Security Features To Avoid Electronic Theft And Credit Card Fraud When Using Virtual Credit Card Terminal

Online transactions are nameless and, therefore, appealing to fraudsters – the card and the cardholder are absent, physical card features cannot be examined, the chip cannot be read and the behaviour of the card holder cannot be observed. 

 When the bank approves an authorisation request indicating that the account exists and is in good standing i.e. that  the account is not closed or the card has not been reported stolen and that the cardholder has enough funds in the account to make the purchase at the time the  request for authorisation is made.

 

Security should be made a top priority for every client. Virtual Credit Card Terminals should be backed by PCI compliant security features designed to protect the customers. An additional security measures are required for merchants to opt for payments from local cards thus blocking foreign card transactions as the bulk of fraud attempts usually stems from foreign cards.

Some of the measures are as follow:

• MasterCard/Visa International – 3DSecure

One of thee security protocols implemented by MasterCard/Visa International is 3DSecure. The concept behind 3D Secure is that the system should authenticate the eligibility of cardholder to use a card before processing a transaction – if successful then there is a liability shift away from the merchant and their bank to the cardholder and their bank. Thus protecting the merchant against fraudsters.

• Bank Security Measures

The bank carries out their own security checks on transactions presented for  settlement and authorisation. These include checks for stolen cards, lost cards, hotcards , attempted fraud etc. The authorisation, verification and settlement is handled between  the cardholder's bank  and the merchants bank.

• Merchant responsibility

The merchant has certain tasks which include their own security checks. Always ensure while delivering that the recipient actually resides at the delivery address for follow up in case of fraud and checking that the actual credit card is in their possession.

Why Switch To ACH Processing Services?

Imagine the number of your potential customers who own a credit card. This is a large segment of your customer base whom you can attract to your business if you offer more convenient modes of payment.

ACH payments give you the competency to expand the number of credit payments by offering similar conveniences to this large section of the market at half the cost of typical credit card processing.

ACH - Automated Clearing House is a functional electronic network designed for financial transactions in the United States. A large chunk for debit and credit transaction batches is processed by ACH. Its direct debit services can be used to transfer insurance premium, mortgages and other sorts of bills. ACH is used in both government and private sector as businesses prefer making payments through ACH rather than debit or credit cards.

One may be compelled to ask, why they should use ACH payments. Here are a few good reasons to do so:

• ACH processing services are evolving rapidly as a payment medium and conduct over 21 billion transactions every year
• Lag time in receiving funds-in-hand is negligible and funds are received on settlement day itself.
• Zero posting and deposit preparation costs.
• Higher customer satisfaction and reduced hassle over default payments.
• Automatic process eliminates manual procedures of payment processing
• Waives off postage and return envelope costs
• Automatic recurring billing processes can set up to ensure timely payments.

The user can make the process economical for the customers who buy their products and services. ACH processing services will improve billing and collection by eliminating the expenses incurred on paper checks.

The Benefits Of Credit Card Processing For Non-Profit Organizations and Donors

In this day and age, the majority of financial transactions are done via credit cards. The ease of making payments while sitting at home or office makes people opt for credit cards processing system.

Credit cards are not only used for shopping purposes and other financial transactions, but these also enable non-profit organizations to easily get much needed donations.

Following are the features and benefits of credit card processing that make it easy for donors and organizations to contribute to a great cause-

Features of non profit credit card processing

Here are some important features that make this payment solution the best method for handling donations-

• No contract
• No hidden fees
• No markups
• No setup cost
• Cardholder data storage for repeat donors
• Great customer support
• Visa, MasterCard, American Express and Discover acceptance
• Recurring billing
• PCI compliance
• Automated approval process
• Automated receipts

Benefits- Credit card processing benefits to donors

Donors seek credit card processing options to make donations, because of the following benefits-

• They enjoy the ease of making fast payment transactions.
• They feel comfortable, as they do not have to share their bank account information.
• Their payments are made with high security that helps keep their data safe.
• They can see their donation transaction instantly on their credit card company’s site.

Credit card processing benefits to charitable organizations

Credit card processing isn’t only beneficial for donors, but it provides various benefits to charitable organizations as well. Let us have a look-

• Charitable organizations streamline their donation process though this easy and fast payment method.
• They improve their donor retention that helps them maintain strong relationship with donors for years to come.
• This helps them set up an automatic payment system for donors who want to donate on a regular basis.
• This provides them instant money, rather than having to wait for checks to clear.
• They don’t have to worry about handling cash donations, as transactions are made online.

Hence, the process of choosing a credit card payment system is definitely an easy and fast payment processing method, which is beneficial for both donors and charitable organizations.

Want Faster And Safer Transactions? Choose Online Payment Gateways

Still using traditional payment methods for your business transactions? Make it easier for your customers to pay you by switching to online payment gateways.

In today’s technology driven world, where many actions are performed with just a few clicks of the mouse, it has become necessary for business owners to ensure that clients can pay for purchases easily and quickly.

Online payment gateways are the most efficient way to do this. These gateways are a part of electronic payment processing, which is being increasingly used due to the security and convenience it offers. 

Furthermore, it gives your clients more reasons to choose your business as your online payment gateways allow them to pay easily. It gives you an upper hand on your competitors.

Here are the benefits of using electronic payment processing:

Payment through credit & debit cards – These gateways allow your customers to pay through their credit and debit cards allowing speedy payment. Compared to cash or cheque payments, it is a much faster and easier way to pay for a product or service.

Secure account verification – Another benefit that your customers receive through electronic payments is secure account verification. During payment, these methods ensure swift and accurate account verification. This verification secures the confidential details of clients.

Compliance with PCI standards – These payment gateways comply with PCI standards and thus provide firm measures of security for all transactions. They allow you to secure your business as well as your customers’ data by conforming to PCI standards.

Other benefits – By opting for these methods, you can also improve business operations. It is possible with their advanced management functions such as reports, returns and voids.

Businesses with regular cash flow and many daily transactions should opt for the online payment method as they make it easier for clients to pay for their purchases. It can also help in increasing sales as clients prefer businesses that have efficient functioning.

5 Tips To Consider While Choosing A Credit Card Processing Service

For a merchant to accept credit cards whether online, through physical storefront or with a cell phone, it is crucial for you to have an account with a credit card processing provider. It will include some upfront costs and ongoing processing fees. However, to find a trustworthy and reliable credit card processing service provider, you need to consider the following main factors-

1. Fees and Cost- Fee and cost is the most significant factor in selecting the service provider, as you need to consider costs such as interchange fees, monthly statement fees, application and setup fees, gateway access fee, minimum monthly fee, etc. You need to know all that before you inquire any further.
2. Account Setup- The next thing to consider is how long it will take the service provider to setup your account and install the equipment. You also need to know about the time it will take the money to transfer into your account once the purchase is made.
   
3. PCI Compliance - Compliance with PCI standards is essential for every business that accepts credit cards. Thus, it is important for you to know that the service provider understands importance of PCI compliance and you do not need to worry about issues associated with payment security.
4. Support- From time to time, you will need support from your processing service provider to resolve issues from a technical problem to puzzling monthly billing report. Thus, it is crucial for you to ensure that the service provider has the abilities to provide reliable and timely support.
5. Reputation- Before you make the final call, it is important for you to check the reputation of the service provider on the web. It can tell you plenty about the firm that can help you decide whether you should use the services on offer or not.