The Security Advantage of Bank-Based Payments
In the world of e-commerce, building and maintaining trust with customers is important. One of the key areas that helps in building this trust are secure online payment solutions. Bank-account-based payments have shown their reliability when it comes to protecting financial information and combating fraud. In this article, we highlight the security advantages of bank account-based payments and explore how they build trust with customers.
A Comparative Analysis: Pay from a bank account transaction vs. credit card
Fraud Prevention: Bank-account transactions offer stronger fraud prevention than traditional credit card payments. The direct connection to a user’s bank account enables real-time verification, reducing the chance of unauthorized transactions due to enhanced security measures.
Data storage: The security feature in data storage protects against risks by not saving login details, and keeping bank account information secure and easy to use for future transactions.
Chargeback Reduction: Using guaranteed payments makes it easier to resolve disputes, eliminating chargebacks. This helps safeguard merchants and improves the reliability of payments.
Paramount Commerce, Canada’s leading bank account-based payment provider, has taken payment security to new heights by integrating machine learning into its robust risk management system.
Machine learning brings substantial benefits to high-growth industries. Sectors such as iGaming and sports betting can now benefit from advanced security measures that adapt to evolving threats.
However, the advantages are not limited to these industries alone. Every merchant, regardless of the industry, stands to gain from the heightened security provided by bank account-based transactions and machine learning-driven risk management. The result is a secure and trustworthy online payment experience for both businesses and consumers.
In the ever-evolving landscape of e-commerce, prioritising security is non-negotiable. Bank-account-based transactions, coupled with advanced risk management solutions like those offered by Paramount Commerce, provide a robust defense against fraud and strengthen customer trust.
We are excited to share that our amazing team will be attending the 2024 ICE London Expo. The event is happening from Feb 6–8 at Excel London. Want to discuss the future of gaming? Interested in innovative payment solutions? Meet up with our team! Schedule a meetup with our expert team members and let’s explore the latest trends in iGaming, sports betting, and payments: https://www.paramountcommerce.com/contact
