Worldpay and Visa Team to Help Merchants Combat Fraud

Worldpay is expanding its partnership with Visa to enhance that company’s 3D Secure solution.

This tool, Worldpay said in a Wednesday (June 11) news release, helps merchants reduce fraud while easing consumer friction and boosting authorizations.

“Fraud mitigation isn’t just an on or off switch; rather, it’s a balance that requires merchants to understand how security, authentication, authorization, fraud detection and the impact on the shopping experience work in harmony with one another,” Cindy Turner, chief product officer at Worldpay, said in the release.

“For example, false positive declines of good faith purchases and additional steps in the checkout process present serious challenges to fraud mitigation strategies,” Turner added. “This is why we partner with card networks like Visa to enhance authorizations — at the end of the day, it helps merchants achieve the highest standards of security while improving the overall customer experience.”

The company notes that more than half of U.S. shoppers will abandon a transaction if it takes multiple tries to go through, underscoring the importance of making sure that a valid payment goes through on the first try.

Meanwhile, research by PYMNTS Intelligence from last year found that 56% of U.S. consumers had experienced a false payment decline in the three months prior to being surveyed.

“Payment declines can severely impact customer satisfaction and business revenue. Some 40% of global consumers reported experiencing a false payment decline recently, with 79% indicating that varied payment options are crucial for building trust with brands,” PYMNTS wrote. “To mitigate these issues, open payments platforms offer enhanced authorization rates by improving back-end connections and streamlining transaction processes.”

More recently, PYMNTS teamed with Worldpay to examine the importance of factors like convenience and payment choice in driving customer satisfaction and acquisition.

A little more than half of all shoppers place convenience first when choosing payments, according to the PYMNTS Intelligence/Worldpay report “Big Three: How Choice, Confidence and Convenience Drive Payments Optimization.”

“The collective expectation of shoppers for these three elements — choice in payment methods, speed and convenience of transactions and refunds, and secure environments — is influential in their decisions on where to spend their money. Excelling in just one area is no longer sufficient,” PYMNTS wrote earlier this week.

“Modern consumers worldwide prioritize methods familiar to them. Ensuring customers have their preferred payment options available is a primary driver of customer loyalty.”

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