Learn all about Merchant Accounts, accept credit card payments online and apply for a free merchant account! |
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Merchant Account IQ - All About Merchant Accounts - Accepting Credit Cards Online - Compare Credit Card Processing Companies |
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If you are a business owner and want to have
a merchant account, you will have to find the merchant service provider
that can offer you the latest merchant account fraud protection. In
today's world you don't immediately know the customer ordering through
your website nor if the credit card used by that customer is genuine.
You also don't know the particulars of the
customer and you will have to ensure that the issuing authorities verify
the credit card prior to the actual transaction taking place. The customer places the 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. |
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would like to ensure that the data and information submitted at your
website is secure and remains in confidential. So the new merchant
account fraud protection method is not only beneficial for you as a
merchant but it is also beneficial for your customers. Most modern e-commerce websites 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 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 form 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 additional hardware 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. FDIS |
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Get a FREE Merchant Account with Charge.com the #1 merchant account provider Click Here Now! |
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