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High-risk industries, such as gaming, travel, casino, legal and health services, and hospitality, not only face the above-mentioned challenges but also reluctance on the part of banks and processors to deal with their credit card processing and global payments.
When is an industry defined as high risk?
Industries deemed as high risk may feature some or all of the following features:
What can you do to mitigate risks?
Fraud levels vary from country to country. Use an adjustable fraud screening monitor to apply the required level of fraud detection at each of your markets. In addition, check if there are any deviations from usual shopping habits such as the use of a new IP, a change in transaction times and a different country of origin.
An advanced online payment platform uses machine learning to apply smart fraud detection at each market, thereby decreasing false positives and ensuring high capture rates. Chargebacks are reduced due to diminished fraud attacks.
In order to protect data related to recurring payments or large advance payments your system must be PCI compliant. It is also recommended to use highly secure storage methods, tokenization, hosted payments, 3D Secure and other high-level protective layers.
Sophisticated payment platforms include all of these security means to prevent hackers from obtaining credit card data for money laundering or other criminal activities.
Recurring billing may worry customers because they fear they will forget to pay on time or lose track of their payments. A payment solution includes effective billing management features that facilitate recurrent billing processes and track any anomalies in subscription payments in real time.
Tokenization enables secure storage of all the card data and easy retrieval for repeat payments. You can reassure your customers that their payments are being monitored regularly.
Some industries, such as gaming, travel and hospitality, must handle heavy traffic volumes either all year round or during specific seasons. Test the infrastructure of your website and mobile app in order to ensure that your systems can handle large transaction volumes.
A robust payment solution is capable of handling extremely high volumes of transactions in a wide variety of payment methods and currencies at all times, even during your busiest seasons.
bm2Pay has the experience and expertise to handle your high-risk credit card processing at highly affordable rates. Contact us for more information.
As a travel service provider’s business scales to global markets, so the risks increase. How can you effectively mitigate fraud, enhance payment security, minimize chargebacks and optimize payment processing?
Our new eBook Best Payment Practices for the Travel Industry offers practical tips on how to mitigate high-risk challenges in the travel sector.
Read Best Payment Practices for the Travel Industry.
The post How to Succeed in the High-risk Travel Industry first appeared on Bm2Pay.]]>
With the drop in travel costs, individuals who have never left their native country before are off to see the world. Global travel industry gross bookings hit $1.6 trillion in 2017, making it one of the largest and fastest growing industries in the world.
The travel service sector is highly dynamic. Prospective travellers often check out various websites before independently making reservations. To attract customers in a competitive industry, travel providers must offer added value and competitive rates.
Why is the travel sector considered high risk?
The travel industry has been deemed high risk. One of the main challenges is that it suffers from high chargeback ratios for a variety of reasons:
Unexpected events such as inclement weather, political unrest or terror threats may cause unexpected cancellations, resulting in chargebacks.
The high price of flights and vacations may cause the buyer to have cold feet, resulting in cancellations. The customer may file a chargeback if they cannot get a refund.
Travellers often book flights months in advance. The buyer is charged immediately via their credit card. If the customer cannot travel for any reason and the travel agent refuses to issue a refund, the customer will claim a chargeback.
Some additional high-risk factors:
Travel industry customers book trips from all over the world. Buyers from countries with high fraud rates want to pay with local credit cards and payment methods that are extremely vulnerable to fraud.
Before holiday seasons, travel websites and mobile apps must be able to handle large traffic volumes. If a website or app is incapable of carrying the load, it may collapse when most needed.
One-stop-shop payment solution streamlines credit card payments and mitigates risks
You can facilitate online credit card processing and mitigate travel sector risks by adopting an end-to-end payments solution for all your markets.
An advanced payment solution protects credit card and personal data by using highly secure storage methods, 3D Security, PCI and regulatory compliance, tokenization and other tools. This combination of strong security layers blocks hackers and helps to minimize chargebacks.
Fraud screening criteria should be adjusted according to the risk level at each market. A technologically advanced payments solution uses machine learning to apply the most effective screening level at each site, thus reducing false positives and ensuring better capture rates.
While it is wise to test the capacity of your website and mobile app, a robust payment platform has the ability to handle large volumes of transactions in many currencies and payment methods all year round.
A one-stop-shop payment platform not only optimizes your online credit card processing and mitigates risk but also cuts costs, provides actionable smart data and increases acceptances.
Contact Bm2Pay for information about its end-to-end payment platform.