Guest Post: Help Your Merchant Customers During These Challenging Times
5-13-2020
Josh Park, VP Acquirer Partnerships, Authorize.Net.
Many businesses are facing unique and difficult challenges in the face of new regulations and physical distancing constraints. We recognize the strain this is placing on many of your merchant customers as physical stores are seeing less foot traffic or closing temporarily.
Many of your merchants are adapting their business models to serve their customers online—a process they may be unfamiliar with. Given the evolving landscape, we want to provide some tips and reminders that may help your merchants grow—and protect—their businesses during this time.
Give customers options to pay online and pick up later
Many retail stores are offering their customers the ability to place an order, pay online and pick up at the store or curbside. This is a great way for your merchants to continue selling their current and upcoming inventory, while still minimizing physical contact with customers.
Help protect from fraud
Unfortunately, fraudsters are quick to take advantage of any weakness in the ecosystem. With the increase in online orders, merchants could see more fraudulent order attempts. You can help by advising your merchants to ensure their current fraud strategy is set up to help protect against fraudulent orders, card testing attacks, account takeovers and more. Below are a few key instances that may need to be watched more closely:
Increased card testing attacks. Fraudsters will continue to use websites to test the validity of stolen cards. Stay ahead of the game and advise your merchants to perform risk reviews, set thresholds and identify anomalies.
Account takeover. This can take a number of forms, but especially targets card-on-file models. Fraudsters take over both newly created and dormant accounts on file to use for fraudulent orders. A few traits to look for include multiple recent shipping address changes or a rise in older, dormant accounts placing orders.
Account origination fraud. Similarly, with so many new accounts from shoppers who are moving to online purchases, it may be harder to see the new, fraudulent accounts. Merchants should consider being proactive about getting a secondary email or mobile phone number to help confirm their customers’ identities.
You can assist your merchants today, by helping them understand the tools that are included, at no additional charge, on the Authorize.Net platform.
Visit the CyberSource and Authorize.Net booth in the TRANSACT Connect virtual exhibit hall to chat live with our team of experts and learn more.
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About ETA
The Electronic Transactions Association (ETA) is the world’s leading advocacy and trade association for the payments industry. Our members span the breadth of significant payments and fintech companies, from the largest incumbent players to the emerging disruptors in the U.S. and in more than a dozen countries around the world. ETA members make commerce possible by processing approximately $56.75 trillion annually in purchases and P2P payments worldwide and deploying payments innovation to merchants and consumers.
ETAs membership spans the breadth of the payments industry to include independent sales organizations (ISOs), payments networks, financial institutions, transaction processors, mobile payments products and services, payments technologies, and software providers (ISV) and hardware suppliers. For more information, visit electran.org.