davidjohn6366
Matrosen-Stabsgefreiter
Joined: 30 July 2022
Location: United States
Online Status: Offline
Posts: 136
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| Posted: 23 November 2022 at 19:45 | IP Logged
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However, this equation is barely equal and often tips to
the favor of one side - consumers. Online merchants are
particularly vulnerable as they don't have the security of
actual signatures verifying card users' identity. While
this shouldn't be seen as a problem as consumer protection
is a sign of a working democracy which is integral for any
business to occur, web-based businessmen usually do lose
from a consumer's gain.
Take a dealer who accepts a credit card payment for a
product he unsuspectingly ships to a customer who turns out
to be anything but the legitimate card owner. Once the
claim of fraud is established, the transaction will be
deemed invalid. The card issuer thus refunds the legitimate
card owner for his lost credit but will quickly redeem the
amount by issuing a charge back to the store owner who made
the invalid card transaction. If this store owner makes
more invalid transactions, there's even the risk of his
contract being terminated by his merchant account provider.
In other words, in the cause of consumer protection in this
whole industry, the merchant
services-over-phone.html">selling merchant services over the
phone takes the brunt.
Perhaps the only way for online businessmen to recover some
sense of balance into the equation is to perfect their
instincts for smelling a possibly fraudulent transaction.
Knowing their business inside out grows a skill for
spotting irregularities such as suspiciously large purchase
volumes, repeated data entry errors or even odd purchase
timing. Since electronic payment service is indispensable
for anyone who wants to remain in business online, it
should be viewed as a welcome challenge rather than a
burden.
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U47.org Forum :: The Cadet School
Topic: Dealing With High-Risk Merchant Accounts
