It’s unfortunate that credit card fraud and identity theft or other hacks have become so common that we tend to shrug when we hear another example on the news. We use credit cards, accepting the risk that we might get hacked, and can pretty much list offhand the necessary steps we should be taking if we find out that someone has gotten ahold of our credit card information. Most businesses accept a variety of credit cards, various electronic payments from our phones, and that trend is sure to continue. This does mean, however, that we’re continually putting ourselves at risk for fraud or hacking. The United States spends a little under $8 billion every year, trying to combat or recoup credit card fraud losses. However, there are methods that businesses can take to help put a stop to credit
Card not present chargebacks are one of the biggest problems for online merchants today, but they don’t have to be so big that a small business owner is unable to continue operating his or her business.
So now the most important question is, how can your business increase merchant chargeback protection in your payment processing system without spending a fortune? There are a few strategies you can try:
- One way to avoid questionable purchases altogether is to allow only domestic transactions, rather than allowing customers to make purchases internationally. Many businesses would rather not