Nick spoke about three big topics, most notably the best approach for merchants in the aftermath of the high-volume holiday season. He also discussed some different tips and tricks that merchants can use to prepare themselves, and their webstore, for the upcoming year.
Now that the holiday season is over, it's likely that merchants are going to be forced to deal with a wave of post holiday chargebacks, which, along with fraud, can be extremely damaging. During the webinar, Nick talked about the true cost of a chargeback, which includes chargeback fees, the loss of the product in question, the accompanying fees related to the chargeback representment process (if you choose to fight the chargeback) and the salary for the merchant's manual review staff. Put together, the true cost is so much more than just the amount of the transaction. Nick, however, offered an alternative in the fight against chargebacks: 3-D Secure.
Next, Nick talked about the consumer experience. When consumers go to your site, you want their checkout experience to be fast and seamless. If you falsely decline a transaction, you will lose the revenue from that transaction and you could be at risk of insulting the consumer, which could lead them to a competitor, decreasing the chances they ever return to your webstore. When implementing a 3-D Secure solution, the checkout experience for your consumers is vitally important.
Finally, Nick introduced Cardinal Consumer Authentication (CCA), Cardinal's rules-based 3-D Secure solution. With this solution, we can help reduce fraud, increase sales and improve the consumer experience.
If you would like to learn more about CCA, and how it can help your online business, you can request a demonstration.
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