Global eCommerceINDUSTRY SPECIFIC INSIGHTS
Our industry experts are here to share thoughts and ideas to help you navigate this situation in your particular industryAirlines and travel
As the coronavirus (COVID-19) situation continues to impact business and lives worldwide, we are here to support you as best as possible. Here are some best practices that we have seen in the travel industry to help you manage cancellations, refunds and chargebacks in these challenging times.
- Introduce a flexible rescheduling policy – We have seen many travel businesses support their customers with flexible re-booking options. Being flexible in times of disruption will reduce the chances of early cancellations for trips that may still go ahead, while enticing passengers to book trips you in the future.
- Consider travel vouchers instead of refunds – Offering travel vouchers to customers when their trip is cancelled can be a good way improve your cashflow, while maintaining customer trust. However, if you choose this approach please be mindful of the small print. Ensure that you fully understand card scheme rules, local regulations which differ by country, consumer rights, and be aware that customers may still have the right to request a refund or a chargeback later.
- Keep travelers informed about your refund processes – If you are processing a refund, communicate clearly about how and when your customers will receive their money back. Allow at least a week for the transaction to be completed by all parties and the funds to appear on your customer’s bank statement. Setting the right expectations can reduce later customer service queries and potential chargebacks.
- Funding for refunds – Be prepared and make sure you have enough funds available in your account with Worldpay to process your refunds. If sales volumes are lower than your expected refund volumes, you’ll need to top up your account with Worldpay in advance as refunds might not be processed otherwise. Consider reviewing payment methods that do not allow automated refunds as these can add additional burden in such situations.
Retail
As the Coronavirus (COVID-19) situation continues to impact business and lives worldwide, we are here to support you as best as possible. We know times are difficult for everyone right now. Below are some tips to help both your business and your customers with the changes impacting online retail.
- Help shoppers to find what they need – With more shopping moving online, reduce shopper stress by ensuring your site is functioning optimally. This includes making sure your checkout and payment pages are optimised. 3DS Flex benefits you and your shoppers: their user experience and security is improved, and you have more data and lower fraud rates.
- Consider flexible payment options to support your customers – Alleviate some pressures felt by economic burdens or job uncertainty and ensure you’re providing the way all potential customers want to pay. Buy-now-pay-later options can help customers feel more comfortable with their purchases and let invest in luxuries that make staying at home easier.
- Help your customers know exactly what to expect from you – Make the most of every opportunity to communicate and manage customer expectations. This will help reduce the burden on customer service teams, as well as build trust and loyalty. If there are still issues with chargebacks, make sure you optimize your chargeback policy.
- Incentivize and reward customers – With the average transaction value going up, give reward incentives for customers to use the payment methods that can help your cash flow most
Gaming
As the Coronavirus (COVID-19) situation continues to impact business and lives worldwide, we are here to support you as best as possible. Below are some suggestions to help your business with the changes affecting the gaming industry:
- Reduce chargebacks and recover more revenue – We've recently noticed a significant uptick in chargeback activity across our merchants and we are expecting this trend to continue as consumers and businesses adapt to current challenges.
- Protect your revenue from fraud – during this period of uncertainty, we know that there is a potential risk from fraudsters seeking to take advantage. FraudSight is a multilayered fraud solution that combines unparalleled data insights, industry leading technology, and fraud expertise to most accurately predict if a transaction is fraudulent. Learn about the benefits or talk to your Worldpay team to learn more.
B2B
As the Coronavirus (COVID-19) situation continues to impact business and lives worldwide, we are here to support you as best as possible. We know times are difficult for everyone right now. Below are some tips to help both your business and your customers with the changes impacting B2B:
- Help new potential customers to find your products online – With physical store visits becoming impossible and growing telephone orders too difficult to handle, buyers are likely to switch over to your eCom website to shop for goods. Make sure your website is fully optimised to help people find what they’re looking for, and order and pay seamlessly. The customer journey is critical with a growing number of businesses needing to compete in the online space.
- Automate your payments and save time to focus on business-critical activities – By automating your payments, you can free up time to concentrate on the things that matter most to your business, like expanding sales channels, reaching new customers and taking and processing orders. Our ERP solutions automate card payment and reconciliation, saving the time and costs of admin-intensive work.
- Offer new ways for your customers to pay you fast – It’s even more critical for you to get paid by your customers quickly. Our new product, Billpay, acts as a self-service portal for your customers to view their invoices against each purchase order and pay immediately.
- Protect your business against fraud – During this period, amid a rise in online transactions, fraud is also on the rise. Make sure you’re protected against this risk. We offer fraud solutions to help protect your business. Make sure all your systems are PCI compliant with no burden on your side.
MERCHANT SERVICES SCAM ALERT
We have received reports of businesses being contacted by callers claiming to be representatives of a merchant services provider. These callers are telling merchants that their current provider is shutting down due to the COVID-19 situation. They proceed to tell the merchant they need to switch processors to continue accepting electronic payments.
If your business is targeted, please know that this is part of a scam and not legitimate. Worldpay will continue to be your trusted partner and support your payment processing needs.