The payments made through bank transactions had risen significantly. More and more people pay for their shopping by using a card. But at the same time, the need for protection against fraud had risen as well. The fraud problems can appear from 2 ends. Firstly, from a client that wants to get his money back while keeping the product, mostly through a chargeback. Secondly, from a business that is not PCI compliant and wants to fraud their client by getting their card information.
Both of these problems can affect a business and damage its finances and reputation. If you do not want to encounter any problems, it is in your best interest to prepare the required measures to prevent these problems from affecting your business. Firstly, your business must be PCI compliant and secondly, you must use a defense method against clients that want their money back after getting their products or services. You can find more information about the PCI standards here.
If your business complies with the standards set by the authorities, you will be able to gain the trust of your potential customer much easier than before. Otherwise, most of your clients will not trust your business, especially those that were victims of fraud in the past. They may even accuse you to be fraud simply because your business is still not compliant with the PCI standards.
To prevent your business to become a victim of fraud, you must use a method of defense. This is why you should make sure that your payment processing business partner can provide it for you. You should at least be alerted when a client asks for their money back. Also, you should have an online method through which you can manage a dispute that may appear with a client.
As mentioned above it is very important to defend against a fraudulent chargeback. If you don’t then you will not only lose some money, but you may also encounter cash flow problems. On the other hand, a good defense will give you the following benefits:
Every single business that offers the method of payments with bank transactions must be PCI compliant. It is not only a legal requirement but it is also a security method for the business and their clients. Without respecting these standards you will be sanctioned by the legal entities responsible for this.
As mentioned above the PCI standards can also be used as a tool to gain your customers’ trust. If they can be sure that their transactions are secured, then they will have no fear of paying with cards or bank transfers. Otherwise, many of your potential clients will be scared of losing their money.
The full name of the standards is Payment Card Industry Data Security Standard (PCI DSS) and there are 2 steps through which your business can become compliant with this standard:
The choice of a payment processing business partner must not be made lightly. It is very important to research your options thoroughly and find the best option for you. Make sure that the chosen partner offers features that cover everything presented in this article. This is very important for the safety of your business and of your clients as well. Keep in mind that a poor choice will not only cause you some financial loses but it can completely cripple your business.
Of course, your business partner must be able to offer many more features and benefits than those presented in this article. Make sure that the services that you will acquire are as complete as possible. The more benefits you can obtain from your partner, the better. Also, make sure that you make a price comparison before acquiring the service. You want to find a partner with a good quality-price comparison.
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