Retailers 'prioritising' sales ahead of fraud prevention
Six in 10 retailers believe that lost sales in digital channels are a bigger concern than fraud, with 48 per cent stating that they are willing to face an increased risk of fraud if it means more sales.
This is according to a new report from ACI Worldwide and Ovum, which found that one in four European merchants in the retail, travel and hospitality and digital goods sector has experienced data theft, with 61 per cent believing that they are at greater risk of a data security breach today than they were a year ago.
The report also found that eight in 10 European merchants believe that real-time payments will replace the use of debit or credit cards over time, while 76 per cent believe real-time payments will help to save their business money.
Half of respondents revealed plans to increase their investment in payments technology over the course of the next year. Key factors driving investment into payments infrastructure include: enhanced payment acceptance capabilities, more consistent customer experience across store and digital channels, and supporting cross-border sales and international expansion.
“Our research shows how crucial digital channels are to the success of merchants across sectors. For many of them, the website is now their most important storefront, and seamless and frictionless customer experience are top priorities, said Andy McDonald, vice president – merchant payments, ACI Worldwide.
“However, there shouldn’t be a trade-off between customer experience, sales growth and security. The right omni-channel strategy will offer customers a seamless payments experience, support loyalty and revenue growth, while at the same time provide maximum security.”