Payments through electronic media have grown exponentially. Therefore, some industry players have given people the task of developing technology that allows not only to transmit transactions but at the same time add value both in terms of security, as well as control and specific benefits appropriate to the needs of each segment of the population.
In terms of security, one of the objectives that we have is the reduction of the costs associated with fraud in transactions. This is achieved by validating certain transaction parameters (not just the cardholder’s balance). For example, we can review the amount, type of establishment, and frequency of purchase, among other items, and compare them against the cardholder’s purchase patterns in question.
With this, and through very complex statistical models, we can inform the issuer about the potential fraud risk of a transaction that is being requested authorization. In this way, the issuer has more information to be able to make the most appropriate decision, which will allow it to reduce fraud costs and offer a lower risk and better service to the final customer.
This value-added service is one among several examples of what we can offer when converting the information of a transaction into market intelligence. Later, we can discuss more of these added values such as the development of products and promotions appropriate to the user, and the design and administration of loyalty programs developed based on the great knowledge of the customer that has been developed while analyzing their purchases, tastes, and preferences.
Electronic payment systems are evolving considerably. One of the leading companies that have created an advanced electronic payment system is Perfect Money. Perfect Money was created in 2007 and is owned by Perfect Money Finance Corp. Their online payment system is being used in more than 100 countries. The system was created by Andrew Draper and Scott Bell and has become quite prominent.
Originally, it was created for cashless transactions over the Internet, but with the passage of time, its applications have increased considerably. With the help of this program, you can easily transfer funds, receive payments for their websites, and integrate the system with different applications. The program supports several kinds of accounts, and they also offer various support options to their clients as well. Perfect Money continues to show just how important electronic payments have become.
