For consumers, saving their payment information with merchants is becoming an increasingly popular trend.
They like the faster, more convenient checkouts, and potential loyalty rewards that come from the ability to save credentials and create a customer account. In fact, this year’s Global Digital Shopping Index found that 45% of shoppers surveyed stored credentials with a merchant and an additional 9% stored them in their browser.1
At the same time, merchants can also face evolving fraud threats around credential provisioning, such as new enumeration attacks and rise in SMS OTP fraud. These enumeration attacks inflict operational expenses and $1.1B annually in fraud losses.2
If the data, such as payment account, name, or address, isn’t accurate, it can lead to card misuse and cause inefficiencies in your transaction flow. You might be facing more declined transactions and higher technical costs.
To minimize fraud and maximize revenue, merchants need to make sure they properly secure customer accounts and stored payment details. A key step is verifying payment information when it’s first saved.
The benefits of payment verification
Verifying customers’ payment information when it’s first saved can help you:
1. Prevent fraud and enhance security
Verifying cardholder details helps you detect and prevent fraud, ensuring you don’t face unauthorized transactions or misuse of payment credentials. This proactive approach, where you verify name, address, and card details before payment, can help boost fraud prevention.
2. Increase payment success
Proper verification helps reduce decline rates, chargebacks, and disputes, allowing you to streamline payment processes and boost authorization rates.
3. Create a better customer experience
Making sure customer information is correct up front helps you offer quicker, smoother transactions for a better customer experience that builds trust and brand loyalty.
4. Address compliance and risk management challenges
Making sure cardholder information is verified can make it easier to meet regulatory standards, avoid penalties, and minimize the financial and reputational risks associated with fraud and non-compliance.
Being proactive and verifying payment details when they are initially saved can help you reduce decline rates, chargebacks, and disputes—making transactions smoother and building customer trust. Transactions continue to become more complex, and we can help you simplify verification so that inefficiencies don’t undermine your efforts.
Let’s talk payments
Visa’s suite of payment verification solutions, including Account Verification, Address Verification Service, Account Name Inquiry, and Card Verification Value, can help you easily verify stored payment information so you can deter fraud and boost successful payments without adding friction.
Our experts can show you how.
1 Visa Acceptance Solutions & PYMNTS: '2025 Global Digital Shopping Index'; February 2025.
2 https://usa.visa.com/about-visa/newsroom/press-releases.releaseId.20661.html
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