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Security Steps to Take With Large Credit Card Transactions

A company must take steps to protect itself from credit card fraud. Otherwise, a business will lose a lot of money. Sadly, many do not take the necessary precautions as they feel they will miss out on customers who hate all the security measures. With that in mind, here are four security steps to take with large credit card transactions.

Verify address: When shipping a large item, an e-commerce site should verify the postal address of the customer. Ideally, it should only send a package to the verified address. If the client does not give this, the business should not go through with the transaction. Otherwise, when doing so, an organization may experience fraud and will have a hard time recovering funds. Luckily, most merchant accounts allow a person to verify this information and avoid getting taken advantage of by a criminal.

IP Address: With a credit card processing account, some websites will verify the IP address versus the customer’s shipping address. Now, to do this, one must realize that people will not shop from their home all the time. However, when a transaction goes through a, for example, Russian IP address, a company should express concern.

Phone call: Credit card processing is tough and sometimes it is hard to spot fraud. To get to the bottom of an issue, a company should simply place a phone call to the customer and verify the charges. If this is not possible, the e-commerce site should not ship the item to the customer. Remember, most clients will be more than happy to verify any information over the phone as they will enjoy the extra layer of security.

Check signature: For a brick and mortar business, it is important to check the signature of the cardholder. It is simple to do this. If the cardholder does not offer the signature, an employee should ask for more verification. Remember, often, a person will commit fraud by doing something in person and not over the phone or internet. With this extra level of security, a company can save money and avoid alienating other customers.

With these four tips, an entrepreneur can protect his or her business. Sadly, many do not follow these basic tips and their merchant accounts end up costing them money. Without a doubt, none of these methods are difficult to follow or understand and a smart business owner will have no trouble implementing them and carrying them out efficiently.

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