“Unified Commerce” is the new buzzword of retail. Simply put, it means that consumers want their in-store and online transactions to flow seamlessly. According to a new survey by Ayden, in-store experiences are still vital to consumers, but they would like them to complement their activities online. In fact, 63 percent of the 2,000 participants said that they would spend more if services were delivered to them such as: buy online and return in-store, mobile payments, payment method recall, and seamless transaction lookup.

Payment fraud is at an all-time high, there is no question about it.  Investopedia put together a list of the five biggest payment data breaches of all time. The news is always quick to talk about the stories and ramifications, but few discuss solutions. We have analyzed the five cases and come up with the core problems and solutions. Any business can implement these simple security measures to prevent the catastrophic circumstances that led to data breaches such as these:

E-commerce has become the new marketplace of choice for many consumers. From groceries to housewares to electronics and office supplies, online is becoming a central place of retail and a highly profitable platform for merchants. However, with opportunity comes a level of responsibility. Retailers are expected to keep customer data safe and secure, especially when it comes to payments.  According to research conducted by Thales, nearly 9 out of 10 participants said that they would stop using a digital payment platform if they were affected as a result of a data breach.  At the same time, consumers do not wish to be burdened with the time of taking extra security precautions at checkout. A solution was crafted that meets both of these requirements: delivering secure payments without hindering the consumer experience. The Association for Financial Professionals’ Survey found that 74 percent of businesses experienced a data breach last year. It is clear that businesses should not have access to actual payment information so that in the event of a data breach their customers remain secure.  But how can companies be expected to process payments without access to consumers’ credit card information?

A recent Javelin study reports that fraud and chargeback management consumes between 13 and 20 percent of a business’ operational budget.  Since EMV was implemented at retail locations, online merchants have been hit with increasing fraud attempts. Fraud is a huge expense that consumes inventory, increases overhead costs and accrues hefty bank fees.  However, there are a few key areas that merchants can focus on to protect their business from chargebacks. Most online retailers make at least one of these seven mistakes that are costing them chargebacks:

In 1949, credit cards began in the form of a “Diners Club Card” which allowed consumers to buy now and pay later on travel and entertainment. From paper to plastic, to chips and now even near-field-communication waves, credit cards have come a long way to reach the point they have come to in today’s day and age.

Technology has redefined and revolutionized payments today and created a more seamless customer experience as well as heightened efficiency for merchants.

Cash is not going away in the foreseeable future, but people are carrying a lot less of it around.  The Nilson Report estimates that cash payments will be 24 percent less by 2018, and that card payments will rise over 50 percent. If you own a business and are not set up to accept credit cards yet, it is time to get started.  

2016 was a banner year for data breaches, with the highest levels to date and a 40 percent increase from the previous year. Yahoo was the victim of one billion account breaches, not to mention Oracle and Verizon as well. Fraudsters, once armed with consumer’ and business’ private information can either post, sell or use this data online which in turn escalates card-not-present fraud further.  Where passwords have been enough to protect consumers and merchants in the past, they are not strong enough to prevent the fraud of today’s day and age.

Collecting and processing payments is a basic yet essential function of any business.  Payments are the center of business growth and development, and it is essential for business owners to understand the options available to them.

Merchant services is a broad term that refers to the various payment processing options. While most people associate merchant accounts with credit card processing, the term encompasses other payment options as well.

We talked about the availability of a QuickBooks integration with Fidelity’s payment processing.  Here is a bit more about how a QuickBooks plugin can benefit your business, specifically in terms of lower rates, customization options, and convenience.

Every business plans to make 2017 their most successful yet, and there are simple yet effective ways to do just that by reducing overhead costs and increasing overall efficiency.

Here are 11 actionable items that you can implement to make your 2017 goals a reality: