Nowadays, it is possible for businesses to start, function, prosper and spend their entire operating time without the need for opening a brick and mortar location. Businesses no longer need to depend on the only one viable traditionally used business model, that of opening up a brick and mortar store, which means that things like stock control, manning the store, overheads, rent and building costs are all things that you can do without in this day and age if your business model allows for that. There are hundreds of scenarios where businesses have operated only over the internet, and businesses already having a history with physical stores having also leveraged this incredible medium to further their interests. With a bevy of online payment gateway services and payment processing services providing businesses with the all-important feature that drives online commerce, online payments, it is now possible for you to set up a glittering and functional storefront on the internet.
Payment processing companies help businesses set things up on the internet in an easy, smooth manner. All you need to do is set up your e-commerce website and populate it with your products and services. You can then use the integration system of your favorite payment processing company to ensure that customers can electronically purchase your offerings and the payments get transferred to your account. All that is left at that stage is to ensure that targeted traffic gets driven to your online store, and you can set off on a journey that can very well end up in unprecedented amounts of success for you and your company.
There are, however, certain caveats. While the methods and technologies surrounding the concept of online payments have become more and more resilient to misuse over the years, there are still a few things that you need to worry about before deciding to set up an online store. Payment processing companies are not perfect, and there might be a way to subvert the plethora of security systems that have been in use for the last few years. There can be instances of human error, or system error. Quite a lot things can go wrong if you do not take enough precautions, and might go on to cause a significant amount of financial losses for your business. One of the most important things that you should try to prevent with your online payment processing service is chargebacks.
More than $8 billion are lost every year due to card fraud in America, and you absolutely do not want your business to fall victim to such an eventuality. Card not present chargebacks and other kinds of card fraud or misuse can happen in online payment based websites, as there is no provision to actually swipe a card and confirm its credentials on the spot before a purchase goes through. A card not present transaction is often something that online businesses cannot escape effectively enough, but with the right payment gateway and processing solution, chargebacks can be effectively prevented. If you are interested in a solution that protects you amply from chargebacks, while still giving you all the functionality and ease of use that you require, there are certain features that you should be looking for while choosing a payment gateway partner.
The main things that can protect you against chargebacks is a payment gateway system that handles secure payments with an additional level of verification or check. Certain gateways maintain a database of paying users with their profiles, and matching with these databases can form the first line of attack against chargebacks. Solutions can also include implementing a two-fold authentication system which uses an extra factor for authenticating an actual card user before going through with purchases. You can also opt to wait for the payment to clear before sending the purchaser the product.
Looking for these important features in your payment processing partner of choice can protect you from the evils of chargebacks efficiently. Choosing wisely in this regard lets you use advanced protection in this matter, and the results can bring you a lot more in the way of peace of mind and protection against card fraud.
