The Whitepages Pro team was overseas last week. In addition to attending the CNP Expo in Florida, we also had a team in Ireland at MRC Dublin. As a global identity data company, being abroad is very important to us, and it was great to catch up with current customers, as well as meet some new faces.
During our week in Dublin, we gained even more insight into the pain points that global merchants are experiencing. Here are our top three learnings from the event:
EU-based businesses are looking to expand abroad.
European merchants are hoping to grow into new markets, including the US, Brazil, Mexico, India, and South Africa. However, certain markets, such as the US, Brazil, and Mexico, bring on greater risks of fraud, especially due to the higher number of data breaches and lack of adoption of 3-D Secure in these countries. Having separate risk management strategies for different countries is key to success when expanding internationally. Whitepages Pro provides identity verification in all of the above markets with a global solution that looks at email, phone, address, name, and IP data collectively. By utilizing a comprehensive data provider like Whitepages Pro, merchants will be able to cross-reference and verify identity attributes in any market to better assess risk on cross-border customers with a single solution.
In the EU, chargebacks are under control. The focus is on increasing order acceptance rate to improve the customer experience.
According to Javelin, nearly 4 in 10 (39%) rejected customers abandon a merchant after being falsely declined. In order to avoid this, merchants are adopting practices to track false positives, such as accepting 1% of auto-rejects to see which ones come back as chargebacks. Looking at positive signals by matching names to phones, names to emails, and names to addresses, companies can create a more comprehensive customer profile that makes it easier to speed the good customers to clear. Not only improving your overall customer experience but resulting in increased sales for your business too.
There’s a “wait-and-see” approach towards regulations (i.e. GDPR, PSD2).
There is a bit of uncertainty around upcoming EU regulations, including GDPR that goes live this week and PSD2 in September 2019. It’s not clear how things will shape up when these regulations are live, so it’s important to work with vendors that are compliant with these regulatory frameworks, like GDPR. Whitepages Pro vets out every data source in-person to ensure that the data has been collected with consent and can be licensed legally. Here at Whitepages Pro, we take these precautions to ensure our customers have a solution they can continue to rely on.
To learn more about how Whitepages Pro helps global merchants approve good customers and #FightFraudlikeaPro, all while keeping security, privacy, and GDPR regulations front and center, contact us here.