As we near the end of the year and the heart of the holiday season, retailers and small business owners alike will be at risk for the highest amount of credit and debit fraud compared to any other point during the year.
“ACI Worldwide predicts that US retailers will see a 43 percent increase in online fraud this holiday season, compared to last year.”
This means a few things, firstly, be sure to vet all transactions with confirmed billing information, and if the shipping information is different, especially to a different person, further steps to confirm a purchases validity should be made. You can request a customer provide a photo of their photo id such as driver license or passport as well as the front of the card that they used, this will confirm that the purchase is valid and your business is protected from fraud on any particular transaction.
If you have a chargeback management system be sure to keep a close eye on it or be on the look out for any mail received from your merchant service provider. High quality credit card processing companies will have a easy to use system for you to utilize to fight charge backs from customers who have received goods and still file a chargeback (a growing problem for businesses of all sizes), and allow you to look at everything in real time.
Keep an eye on all transactions for up to 6 months to ensure no client is trying fraud even a few months down the road. Be sure to ask your merchant service provider about further steps you can take to protect your business from online fraud and customer dishonesty. For the finest in Small Business Credit Card Processing look no further than more than a decade of personalized expertise right here at BrotherProcessing.com where we work with every single client individually.