Merchant Benefits
Combating and managing online fraud is a continuing and ongoing cost for online merchants, whether large or small. In a recent study* 59% of online merchants stated fraud to be the greatest threat to their business, a figure which has more than doubled since 2007.
HomePay provides a number of benefits to merchants:
- Reduced basket abandonment. Drop out rate from Verified by Visa, MasterCard SecureCode & associated work-around security solutions estimated at over 10%
- Leverages existing Chip & PIN infrastructure resulting in minimal investment from merchants
- Projected increased eCommerce operating margins
- Reduced losses due to less fraudulently purchased goods being dispatched
- Fewer valid orders rejected (on average, over 25% of merchants reject 5% of orders due to fraud concerns*)
- Reduced cost of the administration of fraud claims
- Reduced acceptance and service fees
- Encourages merchants to enter the online market by reducing their concerns over fraud
- Allows merchants to invest in eCommerce expansion with confidence
- A reduction in manual reviews of suspected fraudulent transactions
- Lower overheads as fewer third party fraud management tools required
- Effective prevention against advanced fraud tactics
- Fewer fraud-coded ‘chargebacks’ for those who do not participate in authentication schemes
HomePay creates a solution which satisfies multi-factor authentication requirements, leverages existing Chip & PIN infrastructure and results in a fluid and scalable roll-out.
* Cybersource 2011 UK Fraud Report
