Complaints Can Be Leveraged To Improve Customer Experience

Merchants today are a savvy community. They have increased awareness of latest trends and customer preferences and this allows them to tailor their products and services to meet customer demands. However, in recent times, it has been observed that customers not only focus on products and services but the overall experience they have while dealing with a brand. This customer experience includes the entire spectrum of interactions forms customer inquiry to purchase to after-sales support.

Customer Experience Is Top Priority
The presence of online websites and social media platforms are one of the key reasons that businesses cannot afford to ignore customer experience. Today, users are very agile and waste no time in posting their reviews, feedback, and comments regarding any product or service on social media. It has been found in a recent survey that a majority of customers look at the reviews and feedback from other customers before making a decision to purchase your product. As one marketing executive puts it, your customers are your marketers in the online world.

When Things Go Wrong
Although businesses make every attempt to provide their customers the best of services, things could still go wrong sometimes. What really matters is how you react when the customer is not satisfied with his experience. This dissatisfaction might be voiced as a formal complaint or a simple comment on a social media platform such as facebook or twitter. What do you do now? It has been observed that top brands take every comment or complaint seriously. According to online payment processing platform Payza’s Firoz Patel, complaints are an opportunity for you to find gaps in your services and improve them.

Be Agile And Responsive
Payza has a support center that is dedicated to resolving user issues be they queries or complaints. Social media tools such as sentiment analysis are used to determine how customers are perceiving the platform’s services. A variety of analytical tools can be used to determine exactly when customer churn occurs. This information can be used to change the way services are offered or to add new features so that products and services are constantly being adapted to changing customer needs. And in today’s fast-paced digital world, customer needs do indeed change very quickly. A business that is not agile can no longer survive.

Do not forget, disruption is the buzz word today – be its Uber’s disruption of transportation or Amazon’s disruption of the retail business. Hence, it also helps to keep a tab on what your competitors are doing. Most importantly, you need to be innovative to remain ahead of your competition.

Advertisements

Be Alert To Prevent Online Scams

Today sending money online has become a really easy and quick process. This is due to the availability of payment processing platforms. These online platforms work on the concept of an e-wallet. Users can load money into their e-wallets and then transfer the funds to other accounts. Similarly they can withdraw transferred funds from their e-wallets. This makes money transfer really easy and also the online process is much faster than more traditional banking methods.

Payza

There are many payment processors and they offer a variety of features and services. One such processor is Payza. Payza supports 21 different currencies and has registered users across 190 countries across the globe. This includes both personal and business account users. There are several benefits that both individuals and merchants can enjoy by registering with Payza. Online businesses can easily plugin payment functionality into their websites using the Payza buttons.

Online Security

One challenge that all online websites face is that of cyber security. As per Payza’s Firoz Patel, scams are the biggest problem in the online world today where fraudsters and cyber criminals trick unsuspecting users of their personal and payment details. They then use this information to gain unauthorized access to their systems and commit fraud. It has become very vital for online businesses and payment processors to have a solid cyber security policy – one that identifies the vulnerabilities and risks and uses appropriate mitigation measures.

What Can Users Do?

There are several precautions that users can take to safeguard themselves in the online world. These include simple things like using strong passwords to more complex methods such as encryption. Firoz Patel says that online businesses must do everything they can to avoid data breaches and keep their users safe from scams. Payza on its part has a very active user community. This community is the go to place for Payza users to post queries, share information and to reach out to Payza support. This easy access to relevant information can go a long way in preventing scam as users are better educated on risks and online security best practices that they should follow.

Turn Every Customer Complaint Into A Compliment For Business Success

Today Customer is king like never before. This has made customer experience a very hot topic especially among online businesses and it is being said that customer experience will be the key differentiating factor going forward. In the online world, customers can easily share their experiences and their feedback and reviews can make a big impact on how a brand is perceived.

When Customer Service Goes Wrong

As any online business will tell you, failing to keep a tab on customer complaints can largely impact the business’ ability to retain customers and to also attract future customers. One recent highly publicized case was of a US based airline forcibly evacuating a customer with a valid boarding pass off the plane. The resulting outrage especially on the internet had the airline scrambling to find an appropriate and acceptable way to handle the situation. What followed has proved to be a very costly experience for the airline.

Customer Complaints Can No Longer Be Ignored

Several businesses have now brought the customer at the center of their business strategy. One such business that has been extensively focusing on customer experience is Payza, an online payment processor. According to Firoz Patel, complaints at Payza are taken very seriously and there has been an active strategy to ensure complaints are used to bring about positive changes in the method of doing business.

How To Use Complaints To Your Benefit?

Firoz Patel further elaborates on how Payza has used complaints to identify areas of improvement. These continuous improvements have had significant impact on process efficiency at Payza. Right from new users trying to understand how to use the payment processing platform to advanced users trying to leverage the platform for further gains, all customers have an open channel where in they can forward their feedback to Payza. Payza executives are trained on handling customer requests and queries. There is also an online forum where in users can share tips and learnings. All of this has led to an active relationship between Payza and its users.

Payza also regularly provides information to its users about service and product updates as well as having a call center to respond to user queries. There are also relationship managers assigned to merchants so as to ensure any issues that they may be facing are resolved quickly.

If you are a business, then you can no longer take an approach where the customer is not at the center of every decision you make. Failing to understand this changing trend can prove to have a devastating effect on your ability to cope with your competitors. Social media presence has also become very important. This provides an opportunity for sentiment analysis and in this way businesses can quickly gauge how customers are perceiving their products and services.

Beware Of Debit & Credit Card Frauds: A Few Useful Tips!

Using a credit or debit card for a purchase has its pros and cons. It may either help when handled properly or become a detriment if not used wisely, advised by the Payza’s CEO, Firoz Patel. Fraud related to credit and debit cards is at a very high level despite new security protections implemented by credit card companies.

While consumers are trying to keep themselves away from the current ways, the tricksters will always come up with new techniques; use of Bitcoin transactions is one of such nowadays.

How is the use of Bitcoin helping Debit & Credit card Fraud?

Bitcoin is a virtual digital currency used to conduct electronic transactions by sending Bitcoin to each other over the Bitcoin network all the time. Bitcoin is a decentralized currency controlled by no one and unless someone keeps a record of all these transactions, no-one would be able to keep a track of who had paid what.

This provides ideal opportunity to cyber crooks to take full advantage of it and use Bitcoin to aid them with their credit card fraud.

How does it work?

The analytical team of Payza demonstrates it well with the help of the example mentioned below:

Who validates that person A has sent 1 Bitcoin to person B?
Who stops person A from also sending that Bitcoin to person C?

The answer is Bitcoin miners: “a set of people who perform it all and charge a commission fee to provide services for all the completed transactions.”

As the value of Bitcoin has gone up significantly, more people have seen mining as a potential business. Not too many legitimate companies are currently trading in Bitcoin but it is definitely catching eye of many.

How is it a threat?

The companies who wish to use this payment system need to open an account using their personal details. These details can be used later fraudulently to perform malicious tasks and potential fraud. Also as this is a relatively new payment system and so not a lot of people are completely aware of it. This not only leads to consumers paying high commission fee in lieu of the service but also agreeing to avail it at a very poor exchange rate.

As per Firoz Patel, fraud is usually an outcome of ignorance and lack of knowledge leading you to share your personal details with a system which is untrusted.

Everyone is Responsible for Sharing the Burden of Fraud

“Fight The Problem – Not Each Other”, is the key to eliminate a problem. Whether it is about a successful marriage or to minimize business fraud says Payza’s CEO, Firoz Patel. Scam could shake and destroy any individual or business if corrective measures are not in place.
Everyone in the industry is responsible for sharing the burden of fraud and playing their part to fight against it. “Rightly said by someone; it takes two hands to clap!” One individual or organization cannot be solely blamed for anything and so the blame game between a buyer and a seller is neither the solution nor the option to stop it.

What Can Stop It From Happening?
Compliance and Fraud detection plays a key role in ensuring it does not happen; they go hand-in-hand. While being complaint helps you to minimize risk, detecting potential fraud lets you prevent it from happening.

  • Benefits of Being Compliant- Companies following guidelines and working on a compliant platform are far more away from any reputation damage and risk exposure.A fraud detection mechanism allows you to be prepared with required control measures. With the Fraud Prevention technology and in-house compliance strategy, Payza has been recorded with consistently lower fraud risk numbers than reported at an industry level.
  • Benefits of Detecting Fraud – Controls, monitoring and reporting promote faster detection of fraud. Key detection measures include a raising alarm policy, reports designed to highlight potential and common indicators of non-standard outcomes over time, and other controls that alert people to potential fraud. It goes without saying that monitoring these indicators is as important as the implementation of these.

Having talked about what can stop it all, we should not forget: “The bigger prospects for industrial growth and high revenue, brings more opportunity for fraudsters”.

So, What’s Required?
Everyone in the industry has to be committed to adopt all the current anti-fraud practices. The entire system has to co-ordinate in factoring fraud or scam prevention into commercial, technical, and operational process as standard. While the business sector growth demands for higher investment, it becomes imperative to be prepared for increased activity in setting up anti-fraud standards.

What Can Help?

  1. The identification and potential risk factors to which systems or procedures are exposed
  2. Positive implementation and reliable operation of internal controls
  3. Establishing an environment that promotes compliance with internal controls
  4. Promoting fraud awareness
  5. Fostering an ‘anti-fraud’ culture

As per Firoz Patel, scam and fraud happen due to loop holes in a relatively weak system or lack of control measures. While elaborating it more, he talks about Fraud Prevention & Security Team of Payza which works efficiently and effectively to minimize risk in the current climate.

Their endeavor is to support global standard alignment as an industry and also investing the right amount in protecting against fraud.

Protect Yourself from Online Business Fraud

Yes it’s possible: preventing you from being a victim of online business fraud via financial scam trickery and other stealthy actions. While usage of internet for e-commerce has been increasing substantially, it has brought in successful payment processors such as PayPal and Payza consequently used by millions of customers, both for individuals and businesses in the market.

Hence, it is very important to be thinking one step ahead and putting on your gumshoes to dig deeply to be away from being a victim of any online cybercrime or latest business and internet fraud. Firoz Patel, a successful Canadian businessman and co-founder of a global payment processor who has his recent venture Payza (a global payment processor) successfully capturing the market has shared his thoughts guiding to use a secured gateway.

What to believe in?
As per Firoz Patel, complaints and applauds go hand-in-hand. While you see great reviews being posted, you will also find negatives spread for an organization. Neither the reputation, nor the apparent track is enough, aptly said by the Payza’s CEO, Firoz Patel. Complaints made against an organization are falsified at times and are nothing but a conspiracy by the competitors to spoil the image. You have to go way beyond that to really investigate the operations of the organization and find out if what is claimed is real.

What to do?
Payza has recently formed an alert & awareness team to spread awareness amongst consumers. Besides, various steps they guide you through to be protected and secured, they strongly intend you to be aware of the tricks and stealthy actions that are being commonly used to make a consumer fall in to it. One of the most important ones used nowadays is called “Ponzi Scheme”.

This scheme refers to a financial scam that pays returns to early investors using money put in by later investors. Victims are often attracted by promising and high returns at no risk. Payza, as an organization not only wants the consumers to be protected against such a fraud but also demands strongly for some strict actions to be taken against the organizations following such practices.

Fraud Detection: The Rise of the Scamming Economy

“Although prevention is always better than cure, detection would be more important as it always keeps you a step ahead”, aptly said by the Payza’s CEO, Firoz Patel. In one of the recent interviews held he talks about the significant increase in fraud due to a rapid growth of online and digital era.

As per him, online fraud and identity theft have increased with the growth in technology, so we need to identify and detect the root cause to safeguard ourselves against cybercrimes. Unless we are unable to detect what causes it, we can never put a hold on the rise of the scams in today’s economy.

What’s Important?
As he announces the launch of “Fraud Prevention Team” of Payza globally, he also talks about 3 major tricks used by cyber crooks to commit fraud nowadays.

  1. Internet Fraud: As the usage and reliability of internet and other forms of electronic media to conduct transactions is increasing; illegal activity using the same media is similarly on the rise. So, to cap down all the knowledge about internet fraud is very important to prevent yourself from being a victim of it.
  2. Identity Theft: With the alarming rise in spam and identity theft, the safety of the personal information is utmost important as it could result in serious consequences for the victim. Identity theft is when someone anonymously uses your personal or financial information to pretend to be you to obtain personal gain.
  3. Credit card Fraud: This refers to the unauthorized use of a credit or debit card (or financial information) to fraudulently obtain personal gain at the expense of a victim’s assets. According to Firoz Patel, indictment for a credit card is increasing and you should prevent yourself from such cyber-attacks.

What to do?
“Trust lesser, verify more!”

  • Protect yourself by avoiding or not sharing your personal and financial information over anonymous phone calls and online gateways
  • Use 3D password secured methodology for any online transaction
  • Investigation and use of common sense is not just necessary but a mandate
  • Memorizing your passwords rather than saving is the key

As per Firoz Patel, indictment for personal and financial information is at peak and so watches out for regular patterns used by tricksters and use the armor of technical device to be protected.