How to Start Accepting Online Payments Securely

Jul 22, 2020

Providing a safe way for customers to make their purchases online is an essential part of e-Commerce. Neglecting this aspect can result in a host of problems including lawsuits, fines, and even worse, a tarnished reputation. This can certainly cripple a business, lose customers, and eventually close the business for good. 

The Numbers Don’t Lie

According to Digital Commerce 360 and Shift Processing, there were some disturbing stats and trends that are plaguing the e-Commerce industry. For example, in 2018, it was reported that more than $24 billion was lost internationally due to “fraudulent credit card transactions.” Also in 2018, credit card fraud alone increased by 18.4% and this amount continues to increase. And finally, it is 81% more probable for card-not-present fraud to occur as opposed to point-of-sale fraud. 

Just based on the aforementioned statistics, it is clear that the  e-Commerce landscape continues to be a preferred target for fraudsters as vulnerabilities still continue to exist. Businesses need to up their game by maximizing their payment security and fight to mitigate any chances of fraud. 

If fraud is overlooked by your company, customers will no longer frequent your online business and this can have a devastating effect on your bottom line. 

Take Action By Combating Fraud With These Tactics

Luckily, there is no shortage of solutions available for merchants to stop fraud in its tracks. The basic steps of action need to involve complying with the industry’s standards, enabling AVS, and taking time to analyze all fraud data. This will ensure a better, safer online shopping experience. Read on to find out more tactics.

  • Seek a secure payment service provider: The best solution for both your customers and your business involves partnering up with a payment service provider that specializes in risk and the management of fraud. Some of the services you should be seeking include: “real-time monitoring of fraud”, data analysis, and chargeback management. 
  • Choose a safe payment gateway: The primary function of payment gateways is to process payments securely. The encryption of card information is a valuable feature that ensures that the data is safely transferred between the consumer, the merchant, and the issuing and acquiring banks. It is a crucial piece of the puzzle and it alleviates you from worry, knowing that your customers’ information is safe.
  • Stay in compliance with PCI DSS: PCI DSS (Payment Card Industry Data Security Standard) is a system of requirements for businesses that process, transmit, and store card data. Failure to comply will bring serious consequences. In order to stay compliant, businesses should consider testing their systems regularly, the encryption of all cardholder information, and ensuring that all anti-viral software is current. 
  • Manage chargebacks: Reducing chargebacks should take precedence because not doing so will mean loss of revenue and an increase in operating costs. By implementing “advanced fraud rules” would give merchants a better feel by examining certain patterns of behavior.
  • Implement Address Verification System (AVS): Address Verification Systems (AVS) gives merchants an extra level of security. It confirms that the cardholder has provided the correct details. It ensures that the address given corresponds with the “recorded” billing address. If there is any discrepancy in the information, it will be flagged for fraud.

Final Thoughts

There is no doubt that the way for businesses to bring in the revenue is to accept credit and debit cards online. However, the merchant must take every precaution necessary  to ensure the customer’s information is safe and secure. This will foster trust and repeat business for years to come.

Let us help you get a high risk merchant account today!

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Having a merchant account allows an account holder to take advantage of merchant cash advances. When a merchant is approved for an advance, the business agrees to receive a lump sum of cash in exchange for an agreed-upon percentage of future credit card sales.

Pricing varies depending on the merchant’s industry, past credit card processing history, the type of business seeking the account, average ticket sales, and average transaction volumes.

Yes, EMB works with merchants who are building their credit, as well as those who have poor credit. EMB also approves merchants that have no credit card processing history and businesses that have lost their merchant accounts due to high chargebacks.

Several factors influence a merchant’s risk level. Though only one factor likely will not get a merchant classified as high risk, a combination of these may: business size, location, and industry, credit score, credit card processing history, a industry’s reputation for excessive chargebacks, a prior history of high chargeback ratios, and whether a merchant exclusively sells online.

Virtual terminals are stationed on a merchant’s website, making it easy for customers to make a payment or purchase online. Merchants or a payment processor can easily set up virtual terminals, so online businesses can accept credit and debit card and e-check transactions.

A merchant account is a business account with an acquiring bank. Without this business account, which actually works more like a line of credit, a merchant cannot accept and process credit and debit card transactions. Businesses need a merchant account to accept major credit cards via a static point-of-sale terminal, mobile card reader, or through a virtual payment gateway.

After filling out EMB’s simple online application and submitting any necessary, requested documents, many merchants get approved within 24 and 48 hours.

EMB specializes in working with high-risk merchants. EMB works with many merchants, including but not limited to businesses in these industries: gambling and gaming, adult entertainment, nutraceuticals, vaping and e-cigarettes, electronics, tech support, travel, high-end furniture, weight loss programs, calling cards, e-books and software, and telecommunications.

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