How do I protect my business from fraud?
As an eCommerce business, there isn’t an opportunity to get to know your customers face to face. Which presents a number of challenges in relation to fraud, since you cannot see customer’s credit cards, IDs or obtain signatures.
Companies across the world suffer from fraudulent payments due to their lack of protection around their eCommerce business. That’s why US merchants lost an estimate of $6.4 billion through fraudulent card payments in 2018 alone, with small businesses being affected the most, losing an estimated $155,000 per annum. This highlights the importance of protecting your company!
However, a simple method available for you to protect your businesses from fraud is to use a payment gateway to control the risks that arise whilst taking eCommerce payments. A payment gateway provides you with the latest technology and security to process payments quickly, securely and efficiently.
Though be careful, not all payment gateways provide you with such protection, including the big names such as PayPal!
Factors to be considered
High Risk Countries should be considered when shipping out orders overseas, by using phone calls to verify their identities prior to processing the transactions.
Address Verification Services (AVS) are effective in detecting fraud, by requesting billing addresses and zip codes when customers are purchasing their items. The AVS will check if these addresses match what their bank has on file. The gateways can request for user verification to the issuing banks.
Card Verification Value (CVV) is the 3-digit code on the back of every credit or debit card. This is an additional security measure allowing the cardholders to only use the card. IF the CVV does not match, the payment gateway will decline the transaction.
Also, implementing Flag Large Transactions would specify an amount which can be spent on your sites per large transactions, which is an essential step to avoid chargebacks. In addition to which you could limit the number of failed transactions through the payment gateway.
Payer Authentication (3-D Secure), which is also known as Verified by Visa, MasterCard or SecureCode, requests cardholders to input a PIN to confirm their identity.
What does this mean for you?
Whilst the digital economy is rapidly evolving, it’s important to ensure how each payment gateway can protect your business from fraudulent transactions. To have a company that can employ techniques which will continuously ensure your company is receiving maximum protection, which is vital to the success and stability of your company.
epay247 addresses this by providing you with the options of five different payment gateways to choose from! This enables you to ensure that online payments that are made via your website are always protected.
- eGateway – A regular payment gateway that accepts most cards and is able to accept payments globally through various ways including MOTO.
- eToken – A simple, safe and secure payment community for a wide range of industries. A gateway that issues digital utility tokens that are seamlessly integrated into a merchants website.
- eBank2Bank – The open banking payment gateway that initiates payments between banks. An alternative to using debit or credit cards.
- eCrypto – Your safe and easy way to accept crypto currency on your website.
- eSMS – Receive payments face to face or by telephone with a safe and secure payment gateway via SMS.
Contact ePay247 to discuss in further detail which would be the best option for your business or check out their website for more information.
What does this mean for your clients?
To have a payment gateway, such as ePay247, will provide you with security for not only your business, but your clients as well. Implementing security such as AVS, CVV will protect your clients from losing money. Which further promotes your company as a secure and reliable site to shop from. This is particularly important since most shopper are turning to online retail and especially during this time of COVID-19. Therefore, it’s important to prepare and equip your businesses now to support both yourselves and your clients.
