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Time is running short to upgrade payment systems for the holidays
Improved data security and fraud management top retailers’ wish lists.
E-retailers getting ready for the upcoming holiday shopping season are running out of time to complete improvements to their payment processing systems, says David Fish, senior analyst at Mercator Advisory Group Inc.
Fish says Mercator clients and vendors consistently tell him data security and fraud risk management are among their top concerns. That’s why improvements to data security and fraud risk management top many e-retailer’s wish lists, he says. For instance, a retailer may want to deploy rules aimed at better detecting potentially fraudulent transactions.
“Online merchants with more complex systems need to be absolutely sure everything has been tested and vetted because of the risk of lost sales if something goes wrong,” Fish says. “Any upgrades retailers would be making to their payment processing or systems that connect to payment data need to occur very soon and very rapidly.”
These upgrades must be implemented soon to ensure the systems properly operate during the busy fourth quarter, he says. The risk of a haywire payment system during the holiday shopping season is too great to risk making a change later in the year, he adds.