Your product, your brand, the user experience of your online store, the efficiency of your supply chain, that upcoming sale and, of course, acquiring more customers.
All things that keep you awake at night.
But payment fraud is one thing that can be a complete nightmare. The risk of excessive chargeback fees, lost merchandise and irreparable brand damage mean that online sellers go to great lengths to ensure they have the right fraud prevention measures in place to protect their business.
When setting these up, you are faced with two possible approaches. Do you:
- Use one set of fraud parameters per payment channel, or
- Implement an enterprise level fraud management system across all channels consistently?
There isn’t necessarily a straightforward answer. So let’s give it some context.
The last few months have (unsurprisingly) driven significant growth in global ecommerce sales. With new year-on-year records being set, a steady increase in real-time payments, and sellers responding to rapid growth by focussing on operations, the stage is set for an explosion of fraudsters and cybercrime.
But you can’t just go into defence mode and lock everything down. Businesses need to protect their loyal customers and legitimate buyers, at the risk of losing them forever. They need to be more tuned into the process of fraud management than ever before.
So, what is the best way for merchants to protect themselves and how do they decide between being channel-specific or channel-consistent?
For small organisations with a relatively straightforward payment infrastructure, it is perhaps simpler and more cost-effective to take fraud management as a specific service. And an online store set up to sell products at low value and high volume, may just accept the chargeback fees as a manageable cost.
But high value, complex payments will need something more flexible and reliable. These businesses are already balancing multiple payment pathways, perhaps across different geographical territories, or to suit different customer preferences. Being able to orchestrate all of this through one platform is the optimal efficient way to manage and control it all safely.
On top of that, whatever the size of your business or the value of your products, you need to consider the implications for your brand, because experience breeds trust.
Bridge is a payment orchestration service that provides one single point of truth. Integrating seamlessly with your enterprise level fraud management tool and sitting across all payment channels, it provides a coherent experience for customers, clean visibility across the board, and automatic reconciliation of reports.
This means you get the benefits of consistency, cost-effectiveness and efficiency. In fact, it can change the way you manage your business. Multiple fraud tools across multiple channels require a team of people to analyse activities, consolidate and reconcile reports. A single management tool brings everything together, making the process of identifying and preventing fraud faster, more effective and requiring less manual intervention.
There is no single right or wrong answer to the way that businesses choose to manage fraud. Complexity, flexibility, customer experience and customer value are all factors to take into account.
But for ecommerce enterprises that would benefit from the operational efficiency of consistent fraud management and reporting, harmonising payment risk parameters with payment orchestration saves time and money.
Most importantly it secures your business, and your reputation.