At a recent conference on credit card processing, Stripe President John Collison shares his thoughts on what needs to change in payment processing to improve the consumer experience.
He states that online product purchases mirror the mail order system of the 1970’s, in that consumers fill out the same information and submit in order to purchase their product.
Is the ecommerce user experience really affected that greatly by having to fill out payment information similarly to decades past? The personal computer (PC) and mobile devices “remember” credit card information to ease the process, and services like Amazon provide “one-touch” purchases that customize the user experience. It’s never been easier to purchase online, or even accidentally purchase online!
What Collison barely touches on in his video interview is online fraud; if we make the online purchase process easier and simpler, will fraud increase as well? Today’s consumer wants to put in as little work as possible to get their product; instant gratification is desired. However, the more we cut corners to increase the “consumer experience” by making the purchase process faster, simpler, and less strenuous (What’s my credit card number again? What does CVVCard Verification Value Service is used by Visa and is a three digit security number indent printed on the back of Visa cards to help validate two things: that the customer has a genuine visa card in their possession and that the card account is legitimate.... even stand for? I can’t remember the zip code this card is under!) we are leaving a larger margin for fraud and for sensitive data to get into the wrong hands.
So what needs to change is the consumer’s idea of a satisfying online purchasing experience. Knowing that one’s personal information is safe online should be gratifying enough, despite the hoops online shopping carts and gateways make consumers jump through to ensure a successful transactionAn act between a seller and a cardholder that results in either a paper or an electronic representation of the cardholder’s promise to pay for goods or services received from the act. The action between a cardholder and a merchant that results in financial activity between the merchant and cardholder’s account.....
So the next time that you make a purchase online, and must fill out a long list of information in order to confirm your purchase, know that your information is protected, and your identity is staying where it belongs – with you!