To have a merchant account, you need to first find a merchant account service provider that offers you the latest
merchant account fraud protection. These days you, you generally don't get to know the customer ordering through your website and also if the credit card is genuine or not. Also, you don't know the particulars of the customers and you need to ensure the issuing authorities verify the credit card prior to the actual transaction taking place for safety purposes.
In a fast moving world, customers prefer to purchase everything online from a kitchen sink to office equipment, from batteries to custom clothing and anything and everything else delivered right to their doorstep. Customers place order at the concerned website and after paying the amount using his credit card receives the purchased material delivered directly from the retailer, manufacturer, or many times by drop shipper. The customer often likes to ensure that the details and information submitted at your website is secure and remains confidential. So the new
merchant account fraud protection method is advantageous as well as beneficial for your customers.
Most e-commerce websites these days accept online credit card payments and the transactions are increasingly verified by Cardholder Verification Value or CVV2. Whenever a customer places an order at your website using his or her credit card, the three number CVV2 helps to ensure that the physical card is in the cardholder's possession while shopping online or by phone, helping to prevent unauthorized or fraudulent use.
Another merchant account fraud protection method for customers and merchants is setting a Personal Identification Number (PIN) which protects your existing credit card with a password you create, thus giving you assurance that only you can use your Visa card online. The Personal Identification Number (PIN) is similar to a password or PIN of an ATM card. Once your online business shopping cart software is integrated, a PIN number is asked from the customer during the transaction and the PIN number supplied by the customer is immediately forwarded for authorization. The credit card issuer verifies the PIN and confirms that the cardholder is the real owner of the card and the transaction is completed.
The advantages of this type of
merchant account fraud protection are its simplicity, ease of use, low implementation cost, reduces the fraudulent credit card transaction and it also helps in reducing charge back volumes. For implementation of this
merchant account fraud protection method, no additionalhardware or software is required. It carries out the verification in real-time and if the card issuer does not verify the identity, the transaction is terminated. This helps in reducing the cost of business and reduces the overall cost of fraud.
This
merchant account fraud protection system is unique as it verifies the password or PIN supplied by the credit card issuing agency in real-time. The
new merchant account fraud protection methods saves millions of dollars for consumers and merchants alike, and is also very convenient and easy protection for all involved transaction entities.
