Europe is outperforming America in terms of purchasing power. "Some surveys show that as many as 70% of men and women in Italy, for example, have used a sex toy at some point," Joshua explains.
In 2017, the global market was worth 18 billion pound. That's around ten times the size of the electric toothbrush market, and somewhat more than the global market for microwave ovens last year.
Lovehoney, an e-commerce sex toy shop, started in 2003 with a turnover of 100,000 pound and has risen by roughly 35 percent every year since. They've grown 130-fold in the 16 years since its first full year of operation.
Richard Longhurst, a co-founder, discusses why being able to buy products online has revolutionized everything: "Because of the confidentiality, it's a natural product to offer online... It's just plain brown envelopes and plain brown boxes; there's no need to go into a store and speak to a salesperson." There's also no chance of running across "your grandmother or something."
The increasing payment fraud and fraudsters in the adult industry. Due to the difficulty of perpetrating card payment fraud in person, most fraudsters have gone online, where it is easier to acquire and exploit information. As a result of this, and the advent of online purchasing and eCommerce, 81 percent of fraudulent transactions occur outside of the point of sale.
PayClyis an online payment service provider that specializes in providing payment processing services to adult merchants. We have indulged ourselves in Adult Toys Merchant Account services to provide full advantages to the merchant to chargeback protection, fraud management, and delay in settlements.
Any firm that accepts payments, regardless of size or industry, is a target. Those with insufficient security practices, such as utilizing standard terminals to swipe chipped cards rather than dipping them in EMV-enabled terminals , or failing to monitor transaction activity, are easy targets and suffer greater danger. Scammers are skilled at identifying and exploiting flaws, in addition to being jerks. If a company's defenses are vulnerable, it's only a matter of time before fraudsters find them and target them.
Since 2001, fraudulent behavior has escalated year after year, peaking in 2020 due to the pandemic. As more businesses were compelled to migrate to e-commerce to stay afloat, fraudsters saw an opportunity to prey on merchants and customers who were unfamiliar with online transactions.
While small and mid-sized firms are not necessarily more vulnerable to payment fraud, they are less equipped to withstand the financial damage that fraud can cause. A $5,000 loss is nothing more than a blip on the radar for firms with millions in the bank. That might mean the difference between refilling goods and paying employees for a small firm.
Encryption converts credit card information into a unique code that is impossible to decrypt without the decryption key. Scammers find it more difficult to obtain credit card information and use them to make fraudulent purchases when they no longer display as digits. Tokenization replaces card data with "tokens," which remove credit card data from the equation and keep it hidden from thieves. These data security procedures, together with the other solutions we've discussed in this blog, such as address verification services; act as your company's security staff.
In the end, the majority of the intelligence required to defeat scammers may be found in modern payment hardware and software. Your first line of protection against phishing assaults is you and your staff. You don't have to spend time and resources manually defending your business against other sorts of fraud. You don't have to go it alone, either.
A chargeback is a dispute over an already-charged purchase that can result in a refund of money.
You would believe this is the same as a refund, but there's a distinction to be made. A refund is handled and processed by your credit card issuer or bank, whereas a chargeback, also known as a payment dispute, is handled and processed by your credit card issuer or bank.
It's critical to keep track of your overall chargeback rate. However, there are a few more things to consider. The first is the total number of transactions you make per month. Payment processors (though not often direct processors) will usually grant smaller firms some leniency when it comes to the 1% guideline. If you have three chargebacks and 200 payments every month, it would be excessive to delete your account - they'll just state it as one bad month.
When compared to direct merchant accounts, third-party processors are often a superior alternative for the great majority of online and offline companies. These third parties provide more flexibility and buffering space. Merchants can put down deposits to build this buffer with some processors. As a result, it will allow them to temporarily improve their chargeback rate.
You can also look for high-risk merchant accounts with foreign processors. However, it will come at a cost. The average processing rate for these businesses ranges from 7% to 10% per swipe. Some of them are even higher. You should sit down and determine whether paying more is the most cost-effective option for your company. A better option would be to reduce your chargebacks in the first place.
PayCly provides EMV, encryption, and tokenization as standard for payment acceptance devices, making it the hardware and software you need to combat all sorts of fraud. Our Adult Toys Merchant Account solutions make PCI compliance simple and virtually remove the danger of fraudulent in-person transactions. Secure payment processing keeps you, your business, and your customers safe from internet hackers and fraudsters. Our powerful reporting tools make it simple to keep track of transaction activity and identify suspicious entries.
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