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Online Payment Challenges: Why Should Businesses Care?
Red Stories
Feb 1 2021

Online Payment Challenges: Why Should Businesses Care?

Esther O.
Esther O.

Online payments have been hitting incredible milestones over the last decade, with businesses going digital and exploring various payment methods. With this exciting development, fraudsters are constantly looking for ways to hack into accounts and carry out unauthorized transactions, making security a serious problem for every business.


Online Payment Challenges

Fraudulent activities both within and outside your organization are capable of putting you out of business, as lots of money could be lost in the process. A recent study by Switchfast found that 26% of businesses might not even be aware that they have been compromised until after their data has been bought and used by someone else. This exposure of information puts their customers at risk of identity theft and could lead to severe consequences, such as fines and penalties, lawsuits, loss of investors, loss of market share, just to mention a few.


Many businesses face the challenge of "friendly fraud" (aside from delayed settlements) in the name of chargebacks where customers deliberately steal from them by claiming that legitimate purchases are fraudulent. These businesses lose revenue and any future potential for profit (if the customer keeps the products) aside from the chargeback fee and administrative costs associated with the process.


But what if a hacker gets through your system security? What if your private information were compromised? What if it was employee fraud? Any of these could lead to big losses and even destroy your reputation, but they can all be avoided. Now is the time to take a leap and embrace new fraud protection technologies and strategies.


Redbiller for Businesses

According to research conducted by LastLine, 84% of businesses say they could reduce their exposure to fraud if they were certain about their customers' identities. This clearly indicates that businesses want to be more proactive in their approaches to fraud detection and prevention while improving their customer experience.


Redbiller, the solution to online payment challenges is a Financial Technology company on a mission to make the Internet a safer place for businesses to send and receive payments. Our goal is to help businesses improve the trust their customers have for them.


Our advanced authentication features will save you the stress of changing your security credentials each time staff leaves your organization and ultimately protect you against possible threats from them. So, how would you feel about having a Redbiller personal account manager? This is a fascinating aspect of our service, because, really, nobody likes to deal with a random customer service advisor when they can be working with a single point of contact.


At Redbiller, the personal relationship we build with each customer is essential, as it ensures that your account is managed efficiently.

To learn more, visit www.redbiller.com

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