My Merchant Account Blog

Reducing Fraudulent Transactions in ECommerce with the Quantum Gateway

Friday, January 08, 2010

As I was looking back at a few of the posts on here, I noticed that in January 2006 and January 2007, posts were made regarding fraudulent transactions (Some Ways to Help Internet Merchants Reduce Fraud and Chargebacks and Fighting Fraud in your E-Commerce Store respectively were wrote). 

Since the holidays are over, now might be the time to consider taking another look at how your transactions are vetted / scrubbed when a consumer orders your product(s).  The Quantum Gateway is one of the very few electronic payment gateways that offers merchants many options to help prevent fraudulent transactions and chargebacks  (including the Quantum Vault - allowing the merchants to safely secure credit card numbers on the Quantum Gateway's secure servers) at no extra charge.  During the holidays, volume is usually higher on the Internet and fraud also increases.  Merchants are less reluctant to vet / scrub the transactions as they should because this might delay the order process.  People rely on this, especially this time of the year, to take advantage of the merchants.  Now is the perfect time to consider Changing Merchant Account Providers that might have a better electronic payment gateway, like the Quantum Gateway - which has more vetting procedures built into the electronic payment gateway at no extra charge.  This allows the merchant to have the transaction scrubbed before it is even processed, usually saving the merchant a transaction fee (First Data Might Be Overcharging Merchants (on Transaction Fees)).

However, chances are pretty good that you are already vetting the transaction some with Address Verification Service (AVS) and Card Verification Value / Card Verification Code / Card Identification Code (CVV/CVV2 / CVC/CVC2 / CID).  These are some very basic vetting procedures, but the merchant can do a lot more to help protect against chargebacks and fraudulent transactions.  Some of the other ways to vet a transaction:

• Calling Your Customer
• GeoIP
• Verified by Visa and MasterCard Secure Code
• More Options

These security features can be used during the checkout process with no extra time involved from the merchant.  The system will do everything for you - protecting you and saving you time.  The features are offered to you at no extra charge and you get the fraud prevention tools just like the Fortune 500 Companies.

Comments

Richard said...

I really enjoyed this article on how to reduce chargebacks. Nicely written.

1/9/2010

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