As the pandemic continues to keep much of the world on lockdown, online sales are having all the momentum now. This year, online sales in the United States are estimated to rise to around $630 billion. Thus, the discussion of how to make payments over the Internet more secure has never been more heated and relevant.
If you are on the merchant’s side of transactions, you will want payments to go through to you safely and easily. It is true that eCommerce businesses face bigger challenges than shoppers – they need to find a reliable merchant payments provider, keep their credit history crystal clean, protect themselves from fraudulent transactions, and at the same time deliver the best possible service to the pickiest of customers.
How Can Merchants Make Online Money Transfers More Secure?
Accepting payments over the Internet will never be 100% void of risks. However, there are ways to minimize those and protect yourself and your customers from unnecessary trouble. Below are some of the things you can and should do to ensure the safety of online payments made to your business:
1. Educate yourself.
As a merchant accepting online card payments, you need to clearly understand what constitutes credit card fraud, how it can be detected, and which solutions or tools can be used to prevent it. You also need to have a good grasp of concepts related to payment processing and authorization.
2. Design an effective chargeback management strategy.
Chargebacks are not necessarily a sign of fraud, but they are bad for your business. Increased chargeback levels make you a high-risk investment in the eyes of banks and merchant account providers, damage your business reputation, and cost you a big chunk of your profits.
3. Use the right payment service provider.
It takes a lot of time to choose an optimal payment service provider that can safely connect you to a wider financial system and enable you to accept card payments from your customers. To make the right call, analyze the needs and possibilities of your business carefully and opt for the one payment service provider that offers you the smoothest and most effortless payment experience.
How to Identify a Potentially Fraudulent Order?
To spot and prevent a suspicious Internet transaction, you need to have an eye out for the following fraud indicators:
- Exceptionally large orders or orders containing large quantities of the same items.
- Customers that are using multiple cards to place a big number of orders within a short period.
- Orders featuring a PO Box shipment request.
- Orders coming from countries that do not fall into your typical client profile.
- Orders from regions with a high credit card fraud level.
By equipping themselves with proper tools and information and collaborating with reliable payment service providers only, merchants can greatly promote the safety of their payment process.
What tools and solutions do you use to identify and prevent fraud? What is the best way to secure online payments? Speak up in the comments section below!