The Security Advantage of pay by bank
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 is secure payment processing. Pay by bank solutions have shown their reliability when it comes to protecting financial information, implementing security measures, and combating fraudulent transactions. In this article, we highlight the security advantages of pay by bank solutions 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 detection and prevention than traditional credit card payments. The direct connection to a user’s online bank account enables real-time verification, reducing the chance of unauthorized transactions due to enhanced security measures. This approach also reduces the risk of merchants accepting fraudulent transactions.
Data Storage: The security feature in data storage protects against risks by not saving login details and keeping customers’ banking information secure. This ensures a convenient and secure experience while maintaining compliance with industry regulations.
Chargeback Reduction: Using guaranteed payments makes it easier to resolve disputes, eliminating chargebacks. This helps safeguard merchants and improves the reliability of payment options for goods and services.
Paramount Commerce, Canada’s leading payment processing provider specializing in pay by bank solutions, 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 fraud detection techniques that adapt to evolving threats.
However, the advantages are not limited to these industries alone. Regardless of the industry, every merchant stands to gain from the heightened security provided by online bank transactions and machine learning-driven risk management. The result is a secure and trustworthy payment processing experience for both businesses and consumers.
In the ever-evolving landscape of e-commerce, prioritizing security is non-negotiable. Pay by bank solutions, coupled with advanced security measures like those offered by Paramount Commerce, provide a robust defense against types of fraud and commit fraud attempts—strengthening customer trust while ensuring convenient and secure transactions.
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
