The global adoption of digital transactions exposed more businesses than ever to the ups and downs of e-commerce. Accepting more payment methods means businesses can better compete and cater to consumers’ needs.
Today, an average of 33% of businesses accept card-not-present (CNP) payments via contactless payment apps, online transactions, and telephone. Additionally, 19% of businesses accept cryptocurrency, and 86% offer subscription-based or recurring billing. But new payment methods and pickup options dramatically increase a business’s risk of accepting fraudulent orders and dealing with the resulting chargebacks.
Kount’s “Digital Payments in 2021: Opportunities and Chargeback Risks” takes a deeper dive into digital payment opportunities, chargeback risks, and how each can affect customer experiences. The survey was taken from a sample of 500 U.S. adults who work for companies that process at least 500 online transactions monthly and $10 million in annual online sales revenue.
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