Sagepay Online Payment trends

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Statistics & technology in world of online payments

Statistics & technology in world of online payments

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  • 1. Screenpages Client Day, Sage Pay Jenny Homer
  • 2. Agenda
    • Leveraging the latest trends in online Payments
      • Cross channel and mobile
      • Social commerce
      • Tokenisation
      • Sneak peak at our e-benchmark Study results
    • Payments Card Industry Data Security Standard
  • 3. Sage Pay credentials
    • UK’s fastest growing Payment Service Provider (PSP)
    • Acquired by Sage Group PLC in 2006 and re-branded to Sage Pay 2009
    • 33,000+ customers growing at 600+ customers per month
    • Over 10 million transactions processed each month, over 1.1 Billion transactions per year
    • PCI level 1 compliant / member of PCI SSC
    • UK based 24/7 customer support
  • 4. Where do we fit?
  • 5. Latest trends in payments
    • The major focus of the internet retailer is, and will be next year: Mobile Commerce , Social Commerce, International …
    • “ Mobile is no longer a gadget, it's what our IT will become"  IBM
    • By 2015 mobile will level out at about 15% of the ecommerce market
  • 6. Latest trends in payments
    • Customer shopping patterns are changing and we talk about Channel Convergence , namely that...
            • customer touch points are exploding in terms of sales/revenue
            • this is customer driven
            • particularly driven by mobile
            • - customers have higher expectations
  • 7. Social Commerce
    • An increasingly critical customer touch point
    • Not just a marketing tool but now a sales tool
    • Customers now keen to buy directly from Social Networking sites
    • Study conducted by Dublin City University found that a facebook ‘Like’ doubles the willingness of a person to buy from a facebook store
    • Trust was very important too. 20% of respondents indicated that security concerns were a reason for not buying, while 82% of people trusted a friend’s recommendation over company advertising.
  • 8.  
  • 9. Latest trends in payments
    • As a payment gateway we don’t differentiate between transactions that come from a mobile, a social networking site or a desktop computer
    • Important to consider usability and data collection on your payment pages
    • We recommend tokenisation here to streamline the check out and boost conversion
  • 10. Sage Pay eBenchmark study 2011
    • Takes a close look at:
      • Factors that contribute to making e-commerce a success,
      • why visitors drop out of a purchase and
      • how to avoid these pitfalls in order to maximise conversion rates
    • We took this information and compiled a report to enable businesses to see how they compared to others in their sector
    • We are in the process of collating our findings from this year’s survey but can offer you a sneak peak today….
  • 11. What did it reveal about mCommerce?
    • Mobile apps remain largely untapped channel. Only 5% already have an app, but there is significant interest in the technology
    • Growth is being led by bigger businesses. 13% of businesses with over 5000 transactions have an app versus 4% of smaller businesses
    • 29% of all respondents claim they are planning to develop an app - 57% of businesses with more than 50 employees plan to develop apps and 28% of smaller businesses
            • Jury is still out for more than a quarter (27%) of businesses who don’t see the relevance of the technology to their business, but for the biggest percentage (45%) it’s simply a lack of time that is stopping them from developing an app
  • 12. … Overseas expansion?
    • More than half of businesses (56%) already trade in overseas territories , with the main focus on European countries and English-speaking markets like the US
    • Trade in China remains an emerging territory with one in ten respondents trading in the territory
    • Processing different currencies remains one of the biggest challenges for businesses that expand overseas , alongside operating in a different language – Of those who operate in overseas markets, a majority (68%) do not accept transactions in foreign currencies
  • 13. Do you trade overseas, and if so, do you accept foreign currencies?
    • Does your business currently trade overseas?
    • If you do trade overseas, do you accept foreign currencies?
  • 14. Face your PCI demons
    • PCI has given the ecommerce marketplace a comprehensive data security standard to work to
      • – designed as a framework to help in the prevention, detection and appropriate reaction to security incidents
    • PCI compliance is not yet a legal requirement - only one third of online businesses fully adhere to PCI DSS regulations
    • But it’s important to understand the risks of handling card data
            • Card Schemes are able to award potentially unlimited fines
            • Reputational impact on your business of a breach
  • 15. And beat them…
    • A few guiding principles:
            • Regulatory requirements will become more stringent as your business grows - needs constant monitoring!
            • Ask for help - ‘What is the best firewall in the business?’ ‘Which encryption service should I use?’
            • Use a Payment Service provider with certified PCI DSS Level 1 compliance , to collect, store and transmit card data on your behalf – outsource!
  • 16. Thank you!
    • Jenny Homer , Partner Channel Exec
    • 0208 685 3324
    • [email_address]
    • Twitter: @jenny_homer
    • The Sage Pay team available to chat…
    • From the Sales Team… Rob McEwen, Chris Ross
    • From Business Development… Martyn Boddy