Wechat payment fraud8/11/2023 ![]() As it’s estimated that Chinese consumers spend $60 billion in the United States each year. Mobile payments with Alipay can provide your business with access to a lucrative market. This is especially true for Chinese consumers who rely on Alipay and WeChat Pay to make most of their purchases. You’ll be able to trust that every transaction is secure.Offering mobile payment options, such as Alipay, is vital to attracting international customers. And for customers, this means keeping their operating systems updated, using password protection, and avoiding making payments while on public or unsecured Wi-Fi networks.Īt OTT Pay, our strong technology solutions and exceptional customer service let us offer secure smart payment devices and seamless online payment solutions. For merchants, this means keeping their networks secure against hackers. ![]() QR code security measures are continually being fine-tuned, and both companies also use advanced encryption, strict authentication measures, suspicious behaviour analysis and randomly generated payment tokens to keep customer data secure.Īlipay and WeChat Pay also take steps to educate users about ways to avoid risks. Both companies hold security as a top priority and notify users as soon as a security risk is detected. They can detect QR codes that have been generated by outside systems or codes that contain malicious links. On these platforms, payments are made by scanning QR codes, and Alipay and WeChat Pay both deploy robust technologies that ensure these QR codes are kept safe and secure. Transactions made on these platforms are mainly replacing cash and direct debit transactions, and these don’t provide chargebacks either! Even better, if there are fraudulent or disputed transactions, Alipay and WeChat Pay absorb these costs rather than passing them on to merchants.Īre there other benefits to offering Chinese mobile payments?īy offering Chinese mobile payment options like Alipay and WeChat Pay, merchants also give consumers a more secure way to pay. It’s much more like a direct debit transaction, rather than a credit transaction.īecause Alipay and WeChat Pay don’t allow for chargebacks, there are few risks for merchants. The customer’s financial institution authorizes each payment and guarantees that the merchant will receive the funds. The fund transfers are bank-to-bank direct deposits. When customers pay for products or services with Alipay or WeChat Pay, the money is transferred from their account to the merchant’s account. How do Chinese mobile payments help merchants avoid chargebacks? Merchants can also suffer damage to their reputation, which may ultimately be the biggest loss. Besides refunding the value of the transaction and paying the chargeback fee, they also lose the value of the product. But for merchants, chargebacks that result from fraud can lead to even greater losses. And it’s true that for consumers who are victims of credit card fraud or identity theft, a chargeback may be the only way to recover their lost money. Even if the chargeback doesn’t go through, the merchant is still required to pay this fee.Ĭhargebacks were intended to serve as protection for consumers. The merchant will also have to pay a fee, usually a percentage of the transaction amount. If the chargeback goes ahead, the merchant will have to refund the value of the original transaction. At that point, the merchant has some time (often one week) to acknowledge or contest the chargeback. The issuing bank then alerts the merchant. When a customer requests a chargeback, they’re communicating with the issuing bank. This may happen because the customer isn’t satisfied with the product or service they received, or because they believe the charge is fraudulent. What are chargebacks, and why are they a problem for merchants?Ĭhargebacks happen when a credit card transaction is reversed, usually because a customer has disputed the charge. Does your business get hit by chargebacks? Are you tired of paying the extra costs associated with these reversed charges? If so, consider adding Chinese mobile payments like Alipay and WeChat Pay to your business, because there’s no risk of chargebacks with these payment options.
0 Comments
Leave a Reply.AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |