LeisurePay

<p>The finance and online transactions world has  developed tremendously over the years, with new protocols introduced and  employed to enhance safety and security. But it’s still far from  perfect. Significant loopholes lead to millions of dollars in losses for  businesses and affect their ability to sustain in an increasingly  competitive market.</p><p>If one were to look at the  recent figures, the number, as well as the value of online frauds, have  been increasing. With credit cards as the primary medium of payment,  it’s easier than ever for fraudsters to steal card details and make  online payments. This, in turn, affects both the cardholder and the  business involved. Businesses lose a large sum annually from chargebacks  and the associated fee. Platforms have been working on ways to enhance  online security, but the results, so far, have not been very promising.  But it will change after the integration of blockchain technology in the  payment space.</p><p><a href="https://hackernoon.com/tagged/blockchain?ref&#61;hackernoon.com" rel="noopener noreferrer nofollow">Blockchain</a> offers several benefits, but a few that will primarily benefit payments are:</p><ul><li>Quick transaction time.</li><li>Easily accessible logs and data.</li><li>The inability to modify them.</li><li>Reduced costs.</li><li>Transparency.</li></ul><p>Another  significant aspect here is that the data is stored on a network of  computers, unlike traditional payment services that keep it on online  servers, which are easily hackable, thus putting critical information at  risk of being misused. To summarize, with blockchain technology, the  data is safe, costs are low, and the process is transparent.</p><h2 id="header-0">Big firms switching to blockchain-inspired payments</h2><p>Because  of the concerns shared earlier, several big firms have, of late, made  the switch to blockchain-based payment options. As per reports, the  transition has been immensely helpful in their expansion, considerably  minimized losses, and in some cases, even increased the user base owing  to these benefits. And more corporations are expected to jump ship in  the coming days.</p><h2 id="header-1">Blockchain-based solutions reduce losses due to chargebacks</h2><p>Chargebacks  are one of the merchant’s most dreaded fears, and its graph goes  alongside the one for frauds. It is imperative that these are brought  under check to eliminate losses and ensure trust between parties.  However, the lack of support from banks has been a significant  impediment.</p><p>As per reports, banks have taken a  lackadaisical approach when it comes to preventing fraudulent activities  and haven’t been very supportive with the chargebacks either. But they  can’t be blamed for it all! The sheer volume of chargebacks filed each  day has been on the rise, and banks lack the resources to examine the  data at hand and minutely observe the intricacies, which leads to it  usually favoring the consumer. It led to a trust deficit and increased  losses for businesses. Moreso, it sends a signal that consumers won’t be  penalized for misconduct or filing false chargebacks, which may, to a  certain degree, encourage the behavior.</p><p>This,  too, can be eliminated with the integration of blockchain technology  through a decentralized mechanism, wherein a particular set of  arbitrators, after collecting the required details from the aggrieved  parties, can pass a just judgment. It provides a seamless process,  ensures quicker resolution, and doesn’t require a lot of resources. As  per reliable sources, online retailers are expected to lose close to  $130 billion to online payments between 2018 and 2023, which further  highlights the importance of having a systematic plan in place to ensure  secure payments and dispose of chargebacks in a way that is  satisfactory to all the involved parties.</p><h2 id="header-2">Business and user-oriented operations of blockchain payment solutions</h2><p>Organizations  with a central authority usually are not beneficial in situations where  multiple parties are involved, and this is where decentralization comes  into the picture. The latter ensures trust with and amongst all the  involved parties.</p><p>Also, it’s way safer, thus  ensuring that the customer’s personal and banking details are not stolen  or misused. Besides, most reliable blockchain solutions offer a 24-hour  customer helpline, have clear policies, and usually don’t require  personal data.</p><p>Merchants looking for such blockchain payment solutions can move towards <a href="https://leisurepay.io/?ref&#61;hackernoon.com" rel="noopener noreferrer nofollow">LeisurePay</a>,  one that is ticking all the right boxes, or they could also go through  the other available options and choose one that best meets their  requirements. But remember, blockchain is the future, and its  integration with almost all central systems is inevitable. It’s only a  matter of time before it achieves mass adoption, and now is the perfect  time to switch to a blockchain-based decentralized payment solution for  the best results.</p><h2 id="header-3"><a href="https://hackernoon.com/switch-to-platforms-that-offer-seamless-payments-advanced-security-and-much-more" rel="noopener noreferrer nofollow">Hackernoon Article</a></h2>

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LeisurePay

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