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How Credit Card Fraud Affects Merchant Account Holders

By being able to take credit and debit card transactions, you make life much more convenient for your customers. And a customer, who feels like you are meeting their convenience needs, is one, who wi...

By being able to take credit and debit card transactions, you make life much more convenient for your customers. And a customer, who feels like you are meeting their convenience needs, is one, who will likely spend more money. With the economy as tough as it's been recently, it can be challenging to justify an added expense, such as the kind that merchant accounts require, but when you think about how much more business you'll do as a result of one, it becomes a no brainer. But if you don't have the appropriate stop measures in place against credit card fraud, it can greatly injure the progress that your merchant account is providing for you.

First of all, it could make you legally liable to customers. If the customer has set up an alert in place and you have failed to act on it, then you are faced with losing the merchandise and the money. There are no real guarantees in place to protect you, in other words. Since this is the case, you can see how necessary it becomes to police credit card fraud as much as possible. Luckily, there are many things you can do to prevent the occurrences and to protect yourself in the event that a chargeback is sent your way.

The most important thing that you can probably do is enroll in a credit card number lookup service that stays updated and offers you some insurance of their records. Too many businesses look for bargain basement providers, and then think they will be protected in the event of fraudulent activity. The time has come, if you are guilty of this, to realize that not all databases are created equally. Rather than roll the dice for a few dollars off, make sure that your plan is as updated as it can be, so you can be mindful of chargeback potential before it becomes a reality.

Also, if you have any kind of business, where your employees come face to face with the public, then you need to exercise photo verification. While a lost or stolen card can still be used due to the verification code on the back, it's hard to justify allowing a purchase if the holder of the card is unable to prove they are, who they are. Most customers understand this and will not judge your business for it.

Most of the timeArticle Submission, it will result in you winning customer loyalty and incurring less instances of chargeback. That means every transaction that happens is a done deal and money in the bank that you can count on.

Article Tags: Credit Card Fraud, Credit Card, Card Fraud, Merchant Account

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ABOUT THE AUTHOR


Be careful with merchant credit card fraud because it can really derail your business. To avoid this and ecommerce credit card fraud, visit our site today.



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