78% of CFOs Say Payment Blind Spots Increase Customer Friction

Your checkout process may be scaring away honest customers more than it stops fraudsters. A new report shows that 78% of CFOs believe 'blind spots' in their payment systems are creating unnecessary friction. For a merchant, this means your fraud detection software might be too aggressive. It creates 'false positives' that block legitimate shoppers or force them through too many verification hoops. In the world of consumer financing and high-ticket sales, every extra click or security check is a moment where a customer might abandon their cart. Modern payment systems aren't just about security anymore; they are about conversion. If your system cannot instantly distinguish between a first-time buyer and a sophisticated fraudster, you are losing revenue. The data suggests that companies are pivoting toward 'invisible' security. This uses background data to verify identities without slowing down the sale. If you haven't reviewed your financing approval flow or credit application friction lately, you likely have a blind spot that is costing you successful transactions. Retailers should focus on tools that balance risk management with a streamlined, one-click experience.

Source: PYMNTS

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