businesscoachfederation.com
Reducing Your Business's Risk of Fraud Related Chargebacks
Credit card fraud affects all businesses, be they large or small. From major department stores to small mom and pop shops, statistics show that credit card chargebacks cost business owners millions of dollars each year.
As hard as law enforcement officials work to fight credit card fraud, new criminals quickly replace the ones who are caught and the trend continues. That's why it's up to businesses to do everything they can to protect themselves from fraud related credit card chargebacks. The question is, how do you go about doing that?
There are a number of steps you can take to reduce losses due to credit card fraud. First and foremost, make sure you review all of your customer's orders carefully. If someone overseas is ordering thousands of dollars in merchandise and the billing details don't match up with the shipping address, don't take the bait. The pie-in-the-sky orders that seem too good to be true usually are.
If something doesn't seem right about an order, ask for identification and further verification. While this is harder to do with Internet orders, you can request that your customer fax you a copy of the front and back of their credit card along with a copy of their driver's license. Then, to ensure the card you're looking at hasn't been forged, you can contact the issuing bank to make sure the name on the credit card matches the name of the person placing the order.
The question is, how do you know which bank to contact to verify the card in question is legit? That's where the credit card's BIN comes into play.
A BIN (bank identification number) is the first six digits of each credit card number. By using a BIN database and matching up the first six numbers of a credit card to an entry in the database you can get the bank's name and phone number and you'll even know what type of card you're dealing with (debit, credit, pre-paid, etc.)
While these extra steps do take a little more time than just relying on your payment gateway to protect you, they are well worth the effort. Businesses that are willing to take these steps can drastically reduce losses caused by credit card chargebacks.
Fight chargebacks efficiently - implement BIN Database in your fraud detection system.. Visit Reducing Your Business's Risk of Fraud Related Chargebacks.
MORE ARTICLES:
A Few Notes on Metal Business Business Card Case Care
Your business cards are one of your most important office weapons This is true most especially if you are in sales or in a service industry
Caring For Leather Business Card Holders
You know just how important business card holders are for you. You know how efficiently it helps you get organized. You know that they're a fixture of your corporate identity. And because you know all these, you buy yourself a business card holder. Of course, you put a high premium on tastefully selected items, so naturally, you don't settle for a simple business card holder. You get a leather business card holder, no less!
How To Get Business With Your Business Card?
So, you have a business card? And you have given it to a few of your friends as well? Great! But did you get those cards to give to your acquaintances or to get business? Are they getting business for you?? That is the key question.Most of us today have a business card, except those few who plans to survive the battle of brands without the most necessary armor.
