The rise of electronic and online transactions has resonated with some not-so-good data. While only 8.5% of all electronic transactions take place online, they account for nearly half of all fraudulent claims. “Card not present” transactions are dangerous, yet they are growing every year. While these transactions grow, online merchants need to take extra steps to ensure their accounts are safe.
While there is no stopping online transactions, smart merchants know that there are ways to make sure that the card information entered is not stolen. One big issue with online transactions is that shipments are quick – at times overnight – and stopping a shipment is nearly impossible. One major thing that you, the merchant, can do is to contact the purchaser before shipping. It is always wise to ask for a few types of contact information on the order form, and if the phone numbers provided are not correct, you know that you have a problem. The same goes with payment information registered to a US address, but shipping information overseas.
Online merchants also need to make sure that they have a high risk merchant account. High risk merchants accounts are better prepared to deal with any fraudulent claims that may arise from a “card not present” transaction. A high risk merchant account provider, such as eMerchantBroker.com, can help keep your business steady when a fraudulent charge comes your way. While other merchant account providers will dump a company after a fraudulent charge, as we at eMerchantBroker.com do not. We will work with you to determine if the charge is indeed fraudulent. We can also help you keep your chargeback costs down. Chargebacks can damage even the most profitable small business, due to the fact that their fees can be upwards of 270% of the original charge. For more information about chargebacks and a high risk merchant account, contact us below today!