When it comes to online shopping, there is a thin line between Seller opportunism and buyer remorse. That thin line called “trust”.
” While the number of mobile wallet users is estimated to jump five-fold from the current 3 crore to 15 crore by 2019, COD still accounts for 60% of all ecommerce orders. ” – Economic Times
We thought of asking a few online shoppers around us about their preferred mode of payment. Strangely enough, majority of people still buy things online with Cash on Delivery.
On asking why they opted for Cash on Delivery, they said, ” What if the seller sends me rocks? I will rather check on delivery and then pay.”
But interestingly, when we asked them, “Do you actually open your parcel and then pay for it to the delivery?” 80% said “No.”
It is strange, the game of trust. Maybe its about our conditioning, we like to give money in return of getting something in hand.
What needs to change?
A good way to restore trust in online/card payments is to add a layer of protection between the Seller-Buyer transaction.
When you put trust in your payment platform, you can freely choose to make online transactions with a method most convenient to you: Debit card, Credit card or Net banking!
We take this opportunity to explain a layer of protection Instamojo adds to online payments with Risk and Compliance.
Image Source: http://www.kaspersky.com/about/press/infographics
Restoring trust in online payments
Instamojo’s online payment process is Fourfold:
1. Seller account activation: KYC and Fraud Detection
When you Sign up with Instamojo, you are required to upload a digital copy of your PAN card and bank statement/passbook. We take between 3-48 hours to check the account details and approve your KYC so that you can start selling with Instamojo payments. This is generally a pain-free process if you are a genuine seller.
2. Bank level payment security: Secure Transaction
All payments on Instamojo are processed in a PCI-DSS compliant environment with 128-bit SSL encryption.
That means, as a buyer making payment to a seller, your payments comply with bank grade encryption standards. And as a seller, your payments are kept safe and are released to you on a regular payout system.
3. Transaction Assessment
Our internal risk heuristics and algorithms constantly monitor all transactions on our platform for signs of fraud and risk and continuously flag transactions which are then investigated and proactively refunded in the event we identify a seller as a fraud seller.
4. Buyer protection and dispute redressal: Resolution Center
As a buyer on Instamojo, you have all the rights to raise an issue on a payment. If you don’t receive your product, you can visit the URL provided in the Instamojo payment confirmation email sent after your transaction was successful and file a complaint at this URL, we look into the matter with the seller and refund your amount as soon as possible. If you have a grievance, you can raise dispute and we will get in touch with the seller to resolve it quickly. Instamojo makes sure that the buyers are protected while using Instamojo to make payments online. Your security is our priority.
Article Source: blog.instamojo.com