5 Ways to Improve Credit Card Transaction Protection in 2017
By all measures, ecommerce sales are projected to continue growing in 2017, just as they have over the past several years. But now more than ever, customers demand the highest level of protection when using their credit cards to make payments online. In 2014, for instance, 54% of data breaches were related to identity theft, 17% went after financial access, and another 11% were aimed at account access. Today’s technology can help make those breaches a thing of the past. Here are five ways to enhance your security and protection for card not present transactions in the new year.
- Set up a secure gateway. Your customers will be more likely to trust your website when they can work through a familiar and secure payment processing system online.
- Keep better records. You can detect suspicious consumer activity much more easily when you can spot unusual purchasing or cancellation patterns.
- Use an address verification service. Even if you don’t ship physical goods, make sure that the billing address provided during customer checkout matches the cardholder’s listed address.
- Improve customer service. If you’re afraid of excessive chargeback fees, take the time to work on your customer service relations. You may be surprised how often you can smooth over disputes with a little bit of sweet talk.
- Know when to fight back. When all is said and done, card not present fraud and chargeback fraud may still happen, regardless of how much protection you have. Familiarize yourself with the signs of fraud, or hire a merchant chargeback protection firm to monitor your transactions and ensure that you’re not being taken advantage of.
This year, give yourself and your business the best protection possible. Make it your mission to keep your transactions safe and secure for yourself and for your customers alike. Peace of mind in credit card transactions may be the best new year’s gift you can give!