Verifying Online Shopper Data Reduces False Declines
False declines are unique to the online environment
When poor identification practices fail to verify shoppers’ identities adequately, retailers decline online purchases to reduce fraud exposure, leaving merchants wondering – “How much revenue was lost because good shoppers were turned away?”
For online retailers, false declines are especially problematic in an environment where demanding customers with high expectations are not afraid to take their business elsewhere. A high false decline rate puts customer sentiment and loyalty at risk. An Experian report found that four in ten U.S. businesses lost more than 10 percent of their customers in 2021 due to unsatisfying customer experiences.
False Declines Unique to Online Purchases
False declines are unique to the online environment because many of the security features that assure the legitimacy of a purchase are physically embedded in the payment card, most notably the small, square computer chip known as the EMV chip.
Please select this link to read the complete blog post from OSAP member i3 Merchant Solutions.