Payment security can allay customer fears and develop growth

Privacy and security of payment processing services is one of the top roadblocks to ecommerce growth in 2014, according to a number of business analysts and consultants.

One such analyst is Mike Randazzo, speaking to digitaljournal.com, who suggests that companies want to know they can trust a payment processor with their credit card information.

He also said it was the biggest roadblock in 2013 and will continue to be in 2014 – but, due to the amount of companies publicly touting their security safeguards, there has been a swift up tick in trust in the sector.

“Customers won’t take chances with online shopping like they used to,” said Randazzo. “If you’re not a merchant who has clearly gone the extra mile to ensure security and privacy, many online shoppers won’t think twice about taking their business elsewhere.”

Embracing ecommerce and the internet is en vogue with a number of SMEs, with a study by Nathan Associates that suggests an SME adopting the internet for business operations is able to increases its revenues by 51 per cent and its profits by 49 per cent.

Furthermore of the SMEs that do use ecommerce initiatives, they have – on average – more revenue, employees and customers than those that do not, cites business-standard.com.

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