Online transactions are becoming very important for business around the world and in virtually every industry. Not only do these online marketplaces allow businesses to provide tons of information about their products and services to consumers, thereby allowing consumers to make more informed purchases, but these platforms also provide a fairly low-cost way for even the smallest of businesses to reach customers living halfway across the globe.
It seems that online transactions provide so many benefits to each party involved, that it would be surprising to find a business that isn’t already depending heavily on these virtual transactions.
In reality, the problem of credit and debit card fraud — added to the problem of card not present chargebacks — results in steep costs for online merchants; some merchants figure that the risks could be too expensive and that it’s not worth jeopardizing the entire business.
Protecting consumers by using secure payment processing systems is one detail that most online businesses have already addressed — but what about protecting the business against fraudulent charges? What can a business owner do? Here are just a few simple suggestions:
- Make your payment processing requirements precise at the checkout “counter,” You’ll cut out a lot of fraudulent purchases online if you require that all transactions include the security code on the back of the credit and debit card. This three- or four-digit number isn’t always available if a hacker steals someone’s credit card number online.
- Add for confirmation on large purchases. Whether it’s a phone call, a text, or an email, getting an extra form of confirmation from the customer before you process the payment information is a good way to add extra security. This option isn’t totally bulletproof but it can still serve as a safety net when other tools are used.
- Use software offering merchant chargeback protection. This is important because it provides the merchant with detailed information about each purchase and the software automatically confirms that the credit card information matches the customer’s true identity.
So what can you do to give your own business an extra boost with your eCommerce payment system?