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A COST EFFECTIVE METHOD TO FIGHT PAYMENT FRAUD FOR SMALL BUSINESSES

Online business is one of the best and most effective ways to expand your company and increase your profits. You will be able to serve customers without the geographical limitations. However, the biggest drawback of online business is that it is most susceptible to payment fraud.

Payment Fraud is increasing very quickly and more and more people are becoming victims to this. It seems like criminals are becoming very clever and innovative, coming up with ingenious ways like never before to break the security cover of these payment systems. Small businesses think that they are safe because they think that they are very small to get any notice from these criminals. However, they are absolutely wrong. A recent financial report showed that about 72% of small businesses were either victims of an attempt or the payment fraud itself.

Now, the good news: there are ways for small businesses to take measures so that they will not be the victim of payment fraud. The current advancements in technology make this less costly and easier than ever before.

There are 2 primary reasons for a business to combat fraud: firstly, to prevent its payment systems from being hacked by outsiders which causes huge financial loss for the company and secondly, to protect its customer’s data from getting in to unauthorized hands. This may look like a huge task, but when you take help from the correct places it will be much easier, especially for small businesses.

There are several e – payment processing systems such as PaySimple Solution 2.0 and the automatic fraud prevention tactics and techniques which help small and start up businesses to protection their systems against any fraud. For example, almost all the current systems have the AVS validation scheme for credit cards which compares the billing address given by you during a purchase and the billing address in the records and the CVV2 validation which ensures that the one who is authorizing this transaction is in possession of the credit card. When it comes to eCheck, then there is the check verification technology that tells the merchant whether or not there are sufficient funds in the bank account and also determines whether the account holder is black - listed. There are more sophisticated systems which permit the merchant to black – list transactions from a particular IP or country or email address. They also provide functions like blocking of multiple credit cards and so on.

One thing that small businesses can do for the purpose of protecting their customers’ information is: utilize only those processing systems which are manufactured by companies that are PCI compliant. This standard was invented by the MasterCard and Visa and therefore is very reliable in protecting any business and all its customers. These systems makes sure that the bank accounts and the card numbers will be encrypted when it is stored and the encryption policies are so robust that it cannot be broken by anyone. These systems are also updated continuously.

Contact one of our helpful account representatives to assist you in the setup of a high risk merchant account or offshore merchant account for a high risk merchant.