Improving the processing and storing of personal information with a secure website can therefore help businesses flourish in the long-term by not only preventing fraud-related revenue loss, but also driving customer trust at the same time prompting shoppers to return time and again.
Discerning consumers want reassurance that their data is safe on a secure website during and after checkout. In fact, Barclaycard research shows that almost ten per cent of purchase abandonment comes about because customers are worried about security.
To protect your business from fraud and inspire confidence in your customers, it is important to stay current with security recommendations and communicate your strategy with both your internal team and consumers.
Through working with businesses for more than 50 years, we have identified three top tips to help you keep security-conscious shoppers happy and your business safe with a secure website.
(1)?Create and maintain a best-practice dialogue with your payments team
Security is an ongoing and essential business investment. A third of consumers predict that by 2020, they will feel more secure when shopping online due to the arrival of new payment technologies.
Retailers should ensure that their teams can deliver on this expectation. Industry standards and best practices are constantly changing, so it is crucial to work with your payment provider and web developer to stay abreast of the latest news to keep your company and customers safe with a secure website.
It is a requirement to ensure your systems meet Payment Card Industry Data Security Standard (PCI DSS) regulations to help you protect your business and customers. Speak to your payment provider to ensure you comply with these standards, and continue to stay informed about any new developments in security. Make sure to communicate any changes to your internal team to implement your customers will thank you for it.
(2)?Show off your security credentials
Customers want to be reassured that their information is safe before making a purchase online. In fact, 45 per cent of shoppers report that they will choose one retailer over another if they feel the checkout process is more secure.
While businesses all have to follow best practice in payment security by complying with PCI DSS regulations, take the extra step of communicating these credentials clearly on your website so customers feel confident with their purchase.
Additionally, shoppers will feel at ease if they know how to reach you in case of any difficulty during the checkout process. Make sure you display relevant contact details on your website, as well as clear information about your payment provider customers will also be comforted by the sight of a reputable, familiar partner.
(3)?Keep a close eye out for issues on your system
Fraud is expensive for businesses, payment providers and customers. According to Financial Fraud Action UK, in 2015 the value of fraud on remote purchases, such as those done online or over the phone, totalled £398m.
Keeping an eye on activity on your website will help you to quickly identify any potential issues (such as a high volume of transactions on one card or more high-value purchases than normal) and act swiftly to stop suspicious activity.
However, while customers want to know your security measures are robust, a big frustration for online shoppers is having a genuine transaction shut down. Barclaycard research shows around a fifth of consumers have had their cards incorrectly declined when shopping for clothing online in the past 12?months.
Ask your payment provider to help you analyse why transactions are being declined, so you can quickly rectify the issue and prevent customers going elsewhere. Running a secure system that can detect fraud in real time without declining genuine transactions will help you both keep fraudsters out and increase revenues through higher conversion rates.
Shoppers are ever more security-conscious, particularly as an increasing number of businesses of all sizes face cyber security risks.
To maintain consumer confidence and keep customer data safe with a secure website, retailers need to act.
By engaging in regular conversations with your payment partner, maintaining compliance with PCI DSS, providing customers reassurance on your site and implementing a smart fraud detection system, you?ll be taking your game to the next level and ensuring your customers return to shop with you time and again.
David Jeffery is director of fraud and security at Barclaycard