The Ecommerce Catalyst: Adapting Your Payments for an Online WorldEvent Date: 05.12.2020
Recording Available Now
The shift from in-store to online spending is nothing new: ecommerce transactions have been increasing since the 1990s. But with the COVID-19 pandemic forcing the vast majority of stores to close, the trend of online growth has accelerated faster than anyone could have anticipated.
The pandemic is currently acting as a catalyst for soaring online spend, but many of the changes to consumer habits are likely to last well beyond the pandemic itself. In reality, the payments mix may never be the same again – and merchants must adapt to the challenges and opportunities of ecommerce rapidly in order to survive.
Processing transactions online has a number of complexities that we simply don’t see in the Card Present environment: Card Not Present transactions attract higher fees; fraud is more common; routing is far less flexible; consumer loyalty is difficult to secure; and inherently lower approval rates create a higher risk of lost sales.
With so much to contend with, merchants must ensure they get the right set up in place early – or risk simultaneously losing more sales and incurring higher costs. In our first webinar of the series, our experts will explore the changes we’re seeing in the payments landscape and provide practical tips to become a market-leading merchant in a more online world.
We will explore these topics in the webinar:
- How are consumer habits changing?
- How does the cost of transacting online differ?
- Why are online approval rates so low compared to in-store, and what can merchants do about it?
- How should merchants handle an influx of chargebacks and friendly fraud?
- How have other merchants successfully integrated their online and offline strategies?