Signs of Credit Card Fraud

22 Signs of Credit Card Fraud & How to Protect Your Business From Harm

Even though you shouldn’t have to deal with it, credit card fraud is something that all business owners have to suffer from. And the bigger you get, the more you’ll have to deal with it. There are ways to reduce credit card fraud, but you’ll never be able to get rid of it completely. When fighting back against credit card fraud, your first plan should be to be able to recognize credit card red flags and have processes set in place for each. Your POS and/or online gateway should take care of most automatic flags, but it’s good to be aware of them so you can customize your responses if need be. Who does credit card fraud affect? Unfortunately, no one entirely escapes from credit card fraud, BUT there are some industries who are victimized much more frequently than other industries. If you have a business in or sell any…

Read Full Post
AVS (Address Verification System) Explained

AVS (Address Verification System) Explained

It doesn’t matter what type of business you have, if you’re conducting online transactions consistently, it’s important to have a set of order review measures in place. Apart from the obvious benefits of fraud prevention, order review measures build customer trust and increase your leverage in chargeback cases — ultimately reducing your overall chargeback expenses. And the more you grow, the more important these measures and the system that you keep track of them with becomes. You may already be using or have heard of some of these order review measures before; many come built-in with the processing services MSPs provide, but it’s important to know why and which parameters you have in place to both make better decisions for your business and to be able to defend yourself when chargebacks occur. Documentation and proof of process are the keys to winning cases. The most common order review checks include…

Read Full Post

What is Level 3 Data? Everything You Need to Know

If you’ve ever worked in the space of major business-to-business (B2B) or business-to-government (B2G) transactions, you may have heard of level three or level two payment processing. In the process of researching credit card processing, it’s a good idea to take a few minutes to understand what level one, level two, and level three credit card transactions are. Credit Card Transaction Data Level/Rate Each level of credit card transaction is associated with a set of data fields. With every credit card transaction comes some amount of auxiliary information. The most basic and common type of credit card transaction is the level 1 transaction. The basic data fields required to complete a level 1 credit card transaction are: Merchant DBA Name Billing zip code Transaction amount Additional information, such as the date and time of the transaction and additional cardholder information is automatically recorded by the bank but isn’t explicitly reported by the merchant…

Read Full Post
Money & Banking

Merchant Cash Advances: What are They?

Merchant cash advances are based on the solidity of revenue streams going into the business, not the credit rating or creditworthiness of the business. That makes it a source of vital cash for a running business when it is needed fast! Merchant cash advance providers don’t have to evaluate the creditworthiness of a business, they look at the actual daily receivables and credit card receipts that give the provider a near certain estimate of the ability to pay back the advance on a regular basis. As soon as they take a look at daily receivables, the Merchant cash advance provider can deposit the money right into your business account. You are essentially buying money, paying for it using a portion of your revenues and credit card sales to pay for it. How Much do Merchant Cash Advances Cost? The cost of the cash advance may be more than the interest…

Read Full Post