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Merchant Account Fraud Protection
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 todayís world you donít immediately know the customer ordering through your website nor if the credit card used by that customer is genuine. You also donít 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.
On the other hand in this fast moving world, customers 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. 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. The customer 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 cardholderís 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.
About the Author: Founded in 1988, FDIS is an established leader in the transaction processing industry. FDIS has one of the highest merchant approval rates in the industry. Whether opening a new business or expanding an established one, we provide flexible and reliable products and services that enable merchants across the United States to accept nearly all types of electronic payments. Please visit Merchant Account Free credit Card Procesing Terminal.