More Traffic Doesn't Necessarily Mean More Sales
With more people shopping online, you might think checkout conversion rates would improve. However, global conversion rates fell from 2.37% in the third quarter of 2019 to 2.17% in the third quarter of 2020, which means that more shoppers may not necessarily mean more sales.
If you're not offering the right payment method for the countries or regions you sell in, there's a good chance your customers will bounce before finalizing the purchase. In fact, almost half of all shoppers surveyed in the US and UK said they would abandon a purchase at checkout if their preferred way to pay isn't accepted. That means lower checkout conversions and, ultimately, less revenue.
In most of the world, the payment methods that the payment industry has historically classified as "alternative" are the norm - 77% of all online purchases in 2021 were made using a local payment method, such as bank transfer, wallet or BNPL.
This presentation makes a compelling case for the acceptance of alternative payment methods by any merchant, especially those interesting in expansion into new markets.
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US merchants spend 10% of annual ecommerce revenue to manage payment fraud. That's compared to 6% in Europe where open banking payments are prevalent.
Join us as we explore the advantages of open banking payments for merchants in the US. Open banking payments offer a secure and cost-effective alternative to traditional card payments, with the potential to reduce transaction costs by up to 70%.
In this webinar, we will delve into the mechanics of open banking payments, highlighting how they can mitigate fraud risks and enhance overall security. We will also discuss the seamless integration of open banking payments into merchant platforms and explore real-world case studies showcasing the significant benefits achieved by businesses that have adopted open banking payments.
Whether you're an e-commerce platform or a digital service provider, this webinar will provide valuable insights into leveraging open banking payments to drive your business forward.
The rise in acceptance of alternative payment methods (APMs)—mobile wallets, eWallets, cryptocurrencies—comes with a new risk. APMs pose a bigger risk to online merchants than traditional payment types because they lack a standardized dispute process and basic policies and regulations that define and clarify usage parameters for all parties. Fraudsters know this and are quick to exploit these weaknesses.
Join Vesta’s Chief Product Officer, Hrishi Talwar and SVP decision science & analytics, Kevin Siegel, along with Nicholas Stipp, VP& GM Asia Pacific, of Ekata, a Mastercard Company, as they discuss the biggest challenges and opportunity areas for fraud in the APM space—and how to put a game plan in place that drives up approval rates and drives out fraud.
- Growing trends in adoption of APMs—and associated fraud
- How static rules don’t fit in an anything-but-static industry
- Strategies for increasing approval rates amid growing attacks
- Examples of ML/AI in fraud systems
With the industry anticipating a PSD3 for some time, the European Commission (EC) published, on 28th June, its proposed revisions to the EU Payment Services Directive (PSD2) producing the planned PSD2, and proposals for a Payment Services Regulation (PSR). The proposals can be found here along with several impact assessment documents. The proposals will ensure consumers can make eCommerce payments safely in the EU, both domestically and across border. Better choice for the consumer is also a focus.
On this webinar, we will delve into the proposed changes, what they mean and the impact on the industry.
Join us on the 15th & 16th of August 2023, for MRC Card Network Update Forum. This is a complimentary, two-part webinar series, exclusively for MRC members.
Card network rules and changes can have a widespread impact on not just your industry or vertical, but the global payments landscape. Get your questions answered and learn what these changes mean for your organization.
- Join Mastercard representatives to get updates on 23Q4 Release Items.
This presentation will provide data-driven insights into the rapidly changing landscape of payments and fraud. We will delve into payment methods acceptance and management, as well as the reasoning behind different payment strategies in today's commercial environment. We will also share the latest industry fraud data and global fraud management methods, alongside a comprehensive set of performance benchmarks, to help optimize your fraud management and prevention practices.
Hear from first hand a merchant experience in evaluating, implementing and delivering a payment orchestration payment platform. Corey will take you through a three part journey from "How we secured internal investment to go after Payment Orchestration?" to "What I wish I knew then that I know now on our implementation journey." and finally "Was it worth it, and would we do it again?"
Bot protection is the foundation of online fraud prevention. With the proliferation of bots and their potential to cause financial losses and reputational damage, it is crucial for website owners to defend themselves against automated threats.
Yet our recent analysis of 2,400+ UK websites found that a significant majority of UK-based digital businesses are inadequately protected against simple bot attacks.
Leading subscription companies are constantly evaluating and optimising their payment flow. They use data to make decisions in areas such as checkout design and feature development.
To continue to improve our understanding and develop the right solutions, we asked consumers in 6 Northern European countries about the wants, needs and barriers related to their subscription payments.
Results with impact: Key Highlights
Our consumer survey shows how payment preferences are different across countries. It’s important to create localized, customer-centric payment strategies that will lead to:
- Increased customer value
- Higher conversion rates
- A seamless customer experience
- Stronger customer relationship
Consumers value security above all else in their payment journey but they aren’t willing to compromise on convenience. Poorly implemented authentication procedures can lead to significant drop-off, and providing robust security measures without adding friction is a constant challenge for merchants.
This webinar will share learnings from our research that will help merchants operating in the UK and Europe deliver payment experiences that are both smooth and secure.
Register for this webinar to learn:
While this change in consumer behavior has led to an increase in revenue through online and mobile channels, it has also come with a sinister partner: an increase in digital fraud losses.
In an increasingly anonymous purchasing environment, businesses and platforms need to take precautions to reduce risk while avoiding placing undue friction on good, low-risk customers. The key is connecting consumers’ digital information to their devices, understanding device risk and identifying signals of fraudulent behavior.
In this webinar, we will discuss:
Join Vesta’s very own Chief Product Officer, Hrishi Talwar and VP, Machine Learning Engineering, Jack Kohoutek, as they discuss the eCommerce fraud landscape (threats and trends) and the strategies merchants should be taking to prepare for this holiday season.
Don’t miss out on this opportunity to get ahead of fraud this holiday season!
Use this guide to understand different types of fraud solutions, how they stack up against each other, and critical questions to ask during the exploration process.
Download our Evaluation guide for online fraud solutions to discover:
- A breakdown of the common types of fraud solutions
- Questions to guide your search when comparing solution capabilities
- An evaluation checklist to help you find the right fraud solution for your business
Consumers are changing how they discover, try and buy products and services. This colossal shift has resulted in companies reimagining what they do, how they do it and who they partner with to create lasting and revenue-driving customer relationships. Every industry is going through these changes and investing in new shopping models: Direct to consumers, marketplaces, connected cars, value-add healthcare and new technology platforms including localized drone delivery and vending machine innovations. These changes have a pace and complexity that’s driving tremendous value up and down the value chain.
While companies are investing in digitization and innovation, many are asking about the ROI and monetization potential of these new shopping models. The answer isn’t simple, but brands of the future will separate themselves from brands of the past by solving for the unique needs of each service provider in their ecosystem – and particularly their payment needs.
In the current operating environment, with economic growth slowing and interest rates rising, it is more important than ever for businesses to develop alternative revenue streams. That’s not only about meeting your customers wherever they are, but making those engagements as seamless as possible. One way to do this is through frictionless payments options or by embedding helpful financial services directly in the user experience. The goal is to first connect with customers, and then make their journey as intuitive and convenient as it can be. In this issue, we look at how commerce is evolving. There has been a major shift, with new kinds of online marketplaces transforming almost every industry, as our feature starting on p.26 explores.
The transformation of online payments
The online returns reckoning
The need for fulfillment diversity
The rise and evolution of online marketplaces
The report's findings are based on transaction data, interviews with eCommerce and payments experts and a consumer survey of more than 1,000 U.S. online shoppers. Among the poll's surprising findings is the large number of consumers willing to cheat in order to keep an ordered product and receive a refund for it.