers through their purchase journey. Similar to e-commerce transactions, these purchases demand a frictionless and flexible payment experience – one that doesn’t hinder the joy of shopping while protecting the customer and merchant from fraud.
Figures indicate a sharp increase in unauthorised payment fraud.
The Irish Times, for instance, reported that the value of unauthorised electronic payment frauds stood at €21.5 million for the second half of 2021 in Ireland. Learn more here.
This serves as a stark reminder that customers must be mindful of not sharing sensitive information with third parties, including calling out their card details over the phone. Retailers are also susceptible to higher volumes of chargebacks, which can have a serious impact on revenue during the busiest time of the year.
- Prommt safeguards customers’ card details by avoiding exposure of sensitive card data to the merchant. Payment information is passed directly from the payer to the merchant’s payment gateway.
- Prommt minimises the risk of fraud and chargebacks for the merchant as customers are authenticated through a 3D Secure payment process.
- Prommt offers payment flexibility – alternatives include card and direct from the customer’s bank, known as Pay by Bank. Pay by Bank eliminates card fraud and significantly reduces payment operations cost.
Additionally, we enhance the overall payment experience by providing a quicker, easier and more convenient payment option for consumers through card and bank transfer. Rather than chasing payment over the phone with each individual customer, Prommt minimises payment administration by enabling retailers to send multiple, merchant-branded payment requests instantaneously, and manage payment reminders or customer refunds quickly and seamlessly (which is particularly important this time of year as many will change their mind after purchase). With live status tracking and insights, staff can trace who has received and opened the checkout page with visibility of what payments have been made or are still pending.
Keep security top of mind this festive season with Prommt’s secure, trusted and branded payment requests! Drive profitability and boost payment conversions with seamless bank and card checkouts that follow your customer wherever they are, however they want to pay.
Founded in 2017, Prommt is a payments platform that is revolutionizing payments for enterprises and their clients. Its innovative solutions enable fast, frictionless card and open banking payments anytime, anywhere. Prommt is an enterprise-grade solution that is built for teams, supporting multiple locations, and provides powerful, reporting, and alerting capabilities. Headquartered in Dublin, Ireland, Prommt is used by businesses today across Europe and North America and was this year’s winner of the Best Open Banking Service Initiative awarded by Global Payments Innovation Awards and is a finalist for the Best Open Banking Payments Project within the Open Banking Expo Awards 2023.