Visa Checkout, the simpler way to shop online from Visa, has reported significant growth in users and new merchant partnership deals. Over 6 million registered users are now able to ‘checkout’ in just three easy clicks, providing a safer and more secure platform for online transactions. In fact, Visa Checkout has seen an astonishing 92% increase in user sign-ups since the beginning of 2015, speaking volumes about its mission to make payments easier and simpler for merchants and consumers.
The industry’s biggest names are getting on board with the service, including an impressive selection of US-based retailers. Multinational consumer electronics giant Best Buy, leading retail bookseller Barnes & Noble and fast-food giant Taco Bell have all enrolled with Visa Checkout already. Even on the other side of the world, Visa Checkout continues its success story, securing new partnerships including Australian cinema chain giant Hoyts, and sports and entertainment ticketing company Ticketek.
However, with the rise in leading retailers making it easier for consumers to pay online, the platform for fraud grows. Visa Checkout offers high level security measures, but the increasing sophistication of online criminals continues to push fraud managers to work harder than ever to keep consumers safe. Fraudulent patterns and transactions are becoming increasingly difficult to spot among legitimate activity, which can disguise chargebacks.
Fuelled by the growth in more convenient payment platforms, such as Visa Checkout, chargeback levels could also increase. Though they can be a useful route for consumers who have been defrauded and poorly dealt with by retailers, fraudulent chargebacks can hit merchants in the form of friendly fraud. This occurs when an individual makes an online transaction using their card, then requests a chargeback from their bank as soon as they receive the purchased goods, claiming the transaction was not authorised. By payment services such as Visa Checkout keeping customer records in check, it is easier to disprove fraudsters who claim they “never got the parcel”.
Merchants should not be afraid to implement easier and quicker payment schemes, especially when it also helps mitigate the chargeback risk. Merchants who support this with specialised fraud prevention strategies and chargeback analysis tools will also ultimately save time and money in the long term. Visa Checkout is already in 16 countries and as it continues to expand, we’re sure to see happier customers and increased spending with merchants!
