The US has always been one of the most leading economies in the world. Lots of the popular payment processing solutions have been found and implemented here, they provide multiple business and merchant account services, but none of them are perfect! That’s why business owners still need to be aware of payment-related risks and up-to-date risk management practices. Are you one of them? Study this guide well, then.
1. Choose a Reliable Payment Gateway Provider
A payment gateway is an essential element of your merchant account as it authorizes credit card payments customers make online. Depending on your business type, you may need low or high risk payment gateways USA that gateway providers offer. You should look for reputable payment gateway providers that offer not only seamless payment processing for customers but also:
- Reliable customer support – when customers face any payment problems, they always blame the sellers. Not their service providers! At the same time, sellers can solve payment problems only with the help of the provides’ customer support. That’s why your business needs a provider with spotless service.
- Fraud prevention solutions – of course, every business should implement an array of fraud-prevention protocols, but extra assistance can never be too much.
- Chargeback prevention assistance – chargebacks are one of the worst calamities for e-commerce. Almost any customer can request a chargeback bypassing your website’s refund policies which leads to serious losses for your business. Fortunately, you can dispute chargebacks to save your money, and authoritative PSPs and gateway providers will help you with that.
2. Obtain an SSL (TSL) Certificate
SSL (Secure Sockets Layer) or TSL (Transfer Layer Security) certificates provided by trusted SSL Certificate Issuers are used to validate your online domain and ensure that the established connection is secure. Today, SSL certificates are necessary as your business website must be PCI DSS compliant (eligible for processing or transmitting card payment data). Alternatively, you can use SSL-secured payment processing providers.
3. Employ 3D Gateways
3D Secure is a protocol that adds an additional protection layer for transactions that use credit and debit cards. 3D Secure includes 2FA (Two-Factor Authentication) that prevents fraudsters from making purchases using stolen credit card data if they don’t have access to the original owners’ mobile phones. Prior to this step, the protocol analyzes your credit card information to decide whether it’s necessary to request further verification from you or not. If yes, the system will automatically enable 2FA.
4. Use AVS (Address Verification System)
AVS is a reasonable addition to 3D Secure protection as it precludes fraudsters from using fake billing addresses. In the vast majority of cases, criminals can’t access the real billing addresses of real card owners. Contact your service provider to include AVS in the contract. It will protect you from a potentially large number of credit card data thieves.
5. Implement Order Review Protocols
Regular order reviewing can sometimes unveil unwanted activity and particular types of fraud attempts that could not be recognized by AVS or 3D Secure protection. This process can be performed by trained personnel, AI, or third-party solutions. Ask your payment processing provider if they offer this option.
6. Ensure Compliance
Both merchant and customer security heavily depend on compliance with regional regulations. It’s necessary that your website is compliant as it adds extra protection for the platform and boosts user trust.
7. Make Your Website Look Safe for Users
Most users associate safety with a certain list of items. It includes HTTPS, SSL/TSL, popular payment method icons (PayPal, Venmo, Visa, Mastercard, etc.), appealing user interfaces, partnership icons, transparent privacy policies, etc. Use as many trust-building items to reduce the number of chargebacks and negative reviews.
These are currently the most effective risk-reducing practices that are necessary for all businesses. However, you should seek new opportunities to protect your business and customers from the ever-progressing fraud schemes.