The payment landscape is constantly evolving, with technology pushing the boundaries of convenience and security. Traditional Mail Order/Telephone Order (MOTO) transactions are undergoing a significant transformation, thanks to innovations like encryption, tokenisation, and most importantly, Pay-By-Link solutions provided by SOTpay. This shift is not just about staying current; it’s about setting a new standard in transaction security and customer satisfaction.
Historically, MOTO payments have been fraught with challenges, particularly in terms of security and fraud. In 2021, card-not-present fraud accounted for a staggering 85.3% of all card fraud. With such high stakes, the advent of strong customer authentication (SCA) and technologies like SOTpay’s Pay-By-Link are timely solutions, redirecting the trajectory towards safer and more reliable remote payments.
SOTpay’s Pay-By-Link technology not only secures transactions but also enhances the overall customer experience by offering flexibility and convenience. Customers can complete transactions at their preferred time without exposing their sensitive payment information. For merchants, this means reduced fees, minimised fraud risks, and improved customer satisfaction, which are critical for retention and business growth.
As the payment industry continues to innovate, solutions like Pay-By-Link are at the forefront of digital payment evolution. They offer a glimpse into a future where payments are not only secure but also seamlessly integrated into the customer’s lifestyle, enhancing both security and convenience.
Securafone: Elevating Security in MOTO Payments
Securafone, a cutting-edge technology by SOTpay, addresses the critical security vulnerabilities inherent in traditional MOTO payments. This innovative platform ensures that merchants can accept orders over the phone without compromising customer security or violating PCI compliance standards. By eliminating the need to store sensitive customer payment information, Securafone significantly reduces the risk of data breaches and fraud. Moreover, it empowers customers to feel secure when sharing payment details, knowing that their information is protected through robust encryption protocols. The integration of Securafone into the payment process not only streamlines operations by reducing the administrative burden on merchants but also enhances customer trust and loyalty by safeguarding their financial data against potential threats.
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