There’s the processing charge, staff compensation, and everything else that goes into the profit margin of your product. Aside from that, the number of chargebacks is increasing. Chargebacks cost money, take time to resolve, and can even result in the loss of your payment processor.Do you want to learn more? view publisher site
So, what can you do as a business to reduce your exposure to these internet criminals? It’s not an easy struggle, as the number of face-to-face transactions is declining, with click-and-go instant gratification sales taking their place. This isn’t necessarily a negative thing, because the more individuals you can help with button clicks, the more profitable you can be. And, let’s face it, you got into this game for the money. Why should all of your hard work be ruined because someone chooses to take the easy way out by stealing from others? Every day, they come up with new ways to steal, and you must adapt to stay alive.
Customer verification – Try to get as much information from your customer as possible. This should include the customer’s name, home address, email address, phone numbers, and the IP address from which they are accessing your site.
Card Verification – If you accept credit cards, especially online, you should collect the cardholder’s full name, billing address, CVV code, expiration date, and some sort of agreement that the client must sign or click. The agreement essentially states that you have been granted authorization to use this card.
Fraud Prevention Service Provided by a Third Party – As a merchant, you can only do so much on your own. Your knowledge is most likely in your unique industry, not in security and fraud prevention. Third-party providers typically maintain a large data base and employ numerous safeguards to keep fraud to a minimum. The money you save is usually equivalent to, if not greater than, the cost of these programmes.