Updating payment equipment by companies to chip cards with embedded microchips has added a level of security to businesses and their customers. Fraudulent transactions risk has significantly reduced due to chip cards technology. Implementing point-to-point encryption reduces payment card fraud from counterfeit cards. The liability shift from financial institutions favors applying EMV technology to great effects.
The only challenge which companies are facing is putting in place EMV systems that bonds seamlessly with their specific EMV hardware.
What is EMV?
EuroPay, MasterCard, Visa (EMV) is a form of payment that bonds plastic cards with microchips. EMV cards, unlike normal credit cards, generate particular code for every transaction its user makes. The issuing bank shares the code to ensure it is legitimate. The microchip codes generated cannot be replicated, thus ensuring security against creating counterfeit cards by thieves.
Why Create EMV Card?
To curb hackers from stealing and selling credit card information that creates counterfeit cards, EMV was developed. Creating a card that generates random codes for every transaction ensures a minimal chance for counterfeit cards. The challenge, however, is that EMV cards are only helpful where a card can be inserted or swiped into a point of sale. Tokenization and point-to-point encryption eliminate card data breaches.
What Entails EMV Compliance?
EMV compliance requires installing point-of-sale terminals which are EMV-enabled and certified by a particular bank and ensuring that payment application is EMV certified for every card network. Depending on user’s application of EMV compliance, the terminal cost ranges significantly. Users ensure these terminals are installed with the EMV-compliant software.
What are EMV Security Weaknesses?
EMV cards are only applied where payment cards can be used in a point of sale. Online transactions which are highly fraudulent are not protected. Payment card security experts have concluded that hackers can still access unencrypted payment information from personal account number by removing the codes generated. EMV reduces fraud while point-to-point encryption eliminates fraud.
Companies that use debit and credit cards as a form of payment should consider becoming EMV compliant to significantly reduce fraud while also providing other benefits to a company such as the liability shift. Contact us now for more information.
There are many payment gateways in the market and more are coming up by the day. Some banks even have their own gateways. It can get confusing for small enterprises just starting out on which platform to choose that is appropriate for their online store or e-commerce business. One such advantageous payment gateway and household name is Authorize.Net. It is a platform equipped with intricate infrastructure, software, and security crucial to the quick, secure, and reliable transfer of payment. It is the necessary bridge between a client’s financial account, the merchant’s online shop, and their bank account. Authorize.Net gives the required information to complete the transaction.
Besides the basic workings of this platform as explained above, there is a myriad of benefits Authorize.Net offers to traders. First, the platform boasts of an excellent Application Programmer’s Interface (API) which any programming language can use. Many prefer this gateway because it is widely available and quite common in the market. It has a proven track record and the least trouble involved in its use, so much so that even other payment gateways use its API. It also has very straightforward integration into shopping carts. The ease of application cuts down on development time, reduces testing, and ultimately saves you time and money.
Other features that make it so favorable are its speed and security. It encrypts customer data, sending it through the bank’s authorization networks via secure and exclusive connections. The whole process will take less than 5 seconds. Also, it boasts of excellent hi-tech fraud detection and prevention tools. Aside from being a bridge, one can enter transactions directly into the platform. Thus, it goes beyond an online shopping experience, enabling payments from a physical location.
It is seamless for your website and guarantees excellent customer experience. It has all the client data secured on their servers, making you PCI-compliant. You can simply invoice the customer via email because the platform has built-in invoicing tools. It is mobile-enabled so that you can work and process payment transaction data whenever and wherever.
Do not worry about set-up because we at BAMS have you covered. We are a leading payment provider offering the Authorize.Net gateway free of charge. BAMS will do more than allow free access; we will create your Authorize.Net account. The company also provides other solutions like on-premise payment and online payment methods for your e-commerce store. For more information, contact us.
All chargebacks are frustrating, but it’s even worse when they happen because of fraud. Then, you not only lose the transaction but the merchandise as well. This alone is enough reason to make sure you stop fraud before you send out any products. Here are some of the chargeback prevention ways that you can armor your online store against fraudulent purchases:
The Zip Code Check
These checks are basic, but they block a surprising amount of suspicious transactions. One of the most standards is to collect the would-be buyer’s name and address. Then, use a shopping cart that sends that information to Authorize.net along with the credit card number. Set your Authorize.net account to compare the zip code on file with the credit card company against the one you were given. If they don’t match, it automatically declines the transaction.
Have Proof of Shipment
One of the most common ways to commit chargeback fraud is done by the criminal ordering things and then claiming non-receipt. Stop this nonsense by shipping everything using methods that give you tracking numbers and proof of delivery. All of the major shippers have an option that provides these things, and it’s worth it to use those options. Then if someone claims non-delivery, you can give us or a card-issuing bank the number to prove that your package indeed arrived.
Having this information at hand also helps you when the customer legitimately hasn’t gotten an item. You’ll be able to look up the tracking and see exactly where the package is in the shipping system. You can almost always get someone to be more patient if you can provide a detailed answer to the question of “where’s my stuff!?.”
To learn more about how to prevent fraudulent chargebacks and other problems, just contact us. We’ll be glad to help you make your business go more smoothly.
Chargeback prevention is one of the foremost concerns of online merchants. It’s always galling to have to send money in the wrong direction, and it’s even worse when the reason for it is outright fraud. With fraud, you’re not only out a sale but often, you lose your merchandise as well. Fortunately, there are ways to catch most of it before your products hit the shipping stream.
Use a Merchant Account with Fraud Prevention Tools
A merchant account that offers the right settings will, when those settings are properly tuned and activated, do much to increase your chargeback prevention success. Some of the typical options include automatic checking of the delivery zip code against the zip code of the credit card holder’s billing address, checking the card number against a database of stolen numbers, use of the Cardholder Dispute Resolution Network, instant notification of payment disputes, and more. The Cardholder Dispute Resolution Network is a fairly new system that allows chargeback and dispute information to be shared between card issuers and merchants and can let you spot a serial refund-seeker before you complete a transaction.
Manually Check Any Suspicious-Looking Order That Gets Through
Sometimes, even the best automated systems aren’t enough. This is why you should always check strange-looking orders – especially those for unusually-large amounts of merchandise – for fraud. Check Google Street View to see if the destination address is a vacant lot, look up the phone number the customer gave you as well as calling it, and check the origin area of the IP attached to the order.
These are some of the best ways to prevent online ordering fraud and the chargebacks that go with it. If you need a merchant account that will automate much of the work, just contact us. Our Chargeback Defense system is just what you need.