How can I optimize the mobile channel to streamline the payments process for customers while maintaining security and beating fraud?
It’s no secret that mobile is gaining momentum: According to IBM Digital Analytics Benchmark, mobile was responsible for 52.1% of traffic to e-commerce sites on Thanksgiving Day, a 22% increase over last year. From Apple Pay – which allows users to pay for purchases with a swipe of their smartphone – to location-based coupons and offers, mobile is catering to consumers’ desire for ease of use. While mobile will help to connect savvy shoppers with good deals and streamline both online and in-store payments, some are still skittish about the security implications. How can merchants take advantage of the mobile push while maintaining a secure, fraud-free experience? We dug deep to find the top tips from experts.
Here is what several sources are saying:
- Mobile will quickly become the norm. Consumers are taking to the channel quickly and the push will be toward more targeted and personalized offers and experiences for shoppers. Near Field Communication (NFC) technology (think Apple Pay) is streamlining in-store payments without sacrificing security. NFC allows consumers to authenticate payments with a PIN code, securing sensitive data. Apple Pay in particular uses tokenization to replace the actual credit card number with a special token to protect the sensitive data. Google posits that a PayPal of the mobile space may come about as a result of the channel’s popularity.
- According to SeeWhy, 5% of mobile users bail before buying due to unnecessary friction.Marketing Land says the key is making mobile payments quick and easy:
- Store (and pre-fill when possible) returning users’ information
- Put the spotlight on security with visible icons and copy to reassure customers that their data is safe
- Post progress trackers so customers know how many steps are left in the buying process
- Optimize forms for mobile – make sure text boxes are big enough for people to enter their information easily and use larger buttons so clicking through is a cinch.
- Don’t be tempted to segregate the mobile experience from the in-store experience; as it turns out, they can go very well together. As Mobile Commerce Daily points out, many shoppers use their mobile phones in-store to help them make a purchasing decision via online reviews, peer opinions and any other information available at their fingertips. Retailers should focus on creating a mobile experience that pushes in-store shoppers from the “assess” phase to an actual purchase.
- Mobile payments are accepted by more retailers than ever but these merchants are relying on fewer fraud solutions in the mobile channel. This should raise red flags. Independent of what retailers perceive the threats to be in the mobile channel, the fact is that plenty exist and more are emerging every day. Verifi lists a number of tools that merchants can employ to bolster security in mobile payments, protecting customers, payments and their bottom line.
Mobile is the name of the 2015 commerce game and forecasts predict m-commerce revenue to be at 50% of the U.S. digital commerce revenue by 2017.Merchants should optimize the mobile experience not only for online purchasing but also for in-store decision-making:
- Understand and cater to your customers’ needs along every step of the assessment and purchasing process
- If you have the capabilities to accept NFC payments like Apple Pay, let people know by posting it on your website or on in-store signage
- Get creative – in-store mobile maps or games can engage consumers while helping them find exactly what they’re looking for
Verifi can help you streamline omni-channel payments, fight fraud and secure your customers’ data with our Global Payment Gatewayand Intelligence Suite® solutions. What are your thoughts? Ping us on twitter (@verifi) with #paymentstips and let us know what you think.